Skims plans to use new capital to broaden its intimates lines, and expand further into apparel and activewear
Skims, founded by reality TV star and entrepreneur Kim Kardashian along with CEO Jens Grede, said on Wednesday it had raised $225mn in new capital, valuing the shapewear label at $5bn.
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 Khloé 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.
