This is exciting news for Kim Kardashian. According to Bloomberg, Kardashian's Skims company has seen its value double in just nine months, leaving the brand's overall valuation at a shockingly high number.
Bloomberg reports Skims is now valued at a whopping $3.2 billion. The company received $240 million in its latest round of financing. As of April 2021, Skims was valued at $1.6 billion.
“This latest round will allow us to focus on bringing more innovations and solutions to our customers and become even more of a trusted resource for them,” Kardashian told Bloomberg.
Though new investors have been brought in, including hedge fund Lone Pine Capital and investment firm D1 Capital Partners, Kardashian and her business partner Jens Grede, who also serves as Chief Executive Officer, have retained a controlling stake in Skims. Grede confirmed to Bloomberg that Kardashian remains the largest shareholder in Skims and the pair have no intention to sell or go public at this time.
“We see an opportunity with Skims to create our own category in retail, just like how we believe Lululemon and Starbucks created their own categories in their respective areas,” Grede shared with Bloomberg. “That’s really why we’re doing this, to make sure we’re best prepared for the future.”
This isn't the only billion-dollar company under Kardashian's belt, either. Her KKW Beauty company is currently valued at $1 billion. Her younger sister, Kylie Jenner, also received a $1.2 billion valuation of her Kylie Cosmetics business.