Kim Kardashian’s shapewear line, Skims, experienced a major financial boost, raising $270 million in funding and achieving a valuation of $4 billion. This development has added approximately $500 million to Kardashian’s fortune, elevating her net worth to $1.7 billion, according to Forbes’ estimates. Prior to the latest funding round, Skims was valued at $3.2 billion in early 2022.
Skims has managed to thrive despite the current slowdown in private markets, with many startups raising money at lower valuations or delaying seeking new capital. However, Skims has expanded into various clothing segments, including loungewear and swimwear, maintaining its growth momentum.
“It has grown quickly and we’re so proud of that,” said Kardashian during an interview with The New York Times. “We’ve had a really good flow of product launches,” she added.
Kim Kardashian co-founded Skims in 2019 with Jens Grede, who serves as CEO, and Emma Grede, the chief product officer. The business has been profitable and anticipates reaching $750 million in sales this year, up from $500 million in 2022.
Skims now constitutes a significant portion of Kardashian’s net worth, surpassing her cosmetics line, KKW Beauty, which was her main source of wealth when Forbes first listed her as a billionaire in 2021. Despite Coty’s acquisition of 20% of KKW Beauty for $200 million, Kardashian later closed the brand to launch a skincare line called SKKN by Kim.
Alongside her ventures in shapewear and cosmetics, Kardashian is also venturing into private equity with SKKY Partners, a firm she is launching with a former Carlyle Group executive. The firm aims to raise a $1 billion fund to invest in consumer and media companies.
In addition to her business ventures, Kardashian has invested in real estate, owning at least six properties, including the renowned Hidden Hills mansion she shared with ex-husband Kanye West. She also purchased a Malibu beach house for $70 million overlooking the Pacific Ocean. Kardashian attributes her success to hard work and enjoys the fruits of her labor, as evident in her accomplishments as a prominent entrepreneur and investor.
“This house just really represents to me a lot of the hard work that I’ve put in,” the billionaire said in an episode of The Kardashians. “It’s like enjoying the fruits of my labor.”
