Underwear label, Skims owned by reality TV show star, Kim Kardashian has doubled its valuation to $3.2 billion from April last year.
The company which was valued at $1.6 billion nine months ago has now seen its valuation rise by 100% to $3.2 billion.
This was enabled by a financing round worth $240 million led by hedge fund Lone Pine Capital and joined by Investment firm D1 capital Partners and other already existing investors like Alliance consumer growth and Imaginary ventures and thrive capital.
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According to Kim Kardashian, the company intends to use the funding to bring better innovation to its customers in her email she stated “This latest round will allow us to focus on bringing more innovations and solutions to our customers and become even more of a trusted resource for them.”
Kim Kardashian and her business partner Grede retain a controlling stake in the company following the deal. The business mogul boosts sales for her clothing brand by marketing to her massive following on social media. In 2021, the brand recorded a 90% boost in sales to about $275 million last year and is expected to hit $400 million in 2022.
This newly completed deal brings the funding of the company to a total of $402 million in just the first month of the year, this capital would help the company to pump money into its plans for expansion as the company is currently working on building the infrastructure required to deliver its products outside the United States of America.
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In addition to the funding, the company collaborated with LMVH owned Italian fashion brand Fendi in October last year selling items like $395 swimsuits and $4,200 leather dresses and generating more than $3 million in sales within 10 minutes of release.
The company is likely to make even more money by the second quarter of the year as it would dress Team USA athletes in loungewear and undergarments in the Upcoming Winter Olympics in Beijing and this is another platform from the company to gain a lot of attention and subsequently drive-up sales.
