Startup Skims secures $4 billion evaluation in latest funding round.
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Skims, co-founded by Kim Kardashian, just soared to a staggering $4 billion valuation after a successful Series C funding round. On Wednesday, the brand gleefully announced that it had raked in a whopping $270 million. Wellington Management led this round, with Green Oaks Capital Partners, D1 Capital Partners, and Imaginary Ventures hopping on board.
With fresh funds in hand, Skims has big plans for product innovation, category expansion, and strengthening its physical retail presence. Like a cat ready to pounce, the company teased an early 2023 opening of its flagship store in glitzy LA. According to the brand, they're gunning for net sales of $750 million by 2023, a jump from nearly $500 million in the previous year.
So far, Skims has raised a whopping $670 million across all funding rounds, including a $240 million Series B round in 2022 and a $154 million Series A round in 2020.
This funding news comes as Skims aggressively expands its distribution network. In June, the brand teamed up with Selfridges to open its first European pop-up shop. In May, it took NYC by storm with a pop-up shop at Rockefeller Center, shortly after securing a dedicated space at Saks Fifth Avenue's Manhattan flagship store.
As the Skims empire expands, it's eyeing key global markets, aiming to become a formidable force in the fashion industry. The brand has already made a splash in the UK, with products gracing the shelves of luxury department stores like Harrods and Selfridges. In 2026, Skims is set to open a 12,000-square-foot store on London's iconic Regent Street, marking its first standalone store in the UK and cementing its commitment to serving international customers.
Skims offers a diverse range of products, from shapewear to loungewear and underwear for both men and women, all in inclusive sizes. Known for its comfortable designs, Skims is poised to conquer the global stage.
- Skims' AI-driven product design team plans to further explore space technologies for creating innovative, sustainable materials, aiming to revolutionize the fashion-and-beauty industry's approach to sustainability.
- As Skims continues to dominate the finance landscape with its profitable business ventures, the brand is also exploring the integration of AI technology in its retail operations for enhancing customer experiences.
- With Kim Kardashian's Skims taking the global fashion industry by storm, the brand's newfound success in finance has allowed it to expand into various domains, such as technology and lifestyle markets, offering potential partnerships for AI developers and financial institutions alike.
