Not long after Kim you launched Skims in 2019, pandemic lockdowns consigned its body-fitting product line to the back of consumers’ closets. But Skims survived, and it has become a billion-dollar business.
The company has raised $154 million in new funding, which Kardashian West said had lifted its valuation to $1.6 billion. It is a heady amount for a not-quite two-year-old clothing brand, even one led by someone with her star power.
It also cements Kardashian West’s status as a billionaire in her own right. In announcing her entry into that club this week, Forbes estimated Skims’ value at much less than that. She will remain Skims’ biggest shareholder after the deal, and she and her business partner, Jens Grede, will control a majority stake.
Skims benefited from a well-timed introduction of pajamas and loungewear, with product lines like the “cozy collection” bolstering sales as women have traded form-fitting styles for sweatpants. But shapewear made Skims famous, and it remains the company’s central product line. And the company has defined itself by aiming for a younger market and emphasizing inclusivity, offering nine sizes and as many skin-tone shades.
Kardashian West isn’t ruling out a sale down the road, so long as she still has a big role in operations. “I think I’m open to the conversation, for sure,” she said. “I would never want to give up my process. I would hope that whoever we partner with in a sale one day would believe in that, too.”
Tap the link in our bio to read more about Kardashian West and the shapewear company that defied the pandemic. Photo by @gregswalesart.