Kim Kardashian’s shapewear empire has achieved a $3.2 billion valuation thanks to a new round of funding led by Lone Pine Capital.
Business is booming for Kim Kardashian. While tabloids chase her every escape and E! loads their afternoon lineup with reality re-runs based on her famous family, it may be Wall Street most enticed by the multi-hyphenate’s present and future.
SKIMS, Kardashian’s shapewear label, announced $240 million in fresh funding Thursday from a list of investors led by Lone Pine Capital and including D1 Capital Partners. SKIMS is also supported by Thrive Capital, Imaginary Ventures, and Alliance Consumer Growth.
The latest news places SKIMS’ company valuation at $3.2 billion. That figure has doubled in less than the span of a year.
Since its founding in 2019, SKIMS has been best known for its bras, shapewear, and loungewear, famously doing numbers online through DTC sales while remaining stocked at high-profile retailers such as Nordstrom and Selfridges.
In April 2021, SKIMS saw a valuation of $1.6 billion, making this new mark even a more impressive double considering the fast funding.
However, the power still belongs to Kardashian. Despite all the additional investing, Bloomberg reports that Kim and brand CEO Jens Grede will continue to hold a controlling stake in the company.
Mirroring Michael Jordan’s jump from endorser to entrepreneur, Kardashian’s stature as the ultimate influencer has upended the undergarment world by leveraging her likeness, audience, and aesthetic into a billion-dollar brand.
When considering the competition, legacy power Victoria’s Secret was valued at $1.1 billion in 2021 — roughly a third of what Kim’s company sits at in what’s merely its infancy.
In recent months, Kardashian’s shapewear empire has already collaborated with FENDI and produced limited-edition layers for Team USA.
Between Vanessa Beecroft photography, YouTube try-on reviews, and the enormous Instagram following of the line and Kardashian herself — 3.6 million and 283 million, respectively — it’s no wonder SKIMS continues to entice investors.