Kim Kardashian’s lingerie brand Skims has just received a valuation of $4 billion (just over £3.1 billion) as the company commences a funding round of $270 million (£210 million). The meteoric rise of the brand which was launched in September 2019 (pre-pandemic) as a shapewear brand is set to reach net sales of $750 million (£583 million) in 2023 (representing a 50% increase in 2022 sales).
The funding is intended to accelerate the brand’s product innovation and new category expansion as well as investment in physical retail (including the opening of its LA flagship store in early 2024) – an intended 5,000 square foot outlet on Sunset Boulevard).
The brand sells D2C via its own website and important partnerships with retailers such as Selfridges, Net-a-Porter and US store Nordstrom. The Skims collection includes innnovative designs such as asymmetrical shorts for wearing under skirts with a high slit and most retail under $100 selling out within minutes of going live. The series C funding round is led by asset manager, Wellington Management.
