"Kardashian's ventures, including her cosmetics brand SKKN, have attracted young shoppers and benefited from her vast social media following. Similarly, other celebrity-backed brands have also drawn venture capital investment, as firms bet on the marketing power and built-in audiences of high-profile founders to drive consumer demand. Elf Beauty agreed to buy Hailey Bieber's makeup and skincare brand, Rhode, for about $1bn earlier this year, while Rihanna-backed Fenty Beauty and Khloe Kardashian's Good American have also drawn venture capital funding."
"Skims said it plans to use the new capital to broaden its intimates and shapewear lines, expand further into apparel and activewear and enhance its retail presence and international growth. We can't wait to take Skims to the next level as we continue to innovate and set the standard for our industry, Kardashian, who serves as chief creative officer, said in Wednesday's press release."
Skims raised $225 million in new capital at a $5 billion valuation. Kim Kardashian co-founded the label with CEO Jens Grede and is chief creative officer. The company will broaden intimates and shapewear, expand into apparel and activewear, enhance retail presence, and pursue international growth. Skims expects to exceed $1 billion in net sales in 2025 and plans a shift toward predominantly physical retail. The brand operates 18 U.S. stores, two franchise locations in Mexico, partners with Nike on women's activewear, and Coty sold a 20% stake in Kardashian's beauty brand to Skims.
Read at www.theguardian.com
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