Skims secures four billion dollar valuation and sizable funding round

Kim Kardashian’s Skims has snapped up a four billion dollar valuation after closing a sizable funding round led by Wellington Management.

The shapewear and intimates brand, which was co-founded by the reality star in 2019, secured 270 million dollars in the Series C round, with the funds to go towards accelerating the brand’s product innovation and new category expansion efforts.

The label also said that it is planning to bolster its permanent owned retail network, which will also include the opening of its LA flagship store in early 2024.

The news comes as Skims continues to go from strength to strength. The Kardashian-run brand reported “incredible” year-on-year growth, seeing it on track to achieve net sales of 750 million dollars in 2023, up from almost 500 million dollars in 2022.

Skims eyes physical retail expansions in ‘next phase’

It further brings Skims’ total raised funding to 670 million dollars, after it closed additional rounds in 2020 and 2022, the latest bringing its valuation to 3.2 billion dollars.

Skims cited the success to “its ability to capture consumer interest and evolve alongside its community”.

Over recent years, the brand has continued to evolve through new product categories, such as swimwear, as well as a heightened physical presence, defined largely by pop-ups and retail partners, which have included the likes of Harrods and Selfridges.

Now, with its new partner in Wellington Management, Skims is hoping to solidify its “position at the forefront of the retail market” while cementing its “staying power as it moves into this next phase”.