Skims Body Inc. has raised $240 million, doubling its valuation to $3.2 billion. The Series B round was led by Greenwich, Conn.-based Lone Pine Capital and included funding previous investors, Thrive Capital, Imaginary Ventures and Century City-based Alliance Consumer Growth.
The West Adams-based company was co-founded by Kim Kardashian and Jens Grede in 2019. They will retain a controlling stake, according to Bloomberg.
Skims specializes in making shapewear that comes in nine sizes. The company has expanded into other product categories, including loungewear, underwear, kids clothing and maternity shapewear. It competes with legacy shapewear brands such as Spanx Inc., Wacoal America Inc., Miraclesuit and Maidenform. Its products are sold at Nordstrom Inc., Selfridges & Co. in the United Kingdom, Canada’s Ssense, Ounass in the Middle East, David Jones in Australia and New Zealand, and on Net-a-Porter.com.
Skims, which has more than 220 employees, ended 2020 with $145 million in sales and was on track to double its revenue in 2021. The latest investment round comes nine months after the company raised $154 million, which valued it at about $1.6 billion. It will allow Skims to focus on bringing more innovations and solutions to its customers and become even more of a trusted resource for them, Kardashian told Bloomberg.
The company also launched a collection of loungewear, socks, pajamas and undergarments for Team USA female athletes competing in the Winter Olympics and Paralympics in Beijing, including bobsledder Aja Evans, ice skater Madison Chock and snowboarder Chloe Kim. The items are also available for purchase on Skims’ website. This is the company’s second collection for Olympians. The first was worn by USA athletes competing at the Olympic and Paralympic Games in Tokyo last year.
Kardashian also operates Woodland Hills-based KKW Beauty Inc., which is undergoing a rebrand. The makeup company’s ecommerce website shut down on Aug. 1. The company posted that its team is “currently working on a more modern, elevated, sustainable brand and experience.”
