Skims Soars to $5 Billion Valuation
Reality television star and entrepreneur Kim Kardashian has seen her reported $1.7 billion fortune receive a substantial boost following her shapewear company Skims reaching a staggering $5 billion valuation. This impressive milestone comes after the successful completion of a $225 million capital raise announced on Wednesday.
The 45-year-old chief creative officer and founding partner expressed her excitement in an official statement, highlighting that this achievement validates the dedication of her team and partners. "Today's announcement validates the hard work of our incredible team and partners who have helped us reach this exciting new chapter, becoming a global omnichannel retail brand," Kardashian stated.
She added: "We can't wait to take Skims to the next level as we continue to innovate and set the standard for our industry."
From Kimono Intimates to Global Powerhouse
Kardashian originally launched Skims back in 2019 alongside married business partners Jens Grede and Emma Grede. The brand has experienced remarkable growth in just five years, earning recognition including the first Innovation Award presented by Amazon Fashion at the CFDA Awards in 2022.
Before the official launch, Kardashian acknowledged her third former husband Kanye 'Ye' West for his contributions as her "Ghost Creative Director" and for designing the logo. The company was initially known as 'Kimono Intimates' before rebranding to Skims.
The shapewear brand now constitutes approximately 75% of Kardashian's total wealth, demonstrating its crucial role in her financial portfolio. Skims has secured prestigious partnerships as the official underwear partner for the WNBA, NBA and USA Basketball.
Expansion Plans and Future Ventures
Beyond its successful activewear collaboration with Nike, Skims currently operates 18 retail stores across the United States and maintains two franchise locations in Mexico. The company plans to utilise its newly acquired capital to invest significantly in product innovation and further expansion.
Skims is also developing a beauty brand following the June 29th closure of Kardashian's skincare company, SKKN BY KIM. This move signals the company's intention to diversify its product offerings beyond shapewear and apparel.
The business connection between Kardashian and CEO/co-founder Emma Grede originated when Grede met Kardashian's mother, Kris Jenner, during Paris Fashion Week in 2015. This relationship subsequently led to Grede co-founding Good American in 2016 with Khloé Kardashian and Safely in 2021 with Kris Jenner and Chrissy Teigen.
The British-born Grede reportedly holds an 8% stake in Skims, along with 23% in Good American and 22% in Safely.
Meanwhile, Kardashian continues to pursue other ventures beyond business, including her recent attempt to pass the California Bar exam. Although she didn't achieve the required score this time, the aspiring attorney remains determined to continue her legal studies.
Kardashian's entertainment projects continue to thrive, with her starring role in Ryan Murphy's legal drama and the ongoing success of her family's reality series The Kardashians. Her upcoming projects include producing and starring in Amazon's live-action Bratz film and several other television and film appearances.
