It was a half-billion-dollar day for Kim Kardashian. Her shapewear line Skims revealed Wednesday that it has raised a fresh US$270 million in funding, pushing its valuation to $4 billion–enough to add around US$500 million (AUD$736m) to Kardashian’s fortune.
Kim Kardashian photographed for Forbes in June 2016. Jamel Toppin/The Forbes Collection
Her net worth now stands at US$1.7 billion, according to Forbes’ calculations, up from US$1.2 billion before investors, including asset manager Wellington Management and venture firm Greenoaks Capital, pumped new money into Skims at its highest valuation yet. The business–known for its bodysuits, bras and loungewear–was last valued by investors at US$3.2 billion in an early 2022 funding round. Forbes estimates that Kardashian owns at least a third of the company.
Many high-flying startups are raising money at lower valuations than before–or holding off on seeking new capital altogether–amid the slowdown in private markets. Not Skims, which has continued to expand into clothing, loungewear and swimwear.
“It has grown quickly and we’re so proud of that,” Kardashian told The New York Times in an interview. “We’ve had a really good flow of product launches.”
Skims says it’s profitable and expects to hit US$750 million in sales this year, according to the Times, up from US$500 million in 2022. Kardashian cofounded the business in 2019 with partners Jens Grede, who serves as CEO, and Emma Grede, who is chief product officer.
Skims now accounts for around three-quarters of Kardashian’s net worth. When Forbes first listed her as a billionaire in April 2021, the largest share of her wealth came from KKW Beauty, the cosmetics line she launched in 2017. French makeup giant Coty bought 20% of KKW Beauty in early 2021 for $200 million, but Kardashian soon shut the brand down and resurrected it as a skincare line named SKKN by Kim (though KKW Beauty products may be on the verge of returning to shelves). Skims, meanwhile, has steadily grown, raising money at a $1.6 billion valuation in April 2021 before doubling in value to $3.2 billion in early 2022.
In addition to her shapewear and cosmetics lines, Kardashian is also charging into private equity with SKKY Partners, a firm she’s launching with a former Carlyle Group executive. That firm is said to be raising a $1 billion fund to invest in consumer and media companies.
Kardashian has also taken some of the millions she’s raked in from endorsements and TV and pumped them into a sprawling portfolio of real estate. She owns at least a half-dozen properties, including the Hidden Hills, California mansion she famously shared with ex-husband Kanye West. Last year, she splashed out $70 million for a Malibu beach house overlooking the Pacific Ocean.
“This house just really represents to me a lot of the hard work that I’ve put in,” the billionaire said while touring the property on an episode of The Kardashians. “It’s like enjoying the fruits of my labor.”
This article was first published on forbes.com and all figures are in USD.
