Kim Kardashian's Skims Reaches An Expected Value of $4 Billion
Despite being underestimated by most on its launch, Skims has maintained strong momentum since its launch and proves the business potential of the Kardashian family is on the rise.
Kim Kardashian's Skims, the renowned bodysuit brand, has achieved a significant milestone, with an official valuation of $4 billion following a successful Series C funding round. This remarkable figure is 2.6 times higher than the listed market value of the well-known US lingerie brand, Victoria's Secret.
The funding round was spearheaded by Wellington Management, with generous contributions from Greenoaks Capital Partners, as well as continued support from existing investors D1 Capital Partners and Imaginary Ventures.
A spokesperson from Wellington Management shared their excitement, revealing that the new funding will serve as a catalyst to propel the brand's product innovation efforts and expand their portfolio. Moreover, it will play a pivotal role in bolstering their focus on permanently owned retail, including the highly anticipated LA flagship store set to open in early 2024—a venture that was announced just last month.
"This will be a very important growth phase in cementing Skims' leadership position in the retail market, as well as demonstrating the enduring strength of the brand as it moves into the next phase," he said.
This upcoming growth phase is crucial for solidifying Skims' position as a leader in the retail market and showcasing the brand's unwavering strength as it progresses into the next stage of its journey.
Skims' rise to prominence has been nothing short of extraordinary. In January 2022, they raised a staggering $240 million in a Series B funding round, propelling their valuation to $3.2 billion. Now, they are well on track to achieve the impressive feat of becoming a $1 billion company with an astonishing 100% growth rate this year.
Founded in 2019, Skims quickly gained fame for its iconic neutral tones and body-shaping capabilities. Unlike traditional lingerie brands, the brand has maintained an unwavering momentum since its inception and has fostered a close relationship with the new generation of consumers. Notably, the brand's founder, who boasts a staggering 360 million followers on Instagram, has been instrumental in orchestrating powerful marketing events, leveraging their own influential presence to the brand's advantage.
