Kim Kardashian’s Skims is the latest innerwear brand to stretch its limits.
The megastar’s innerwear and loungewear brand revealed Thursday that it had raised $240 million in a series B funding round, led by Lone Pine Capital, bringing Skims’ valuation to $3.2 billion. D1 Capital Partners is also an investor in the most recent round, as well as existing backers Thrive Capital, Imaginary Ventures and Alliance Consumer Growth.
The news comes just a day after competitor Rihanna’s own lingerie and innerwear brand revealed $125 million in additional investments to continue to grow the Savage x Fenty lingerie business.
Skims declined to comment on its own fundraising round, but said in a statement that the added resources would be used to accelerate product innovation, retail locations (possibly going abroad) and brand partnerships.
Kardashian founded Skims in 2019, alongside Jens Grede, founder of several fashion brands, including Tom Brady’s latest venture into apparel and Good American with wife Emma Grede and Khloé Kardashian.
As for Skims, the brand was initially met with controversy — Kardashian had wanted to name the brand “Kimono” — but has since grown to attract a loyal following (3.6 million people on Instagram), been rumored to sell out of several collections and drawn attention to the larger shapewear industry, even as it continues to expand into other product categories, such as bras and loungewear.
Skims told Bloomberg that it was expecting to top $400 million in revenues this year, up from $275 million last year, and that Kardashian and Grede would retain a controlling stake in the brand. The duo added that they are not looking to sell the business at this time.
In previous interviews with WWD last April, while opening a pop-up shop in Los Angeles, the fashion entrepreneur and reality star said online sales of Skims “quadrupled” in 2020 (so much so that she had to hire more staff) and the brand is hoping to open a permanent stand-alone store sometime in 2022. Kardashian has also hinted that she would like to expand into men’s basics and shapewear, but no date has been set.
Last fall, Kardashian partnered with Kim Jones, artistic director of men’s at Dior and artistic director at luxury fashion house Fendi, for a capsule collection at Fendi, which Skims said generated more than $3 million in sales within the first 10 minutes of launch. The collection included everything from shapewear and lingerie to rtw and outerwear. Around the same time, Fendi x Skims pop-up shops opened in several cities around the world, including Los Angeles, London, Dubai, Seoul, New York, Miami and Toronto, among others, many of which were reported to have had hours long wait times for consumers to experience the products IRL.
Skims also designed the official undergarments, sleepwear and loungewear worn by Team USA athletes during the Summer Olympics in Tokyo last year. The brand recently revealed that it would continue the partnership during the upcoming Winter Games, adding high-profile names such as Olympic gold medalist and snowboard champion Chloe Kim to the list of ambassadors. Other high-profile models and ambassadors for the brand include Kate Moss; Megan Fox; sister Kourtney Kardashian; Lisa Rinna’s model daughters Amelia Gray and Delilah Belle Hamlin; Bruce Willis and Demi Moore’s daughter and actress Rumer Willis; dancer and TikTok star Addison Rae; actress and MTV VJ alum Lala Anthony; models Jodie Turner-Smith, Precious Lee and Yovanna Ventura, and former inmate Alice Marie Johnson.