In brief
Skims, co-founded by Kim Kardashian, has announced a valuation of $5 billion following a substantial investment of $225 million, with plans for global expansion and an increased retail footprint. The brand aims to enhance its physical stores while continuing to innovate in the shapewear and athleisure market amidst fierce competition.
Skims, the shapewear brand co-founded by celebrity entrepreneur Kim Kardashian, has announced an impressive valuation of $5 billion (£2.93 billion). This news comes after the company secured a significant $225 million investment, which it plans to utilize for expanding its retail presence globally and enhancing its product offerings. Kardashian expressed enthusiasm regarding the funding, stating, We can't wait to take Skims to the next level as we continue to innovate and set the standard for our industry. This funding round stands out as one of the largest for a U.S. consumer brand this year and places Skims in a robust position against competitors like Lululemon. Currently, Skims operates 18 stores within the U.S. and sells its products through various worldwide retailers. The company is now prioritizing its physical retail business, projecting its sales to exceed $1 billion this year, according to CEO Jens Grede. Since its inception in 2019 with a focus on shapewear, Skims has broadened its lineup to include loungewear and other categories, solidifying its foothold in the sports and athleisure market. The brand has also attracted a star-studded array of influencers and celebrities to elevate its market appeal. Despite encountering some controversies, such as its initial name, Kimono Intimates, the brand continues to thrive and evolve.
