This makes Skims a fourfold unicorn company. Unicorn company refers to startup companies with a valuation of more than $1 billion.
The company, co-owned by Kardashian, 42, and her business partner Jens Grede plans to announce its new valuation today (Wednesday 19 July). To new York Times, Its previous valuation given by investors was $3.2bn.
Reality TV star, best known for starring in 20 Seasons keeping up with the Kardashians And kardashian Said in an interview: “It has grown rapidly and we are very proud of it. We’ve had a really good flow of product launches.”
Kardashian launched Skims in 2019 because she wanted to create shapewear that suited her skin tone and body type. Since then the brand has released several ranges, including loungewear, maternity wear and swimwear.
In 2021, the brand’s success boosted Kardashian’s net worth to US$1 billion, earning her a spot on forbes‘ List of World Billionaires.
Last year, when Skims achieved its US$3.2 billion valuation, it is estimated that the Kardashians became US$600 million richer. The company secured US$240 million in a funding round led by hedge fund Lone Pine Capital as well as previous investors.
Grede, who is Skims’ chief executive, said in an interview that the company is now profitable and on track for sales of $750 million this year, up from $500 million in 2022.
Grede said that about 70 percent of the company’s total customers are Millennials, or Gen Z, while about 15 percent of the company’s online customers come from outside the US.
He added that over the past year 11 million people have joined a waiting list to buy the brand’s most popular items, which regularly sell out.
Skims’ bestseller products include its viral “Seamless Sculpt Bodysuit,” which comes with added compression on the core and waist areas to create a “figure-enhancing” look. The product description states that the bodysuit “will accentuate your bust, and features round butt pockets for a sculpted look”.
Another bestseller is the “Soft Lounge Long Slip Dress,” a basic maxi slip dress with a body-hugging fit.
For the recently launched collection by the brand, British singer-songwriters Rey and Pinkpantheres were enlisted to promote it, along with Bronx rapper Ice Spice.
The Kardashian family is also responsible for a myriad of viral beauty and fashion companies. Kim Kardashian also owns a skincare brand called SKKN BY KIM, which sells a nine-product step-by-step routine for “radiant skin.”
Kim’s half-sister, Kylie Keener, is the founder of the beauty brand Kylie Cosmetics, which sells makeup and skin care products. Meanwhile, Khloe Kardashian is the co-founder of Good American, a self-claimed “fully inclusive fashion brand,” and Kendall Jenner owns the alcohol brand 818 Tequila.