Skims is an apparel business that was founded by Kim Kardashian and a husband/wife team named Emma and Jens Grede back in 2019. Kim's husband-at-the-time, Kanye West, created the brand's logo and was considered "Creative Director" in the early years.
At the outset, Skims was mostly known for creating "shapewear," which is essentially tight-fitting undergarments that help "shape" and contain a body. Typically under a tight dress.
Upon releasing its first online inventory drop, Skims sold $2 million worth of product in 10 MINUTES.
In April 2021, Skims raised money at a mouth-watering $1.6 BILLION valuation. In early 2022, Skims raised money at a $3.2 BILLION valuation. That valuation allowed Kim Kardashian to enter the billionaire ranks for the first time. Skims generated $500 million in revenue in 2022. It's on pace to generate $750 million in 2023, and it is reportedly profitable.
Today it was revealed that Skims has raised $270 million in funding. The new funding round valued the company at…
Kim and the husband/wife Gredes are believed to each own approximately 1/3 of the company. So combined, they still have majority ownership.
Kim's New Paper Fortune
Prior to today's valuation increase, we estimated Kim Kardashian's net worth to be $1.4 billion. Under the company's previous valuation of $3.2 billion, her 1/3 stake was worth around $1.05 billion. Under the $4 billion valuation, her 1/3 stake is now worth $1.32 billion.
Therefore, we just increased Kim's net worth from $1.4 billion to $1.7 billion. A nice little $300 million gain.
Next Up Private Equity?
As if being an apparel billionaire wasn't enough, in September 2022 Kim launched a private equity firm called SKKY partners. Launched with Jay Sammons, a former partner at the Carlyle Group. The fund focuses on investing in consumer and media companies, with a target of making 10-12 investments of $100 million to $500 million each. Kardashian brings her social media following and experience in the fashion and beauty industries to the table, while Sammons brings his experience in private equity investing.
The fund is seeking a minimum commitment of $10 million from limited partners and is reportedly aiming to raise $1 BILLION to invest.