Kim Kardashian’s Skims Shapewear Reaches $5 Billion Valuation
Skims, the shapewear brand co-founded by celebrity Kim Kardashian, recently achieved a remarkable valuation of $5 billion. This milestone follows a successful funding round in which the company raised $225 million from various investors, including a division of Goldman Sachs.
Expansion Plans of Skims
With fresh capital, Skims aims to expand its physical retail presence globally. The brand currently operates 18 stores across the United States and intends to establish more locations in the coming years.
Leadership Statement
Kim Kardashian expressed excitement about these developments: “We can’t wait to take Skims to the next level as we continue to innovate and set the standard for our industry.” This funding round marks one of the largest for a U.S. consumer brand in 2023.
Sales Expectations and Market Position
Skims predicts its sales will exceed $1 billion this year, a growth that reinforces its strategic vision. CEO Jens Grede emphasized confidence in pursuing long-term goals as the brand expands its offerings.
Diversity in Product Line
Since its launch in 2019, Skims has broadened its range beyond shapewear into loungewear and other fashion categories. This diversification has solidified Skims’ position within the competitive sports and athleisure market.
Influencer Engagement
- Skims has successfully collaborated with numerous influencers to enhance its brand appeal.
- Celebrity endorsements include notable figures like Megan Fox and Paris Hilton.
Addressing Past Controversies
Despite its success, Skims has faced criticism. Initially named Kimono Intimates, the brand changed its name following backlash regarding cultural appropriation of the traditional Japanese garment.
Additionally, one product—a sleep head wrap—sparked divided opinions. While some viewed it as innovative, others criticized it for potentially promoting insecurities among women.
Conclusion
As Skims continues to grow and evolve, its focus on retail expansion and product diversification positions the brand for long-term success in the competitive shapewear and loungewear markets.
