Are you sitting down? Kim Kardashian’s clothing company SKIMS is now worth a jaw-dropping $4 billion.
The business reportedly will announce the news today, after raising $270 million in a new funding round. The company has rocketed to its ten-digit valuation after just four years. It’s seen an $800 million increase in the $3.2 billion valuation given to investors last year.
Skims started out selling shapewear, which is now just a minority of its overall sales after growing to offer other ranges including swimwear and loungewear.
The company plans to launch a men’s clothing line this fall and open physical retail stores in 2024.
Kardashian told The New York Times,
It has grown quickly and we’re so proud of that. We’ve had a really good flow of product launches.”
Meanwhile, Kim’s ex Ye, is no longer in the billionaire’s club after Adidas and the Gap dropped him.
Skims, the apparel company co-founded by Kim Kardashian, raised $270 million in a new funding round that values it at $4 billion, the company plans to announce on Wednesday.— The New York Times (@nytimes) July 19, 2023
“It has grown quickly and we’re so proud of that,” Kardashian said.https://t.co/uU9OsPadwE pic.twitter.com/bwE2kqXITO