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Investment firm Wellington Management is in discussions to lead a fresh investment round for Reality TV star-turned-entrepreneur Kim Kardashian's Skims, which could value the underwear apparel brand at roughly $4 billion, according to sources familiar with the situation.
According to Women's Wear Daily on Wednesday, July 12, the company is in the middle of a capital round that could aid in achieving that valuation before an initial public offering (IPO) in the following six to twelve months.
Without a stable retail basis, Skims is reportedly on track to achieve sales of close to $1 billion this year with a growth rate of almost 100%. Victoria's Secret, which has a market valuation of $1.6 billion, had a 6% decline in revenues last year.
As part of growth into both domestic and foreign retail markets, Skims, a company that specializes in underwear, loungewear, and shapewear, is getting ready to switch from a direct-to-consumer (D2C) online strategy to permanent brick-and-mortar storefronts.
Skims Co-Founder and CEO Jens Grede stated in June that Kim and he "can envision a future where there is a Skims store anywhere in the world you'd find an Apple store or a Nike store." The second chapter is "marked by it."
The news comes shortly after it was reported that Kardashian was attempting to repurchase the 20% of her beauty company that she had previously sold to Coty in 2021 in order to increase the number of beauty product categories available through the company, which is now worth $1 billion and is known as "SKKN by Kim."
Forbes estimated Kim's net worth at $1.2 billion.
Kanye West, Kim Kardashian's ex, owns 5% of Skims. Despite being the largest individual shareholder in Skims, the "Keeping Up With The Kardashians" star.
Skims have retail locations in department shops like Saks Fifth Avenue and Nordstrom.
Additionally, it set up ad hoc pop-up shops in London department stores and Rockefeller Center.
ALL ABOUT KIM KARDASHIAN’S SKIMS
Kim Kardashian, Emma Grede, and Jens Grede co-founded the American clothing and shapewear company Skims. The brand Skims places a strong emphasis on inclusion, body positivity, and inclusive sizing. In January 2022, the corporation had a worth of nearly $3.2 billion. The large range of sizes available, from XXS to 5XL, makes Kim Kardashian Skirts stand out.
