Kim Kardashian’s fortune is bigger than ever. On Wednesday, her apparel company Skims announced $225 million in new funding, boosting its valuation to $5 billion and adding $200 million to Kardashian’s net worth.
According to Forbes, Kim is now worth $1.9 billion, up from $1.7 billion before the funding round, which was led by Goldman Sachs Alternatives with participation from billionaire Byron Trott’s BDT & MSD Partners. Skims, which started with shapewear and has expanded into t-shirts, pajamas, jackets, and men’s hoodies, was last valued at $4 billion during a 2023 fundraising round.
“This milestone reflects continued confidence in our long-term vision and, coupled with disciplined execution, positions Skims to unlock its next phase of growth,” said Jens Grede, the company’s cofounder and CEO.
Launched in 2019 by Kardashian, Jens Grede, and Emma Grede as an online direct-to-consumer brand, Skims has grown into a retail success with 20 stores across the U.S. and Mexico. The company aims to become a “predominantly physical business” in the coming years and plans to use the new funds to open more stores and launch additional products. In February, Skims launched NikeSkims, a women’s activewear collaboration with Nike, with a new line—including socks, waist packs, and training gloves—set to release on Thursday.
“We can’t wait to take Skims to the next level as we continue to innovate and set the standard for our industry,” Kardashian, who serves as chief creative officer, said in a press release.
Skims is also entering the beauty sector. In March, it bought French beauty company Coty’s 20% stake in SKKN by Kim, Kardashian’s skincare line, for an undisclosed amount. Coty had paid $200 million for the stake in 2021, but the business—a 2022 reinvention of KKW Beauty—was closed in June. Skims recently hired Diarrha N’Diaye, founder of beauty brand Ami Colé, to lead its new beauty and fragrance initiatives.
Despite her famous family and earnings from E!’s Keeping Up With The Kardashians and Hulu’s The Kardashians, Kardashian has earned the bulk of her wealth from Skims. She owns just under one-third of the company after the funding round. The Gredes, who together hold just under 14% of Skims, are $150 million richer. The company expects to reach $1 billion in net sales this year, up from $750 million during its last capital raise.
“I do everything from all the design to picking out all the campaigns,” Kardashian said on The Graham Norton Show earlier this month. “That’s my daily job.”
