Kim Kardashian’s SKIMS Empire Doubles in Value to $3.2 Billion
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Business is good for Kim Kardashian!
The reality star’s label SKIMS has doubled in value in less than a year, Bloomberg reports.
Back in April, the company was said to be worth $1.6 billion, and now boasts a valuation of $3.2 billion!
Investors are pouring money into the brand, and a recent round of financing yielded $240 million.
Kim told Bloomberg in a statement, “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.” She still remains the brand’s biggest stakeholder.
Sales are also up for SKIMS, which offers underwear, bras, shapewear, sleepwear, loungewear, and more.
Launching in 2019, sales were up 90% in 2021, reaching $275 million. This year, sales are expected to hit $400 million.
SKIMS CEO Jens Grede told Bloomberg, “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. That’s really why we’re doing this, to make sure we’re best prepared for the future.”