Kim Kardashian’s SKIMS is now valued at $4 billion after its latest round of funding.
When reached for comment by Complex on Wednesday, a SKIMS rep confirmed a Series C funding round of $270 million led by Wellington Management. Green Oaks Capital Partners also joined previous partners D1 Capital Partners and Imaginary Ventures in the funding, which resulted in a new valuation of $4 billion. All told, SKIMS has raised $670 million, including $240 million in Series B last year and $154 million in Series A back in 2020.
“The new infusion of funds will be used to further accelerate the brand’s product innovation and new category expansion efforts, as well as help fuel its focus on permanent owned retail, including the opening of its L.A. flagship in early 2024, which the brand announced last month,” the rep told Complex in an email. “Continuing momentum behind the brand’s robust partnership pipeline will also remain a top priority.”
Earlier this month, SKIMS recruited Carmen Electra and Jenny McCarthy for a 90s-celebrating swimwear campaign.
“Being reunited with Jenny for this SKIMS campaign was such a dream,” Electra said when launching the brand's latest star-fronted campaign. "Not only does she still look incredible, she also brought the best energy to set and was my biggest cheerleader. I’m so happy we’re able to share in this iconic moment together!”
Other recent SKIMS campaign stars include Ice Spice, PinkPantheress, and SZA.
The brand was co-founded in 2019 by Kim Kardashian and Jens Grede. According to a SKIMS rep, the brand is currently on track to hit net sales of $750 million this year. In 2022, that number was just under $500 million.
