On Wednesday, Skims, Kim Kardashian's shapewear and basics company, announced its valuation has officially hit $4 billion. In a new funding round, Skims raised $270 million with the help of both new and existing investors, catapulting the brand toward crossing $1 billion in sales this year.
The business, founded and owned by Kardashian alongside co-founder and CEO Jens Grede, launched four years ago — initially as "Kimono" — and has proven itself to be a unicorn for investors. Sales have continued to grow dramatically, with Grede telling Business of Fashion in March 2022, "it took Nike 12 years to reach $100 million; it took us six months."
The latest funding round was led by Wellington Management, an independent investment managing firm. In a press release, Skims shared, "Wellington's proven track record for successfully helping companies navigate key growth stages will be critical in solidifying Skims' position at the forefront of the retail market and cementing the brand's staying power as it moves into this next phase."
As the company prepares to open its first retail location in 2024, as well as expand domestically and internationally, the question seemingly at the forefront of people's minds is when the brand will decide to go public. Wellington has notably invested in companies shortly before they are made public, and Skims also recently hired its first chief financial officer, Andy Muir, last year — a move that could be a hint to the future.
In a recent interview with The New York Times, Grede shared, "At some point in the future, Skims deserves to be a public company," but that him and Kardashian aren't in any rush.