Kim Kardashian’s empire is still growing. The entrepreneur and reality stars Skims line of shapewear is now valued at 1.6 billion dollars. The company recently led a Series A round of funding at 154 million dollars led by Joshua Kushner’s venture capital firm Thrive Capital.
Additional investment money came in from Imaginary Ventures and Alliance Consumer Growth. Kardashain founded the shapewear line in 2018, and to date the brand has sold over 4 million units.
While the brand did take a hit over the global COVID-19 pandemic, they were able to weather the retail storm, and investors saw the longterm potential in the brand’s growth. The valuation also aided in Kardashian arriving to her billionaire status, recently minted by Forbes.
She will continue to remain Skims biggest shareholder, and will control a majority stake along with her business partner Jens Grede. The brand’s ability to weather the economic fallout from the COVID-19 pandemic came from introducing loungewear and pajama pieces for the majority of people who were quarantined at home.