Kim Kardashian underwear brand Skims worth $4 billion after funding round

Ms Kardashian says she got the idea for Skims after she was forced to dye her shapewear at home to match her skin tone. ms is now worth $4bn (£3.1bn) after raising $270m from investors.

The shapewear line that Kardashian, 42, launched in September 2019, has been expanded following a funding round led by Wellington Management Group, which also included Greenoaks Capital Partners, which invested in Deliveroo and grocery delivery app Getir.

This puts Skims well ahead of rival shapewear brand Spanx. which in 2021, when the majority stake was sold, was valued at $1.2 billion. This is as Skims prepares to open its first permanent store in Los Angeles next year.

Ms Kardashian said she got the idea for the company after she was forced to dye her shapewear at home to match her skin tone.

CEO Jens Grede, who co-founded Skims with Ms Kardashian, said the company plans to open a number of new stores over the next few years.

He said: “Kim and I can envision a future where in a few years Skims will be available anywhere in the world. Apple store or Nike store.»

His range, which includes £68m bodysuits and £98 corsets, is currently sold at stores including Selfridges and Harrods in the UK.

The latest round of funding means Skims has raised around $670 million since its inception. Earlier this year, the company said it was profitable and plans to hit a record $750 million in sales this year, up from $500 million last year.

More than two-thirds of Skims customers are either millennials or Gen Zers, and their designs are being promoted on apps including TikTok and Instagram.

Skims is also expected to use new funding to develop new products.

According to Forbes, Ms. Kardashian has reached $2.1 billion in 2021. She is currently estimated to be worth around $1.2 billion, including her significant stake in the Skims business.

In a recent interview with Time, Ms. Kardashian said, «It all started with a simple search for shapewear that matched my skin color.

«Obviously you have high expectations, but [Skims] definitely surpassed anything I ever imagined. I still have impostor syndrome or something. But I think it's part of what keeps me going.»