According to Business of Fashion, the reality TV empress clinched an additional $240 million in the latest funding round for her wildly popular line of shapewear and underwear.
SKIMS CEO and co-founder Jens Grede (whose wife, Emma Grede, helped Khloe Kardashian launch denim brand Good American), said the fresh capital will be used to expand into countries outside of the U.S., as well as pursue new collaborations, partnerships, and events.
It's no mystery how SKIMS ascended to multi-billion-dollar-dom. Between Kardashian's star power, her maverick marketing campaigns, and that unexpected Fendi co-sign (which generated $1 million in one minute), the company is certainly earning its keep.
SKIMS is also reprising its partnership with Team USA, again dressing the team's female athletes for the upcoming Beijing Olympics.
Compounding the label's success, shapewear sales are up, bolstered by consumer taste for casual, comfortable basics. When COVID hit the U.S. in spring 2020, SKIMS quickly pivoted strategy, focusing more on loungewear-adjacent shapewear such as tank tops, bodysuits, and leggings.
Kardashian officially joined the billionaires club in April 2021, around the same time SKIMS notched a $1.6 billion valuation. The year before, she sold 20 percent of her makeup brand, KKW Beauty, to Coty — a $200 million deal that valued that cosmetics line at $1 billion.
With SKIMS' new and improved funding round, the entrepreneur and shameless self-promoter known as Kimberly Kardashian unlocks a new level of ultra-wealth. As the saying goes, the rich get richer and the poor get... control top tights?