"Kim Kardashian's company has raised a new round of financing - $225 million - at a valuation of $5 billion, the company confirmed to Business Insider. That means the brand, which started as a shapewear line and has since expanded into activewear through a partnership with Nike, is now larger than its competitors, Victoria's Secret and Under Armour, combined. Victoria's Secret has a market capitalization of $2.86 billion, and Under Armor is worth $1.98 billion."
"Skims plans to use the new funds to expand its physical presence - currently, it has 18 stores in the US - and diversify into new categories, including beauty. Earlier this year, Skims acquired Kardashian's beauty brand SKKN by Kim from the founder and Coty. This month, the company made headlines by hiring Diarrha N'Diaye, formerly the founder of viral beauty line Ami Colé, to run the newly branded Skims Beauty."
Skims launched in 2019 as a shapewear and intimates line and expanded into activewear via a partnership with Nike. The company raised $225 million at a $5 billion valuation and plans to use funds to open more stores and expand into beauty and other categories. Skims currently operates 18 US stores and acquired SKKN by Kim from its founder and Coty. Diarrha N'Diaye was hired to lead Skims Beauty. The brand reached $145 million in sales in its first full year and expects net sales of about $1 billion this year. The round was led by Goldman Sachs Alternatives with participation from BDT & MSD Partners.
Read at Business Insider
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