Kim Kardashian’s Skims Snags $4 Billion Valuation
Kim Kardashian has made some new friends on her way to Wall Street.
The mega-influencer’s Skims said it has snagged a $4 billion valuation by raising $270 million in a Series C funding round, which was led by Wellington Management and included funds from Greenoaks Capital Partners and existing partners D1 Capital Partners and Imaginary Ventures.
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WWD first reported last week that the intimates company was in talks to raise money at that valuation as it sought to set the stage for an initial public offering.
“Wellington’s proven track record for successfully helping companies navigate key growth stages will be critical in solidifying Skims’ position at the forefront of the retail market and cementing the brand’s staying power as it moves into this next phase,” said a statement from a company spokeswoman.
“The new infusion of funds will be used to further accelerate the brand’s product innovation and new category expansion efforts, as well as help fuel its focus on permanent owned retail, including the opening of its L.A. flagship in early 2024, which the brand announced last month,” the statement said. “Continuing momentum behind the brand’s robust partnership pipeline will also remain a top priority.
Fueled by Kardashian’s high profile and good product reviews, the four-year-old company has grown rapidly. Skims said its sales are headed toward $750 million this year, up from $500 million in 2022.
Skims has raised a total of $670 million in its short life and, should the market cooperate and an IPO does happen, those early investors just might be able to cash out in fine fashion.
The brand was founded by Kardashian and chief executive officer Jens Grede and has expanded its direct business online — Kardashian’s home turf — and also through wholesale accounts including Nordstrom, Saks Fifth Avenue, Selfridges, Ssense, Net-a-porter, Lane Crawford, Holt Renfrew and David Jones.
A fleet of stores would help round out the business and give it a potentially huge new growth platform.
Launch Gallery: Kim Kardashian Stars in Skims' New Swimwear Campaign
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