How did Kim Kardashian’s Skims shapewear line get valued at US$1 billion? The brand introduced loungewear before Covid-19 hit and demand for WFH-friendly outfits spiked
- After a new US$154 million round of funding from Josh Kushner’s Thrive Capital and existing investors, the two-year-old brand has joined the unicorn club
- Kanye West’s ex and a newly minted billionaire, Kim K also makes bank from reality show Keeping Up with the Kardashians and stocks in Netflix, Amazon and Disney
Kim Kardashian’s shapewear company has joined the unicorn club.
The two-year-old brand, called Skims, has raised US$154 million in new funding from Josh Kushner’s Thrive Capital as well as from existing investors Imaginary Ventures and Alliance Consumer Growth. The new round pushes Skims’ valuation to US$1.6 billion, Kardashian told The New York Times.
Kardashian is Skims’ biggest shareholder and controls a majority stake along with her business partner, Jens Grede, The Times reports.
Skims’ billion-dollar valuation comes after a year when shoppers were less in need of shapewear and more in need of loungewear. But Skims had started introducing more laid-back apparel just as the pandemic hit in early 2020, inspired by Kardashian’s preference for being comfortable when she’s in her house, she recently told Vogue.
But Kardashian told The Times that shapewear is still at the core of Skims’ business, describing the company as “your basics go-to”. The company offers bras, underwear, bodysuits, shorts, slips and even pregnancy support in a range of sizes (from XXS to 5X) and shades: many of the shapewear items come in eight different flesh tones as well as black.
