Kim Kardashian’s shapewear firm SKIMS has risen in value to a stunning $3.2 billion after a new round of fundraising, boosting her net worth by $600 million.
Kim Kardashian’s net worth
The reality star’s net worth was expected to be $1 billion in April 2021, as per the outlet, an increase from $780 million in October 2020.
According to Forbes, Kim’s net worth has increased by $600 million to an estimated $1.8 billion as a result of the funding for SKIMs more than doubling in value to $3.2 billion since the beginning of the year.
Kardashian was initially identified as a billionaire by Forbes in April 2021, when she was estimated to have a net worth of one billion dollars. That time, KKW Beauty, which she founded in 2017 in response to the success of her half-sister Kylie Jenner’s Kylie Cosmetics, was the source of the majority of her fortune, according to Forbes. In January 2021, Kardashian followed in Jenner’s footsteps and sold a 20 percent stake in her company to beauty giant Coty for $200 million, making her the second Kardashian to do so (Coty bought 51 percent of Kylie Cosmetics in 2020). Forbes estimated that Kardashian’s remaining ownership in KKW Beauty was worth approximately $500 million and that the remainder of her three comma wealth was derived from the value of Skims, cash from reality television and endorsement deals, and smaller investment opportunities.
Forbes has reported as well that Skims’ two largest fundraising rounds—$154 million in April 2021 and this latest $240 million—have transformed the shapewear firm into Kardashian’s most valuable asset in the year since.
According to MailOnline, Bloomberg through Forbes said that the company received $240 million in investment as a result of a financing round led by hedge fund Lone Pine Capital, which included participation from investors Alliance Consumer Grown, Thrive Capital Imaginary Ventures, and D1 Capital Partners.
In 2017, the star launched the cosmetics company KKW Beauty, which has generated annual sales of $274 million. SKIMS is the latest venture to be launched by the star, who also founded KKW Beauty in 2017.
Athletes from Team USA wore items from the SKIMS collection at the Tokyo 2020 Summer Olympics last year, and the clothing will be worn again at the Beijing 2022 Winter Olympics in the following year.
‘We see an opportunity with SKIMS to build our own category in retail, similar to how we feel Lululemon and Starbucks created their own categories in their respective areas,’ said Jens Grede, the company’s chief executive.
The true reason we’re doing this is to make sure we’re as well-prepared for the future as possible.’
After flaunting her hourglass figure in a pair of tiny black bikini bottoms from her SKIMS collection as she reminisced about a tropical holiday in photos posted with her 282million followers on Tuesday evening, Kim confirmed the news.