Kim K. keeps rolling in the Kash.
The curvaceous reality star-turned-business mogul, shapewear brand Skims, raised $270 million in its most recent funding round to push the company’s valuation to $4 billion, Kardashian said Wednesday.
Kardashian is the largest individual shareholder in Skims, with an approximate 35% stake in the company, according to Forbes.
That means the 42-year-old mother of four will receive a windfall of $500 million, bringing her net worth to $1.7 billion.
Skims’ new valuation makes the company he co-founded with business partner Emma Grede in 2019 twice as valuable as traditional retailer Victoria’s Secret, whose sales fell 6% last year and has a market capitalization of $1.6 billion.
Grede, who also serves as CEO of Skims, has an 8% stake in the company.
The couple may now be ready to take the private company public.
Asset manager Wellington Management, which has a reputation for launching IPOs, and venture firm Greenoaks Capital pumped the new funds into Skims.
“It has grown rapidly and we are very proud of that,” Kardashian told The New York Times. “We’ve had a very good flow of product launches.”
The company is on track to post its highest profit year in the company’s short history, and expects to rack up $750 million in sales by the end of this year.
Skims has also branched out from their slimming bodysuits to apparel such as pajamas and bathing suits. This fall, men’s clothing will be added to the catalog.
Skims, which started as an online-only company, also plans to add brick-and-mortar locations in New York and Los Angeles next year. The company currently has a retail presence in department stores such as Nordstrom and Saks Fifth Avenue.
The move comes after the brand found great success with temporary pop-up stores at Rockefeller Center and in London.
The latest infusion of funds follows the $240 million Skins raised last year primarily from hedge funds and investment firms, including Josh Kushner’s Thrive Capital, Lone Pine Capital and D1 Capital Partners.
Skims is just one arm of Kardashian’s ultra-profit business empire, which also includes a private equity firm called SKKY Partners launched last year with former Carlyle Group executive Jay Sammons.
SKKY Partners is currently raising a billion-dollar fund to invest in consumer and media companies, according to Forbes.
Kardashian also has a beauty brand, which launched in 2017 as KKW Beauty, but was later renamed SKKN by Kim following her split from rapper Kanye West, now known as Ye, who has a 5% stake in Skims.
The “Keeping Up with the Kardashians” star has also pumped millions into her real estate portfolio, which spans at least six properties, including a $70 million Malibu home she bought last year and a spaceship-shaped abode from $6 million currently under construction.
Kardashian also had a 20% stake in beauty company Coty, which she sold for $200 million in 2020, though she is reportedly in talks to buy back the brand.