Kim Kardashian’s newest startup just joined her Billion-Dollar Club.
The Schemes Shapewear brand of reality TV icons says it has scrapped a new batch of private investment, valued at $ 1.6 billion. The deal stands for lifting the coffins of Kardashian, the first time he was granted billionaire status this week.
The $ 154 million fundraising round was led by Thrive Capital, led by New York Kushner, supermodel Kardashian Pal’s husband Josh Kushner. Carly Claus.
The brand said on Friday that the scheme would help develop new products, move into new categories and explore the expansion of its retail presence around the world.
Existing investors Fantasy Ventures and Alliance Consumer Growth also participated in the latest funding round for Skims, which now boasts more than 1 million customers and has sold more than 4 million units in less than two years.
Kardashian is still the brand’s largest shareholder, and she and business partner Jens Grede will hold a majority stake, According to the New York Times, Which first reported on the deal.
The new pretag of the skims seems to be picking up the Kardashian’s net worth. Forbes peg It made it to its annual billionaires list for the first time as $ 1 billion this week.
The magazine conservatively estimated Kardashian’s stake in the skim at $ 225 million, based on “a brand north of $ 500 million” or a third of the new valuation.
The Times reported that Skimmers expects sales to nearly double from $ 145 million in 2020 to $ 300 million this year.
The screams – which Kardashian launched as a kimono in 2019 before being renamed amid allegations of cultural appropriation – survived the changing trends by rolling out Longeval and pajamas, according to the paper.
The 40-year-old Kardashian said, “We’re going to your basics,” the Times said, “we’re still able to keep” shape and core. “
The schemes are not Kardashian’s first billion dollar business. It sold a 20 percent stake in its KKW makeup brand to cosmetics giant Coty in June last year for $ 200 million, valuing it at $ 1 billion. Coty bought the majority of Kylie Jenner’s Epiname cosmetics line for $ 1.2 billion in a 2019 deal.
Kardashian is reportedly open to selling the skims as long as he can join its operations.
“I never wanted to leave my process,” she told the Times. “I hope that whoever we are one day a sales partner, he will also believe in that.”
Thrive, which recently raised $ 2 billion for new investment, has also invested in buzzy consumer brands Warby Parker and Glossier.
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