Kim Kardashian’s Wealth Surges with New Skims Funding Round
Kim Kardashian’s wealth continues to soar, thanks to significant new funding for her apparel brand, Skims. Recently, Skims secured $225 million in a funding round, raising the company’s valuation to $5 billion. This development adds $200 million to Kardashian’s wealth, bringing her net worth to an estimated $1.9 billion, as reported by Forbes.
Skims Funding Round Details
The latest funding round was led by Goldman Sachs Alternatives, with involvement from billionaire Byron Trott’s BDT & MSD Partners. This marks an increase from the brand’s previous valuation of $4 billion, achieved in early 2023.
Milestones and Future Goals
Jens Grede, co-founder and CEO of Skims, expressed optimism about the company’s future. “This milestone reflects continued confidence in our long-term vision and positions Skims to unlock its next phase of growth,” he stated.
Product Expansion and Retail Presence
- Skims, launched in 2019 by Kim Kardashian, Jens Grede, and Emma Grede, began as a direct-to-consumer shapewear brand.
- The company has since expanded its offerings to include t-shirts, pajamas, jackets, and men’s hoodies.
- To date, Skims operates 20 physical stores across the U.S. and Mexico, with ambitions to enhance its brick-and-mortar presence.
Collaborations and Innovations
The company recently launched the NikeSkims activewear line, featuring a collaboration with the renowned brand Nike. A new collection will include socks, waist packs, and training gloves, set for release on Thursday.
Beauty Ventures and New Leadership
Skims is also entering the beauty sector. In March, the company acquired a 20% stake in SKKN by Kim from Coty for an undisclosed amount. Coty previously invested $200 million in the stake in 2021.
Diarrha N’Diaye, founder of Ami Colé, joined Skims to spearhead its new initiatives in beauty and fragrance.
Financial Insights and Projections
- Skims is projected to achieve $1 billion in net sales this year, up from $750 million during the last capital raise.
- Kardashian owns approximately one-third of Skims, while the Gredes collectively own nearly 14% of the company.
Kim Kardashian’s focus on her brand has significantly contributed to her financial success, overshadowing her earnings from reality television and other ventures. As she balances her responsibilities as chief creative officer and her pursuit of a law degree, Kardashian remains deeply involved in Skims’ growth and innovation.
