Kim Kardashian’s scheme is a quadruple unicorn!
The clothing company, which the reality star co-founded with Emma Grede and Jens Grede, has raised nearly $300 million in a new funding round nearly four years after its creation. With this, the brand is valued at $4 billion, which is a jump from the $3.2 billion valuation investors gave it last year.
Kim Kardashian’s Scheme Tops Last Year’s Funding Round With $270 Million
Initially known for offering shapewear to allow customers to adjust to body-hugging clothing, Skims has successfully diversified its clothing line, expanding into multiple categories, including swimwear and loungewear.
As part of its forward-thinking strategy, Skims is now placing its bets on physical retail by preparing to open flagship stores in Los Angeles and New York City next year. This strategic move will surely take Skim to new heights as they continue to shake up the fashion landscape.
Speaking about the company’s growth and achievements, Kardashian, in a recent interview, expressed her pride, stating, “It’s grown so quickly, and we’re very proud of that. We have a very good flow of product launches.”
Instagram | Kim Kardashian
Adding to the business mogul’s thoughts, Grede — the chief executive of Skims — revealed that the company has achieved a remarkable feat as it is now operating profitably. As it turns out, the company will do an impressive $750 million in sales, a huge increase from the $500 million it achieved last year.
The success of the brand is further confirmed by the number of people who join the waiting list for their most wanted items. In the past year alone, 11 million individuals have eagerly signed up to buy this coveted product, often leading to quick sales.
Given Skims’ impressive growth and widespread popularity, investors naturally gravitated to the company as it sought to raise funds in recent months. The latest funding round was led by asset manager Wellington Management, with participation from existing backers D1 Capital Partners and Imaginary Ventures and well-known firms such as Greenoaks Capital Partners.
“Skims has maintained unprecedented momentum since the brand’s inception. We are very excited to work with the brand to support it through this important stage of growth,” Michael Carmen, co-head of private equity at Wellington Management, revealed in a statement.
After a successful fundraising round in 2021 that catapulted the Scheme to unprecedented heights, Kardashian achieved the coveted title of billionaire. As the co-founder and driving force behind the brand, he maintains his position as the company’s largest shareholder, maintaining a majority stake with Grede.
The “Keeping Up with the Kardashians” alum’s huge success has become a standout achievement in her business empire, which now includes a diverse portfolio that includes fragrances, skin care, fragrances and a private equity firm, the New York Times has reported.
Founder of KKW Beauty Ranks Above This Star In Forbes 2023 List
Instagram | Kim Kardashian
According to an April report by The Blast, the mother of four made it onto the Forbes World’s Billionaires List again this year, ranking #2259 with a net worth of $1.2 billion. The accolade, which comes thanks to the continued success of Skims, has put him ahead of some stars who have been in the game longer than him.
One celebrity who has now surpassed him is Tyler Perry, who initially joined the billionaire list in 2021. Interestingly, he made a bold move by ending his iconic “Madea” franchise, which brought in $660 million after tax. The “Diary of A Mad Black Woman” star owns 100% of her work and also has ownership of a movie studio that launched in 2019.
In addition to her filmmaking success, the award-winning playwright produced content for Oprah Winfrey’s OWN network for approximately seven years, which increased her already impressive financial portfolio. He boosted his net worth even more when he acquired the popular BET network, making it Black again earlier this year.
Similarly, Kardashian is richer than Bronny, who made his debut on this year’s list at #2540, making him the first active basketball player in the NBA to make the list. Most of his income comes from endorsement deals, as he has earned more than $900 million in endorsements from Nike, PepsiCo and Walmart.
Another established Kardashian entrepreneur topping the ranks is Spanx founder Sara Blakely, who joined the billionaire list in 2020. The 52-year-old businesswoman, ranked #2405, continues to climb the list without a dip in sales. The upcoming third leader is David Tran, thanks to his family’s hot sauce brand, Sriracha, worth $1 billion.
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Source: thtrangdai.edu.vn/en/
