“Series C Funding Round Boosts Brand’s Plans for Expansion and Innovation”
In an impressive financial feat, Kim Kardashian’s shapewear label, SKIMS, has officially reached a valuation of $4 billion USD. This milestone was achieved after a successful Series C funding round, during which the brand raised a whopping $270 million USD.
A Collaboration of Investors
The fundraising round was led by Wellington Management, an investment management company with an impressive track record. The investment roster also included contributions from Greenoaks Capital Partners, as well as recurring investments from D1 Capital Partners and Imaginary Ventures.
A Testimony from Wellington Management
Wellington Management expressed their faith in SKIMS’ potential. “Wellington’s proven expertise in helping companies navigate 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 transitions into the next phase,” a spokesperson for Wellington stated.
Funds to Fuel Innovation and Expansion
These fresh funds will further spur SKIMS’ efforts in product innovation and expansion into new categories. Additionally, the investment will bolster the brand’s focus on owned retail, including the scheduled opening of its flagship store in L.A. in early 2024.
“The continued momentum behind the brand’s robust partnership pipeline will also remain a top priority,” the statement concluded. The brand’s success underlines Kardashian’s savvy as a businesswoman, showcasing how celebrity entrepreneurship can reshape the retail landscape.