The SKIMS Phenomenon
Kim Kardashian’s wealth is making headlines thanks to her wildly successful shapewear brand, SKIMS Solutionwars. With a valuation soaring up to $4 billion, Kim Kardashian has secured her spot among the world’s wealthiest celebrities, as reported by Forbes magazine. Notably, SKIMS also managed to secure a significant $270 million in investments.
SKIMS’ remarkable success has not only boosted Kim Kardashian’s financial standing but has also elevated her into a league of her own. Forbes records indicate that her net worth now stands at a whopping $1.7 billion.
Impressive Sales and Financial Growth
SKIMS, the shapewear brand in question, has been a consistent performer in terms of sales. And then, Forbes’ data reveals that in the year 2023 alone, SKIMS raked in an impressive $750 million in revenue, marking a $500 million increase from the previous year.
This financial triumph translated into a considerable surge in Kim Kardashian’s wealth. Before the influx of investor funds, her net worth was valued at $1.2 billion. Notably, prominent players in the investment world, namely asset manager Wellington Management and venture firm Greenoaks Capital, came forward to support SKIMS with new funding at the highest valuation.
Kim Kardashian’s Perspective on SKIMS Success
Speaking about this remarkable achievement, Kim Kardashian expressed her pride in her company’s, Shapewear, remarkable growth. As widely known, she co-founded the lingerie brand SKIMS in 2019 alongside her partners Jens Grede, who takes the helm as CEO, and Emma Grede, serving as the chief product officer.
As of the current financial landscape, a staggering three-quarters of Kim Kardashian’s wealth is attributable to the success. Interestingly, when Forbes first recognized her as a billionaire back in April 2021, her primary source of wealth was her cosmetics line, KKW Beauty, which she launched in 2017.
SKIMS and the Relaunch of KKW Beauty
However, the dynamic landscape of Kim’s business ventures took an interesting turn as she decided to close KKW Beauty and rebrand it as SKKN by Kim, focusing on skincare. Simultaneously, SKIMS continued its remarkable growth trajectory, securing a valuation of $1.6 billion in April 2021, which then further doubled to $3.2 billion in early 2022.
Kim’s Expansion into Private Equity
Apart from her shapewear and cosmetics ventures, Kim Kardashian has explored private equity through SKKY Partners, a company established in collaboration with former Carlyle Group executives. This company reportedly raised a substantial $1 billion to invest in consumer and media businesses.
The rise of SKIMS and its impact on Kim Kardashian’s wealth serves as a testament to her entrepreneurial prowess. And then, her ability to leverage her brand to create substantial financial success in the world of fashion and beauty.