Kim Kardashian's SKIMS line doubles valuation to $3.2 billion
SKIMS was valued at $1.6 billion last April
Kim Kardashian's business is booming.
The reality TV star's shapewear label SKIMS has doubled its valuation to $3.2 billion. The news comes after $240 million was raised in funds from investors.
Hedge fund Lone Pine Capital, D1 Capital Partners, and existing investors Thrive Capital, Imaginary Ventures and Alliance Consumer Growth were announced in the funding round on Thursday.
The 41-year-old first launched the line in 2019. SKIMS sells intimate apparel, loungewear and shapewear sold online and at department store chains such as Nordstrom Inc. and Selfridges & Co.
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The reality-star-turned-entrepreneur is known for modeling her own shapewear, often taking to her social media accounts to announce new lines. Earlier this week, the "Keeping Up with the Kardashians" alum alerted her 283 million Instagram followers to the brand's latest offering: an outdoor collection.
"Just dropped NEW @skims Outdoor!" Kardashian captioned a photo of herself rocking a gray bodysuit and zip-up hoodie from the line while seated on a private jet.
A week before that, the multi-hyphenate introduced the company's Team USA collection, which she described as a "special collection celebrating the female athletes participating in the 2022 Winter Olympic and Paralympic Games."
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SKIMS' recent partnership with Fendi was also a hit. The mother of four announced the line on social media in October, calling it a "first of its kind collaboration."
In 2021, Kardashian was officially declared a billionaire by Forbes.
The outlet estimated Kardashian's net worth in April of last year at $1 billion, up from her former net worth estimate of $780 million the previous October.
SKIMS and Kardashian's cosmetics company, KKW Beauty, contributed to her billionaire achievement.
Kardashian founded KKW Beauty in 2017 and in 2020 sold 20% of her cosmetics company to Coty for $200 million, which valued the company at $1 billion.
Forbes estimated in April 2021 that Kardashian's remaining 72% stake in the company is worth around $500 million.
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According to Bloomberg News, who was the first to report the new valuation, Kardashian and Skims Chief Executive Officer Jens Grede will retain a controlling stake in the company after the investment.
SKIMS was valued at $1.6 billion in April.