The shapewear brand Skims created by the American star and businesswoman Kim Kardashian has reached a $1.6 billion valuation. The brand has just recently raised $154 million from its latest funding round led by venture firm Thrive Capital. First launched in 2019, Skims is benefitting from its “cozy collections” during the pandemic.
Kim Kardashian and a little about its two-year journey with Skims
Skims is not the first business for Kim Kardashian. In 2017, the TV personality launched the makeup brand KKW. She has also participated in several businesses with her sisters in the past. The businesses went well thanks to the Kardashians’ immense social media presence. Similarly, Skims is gaining positive responses from young shoppers, who are mainly the brand’s target market.
In 2019, Kim Kardashian commenced with the launching for Skims, which, shortly after, met with the COVID-19 pandemic. Despite the situation, Skims managed to survive and became a billion-dollar business.
Skims started off with its shapewear products suited for body-fitting clothes, a trend that soon died down due to the pandemic. Later on, Skims released pyjamas and loungewear product lines, which especially received a warm welcome. The success, however, will not change Skims’ initial and signature product line, shapewear.
Quoted from The New York Times, Ms. Kardashian West said through a Zoom interview, “We’re your basics go-to,” even as “we’re still able to keep that shapewear core”. Kim also said to be counting on a return to normal or to go back into tight-fitting clothing at the very least.
Accordingly, the success of Kim Kardashian’s businesses led the TV personality into Forbes magazine’s list of the world’s billionaires for the first time.
Skims’ funding round and future plans
Skims’ latest funding round led by venture firm Thrive Capital has raised $154 million. According to Reuters, the round also included funding from two existing investors namely Imaginary Ventures and Alliance Consumer Growth.
The company further explained that funds from the latest round will be allocated for new categories expansion as well as retail opportunities exploration. Along with the statement, Skims expressed its intention to expand its business to reach a global audience.