Reality TV star-turned-entrepreneur Kim Kardashian has launched another fundraising round for her shapewear brand Skims that aims to value the company at close to $4 billion in anticipation of a possible initial public offering, according to a report.
The brand is on track to register sales figures of around $1 billion this year — an increase of around 100% year-over-year, according to Women’s Wear Daily.
The company, which has branched out from its bodysuits catalog to items such as pajamas and bathing suits, initially hoped to hit net sales of around $750 million this year.
Last year, Skims raised $240 million primarily from hedge funds and investment firms including Josh Kushner’s Thrive Capital, Lone Pine Capital, and D1 Capital Partners — doubling the brand’s valuation to $3.2 billion.
The Post has sought comment from Skims.
Skims was co-founded by the 42-year-old Kardashian, whose net worth was pegged by Forbes at $1.2 billion, and her business partner, Jens Grede, four years ago.
Kardashian’s ex, Kanye West, holds a 5% stake in Skims. His net worth was slashed to $400 million from $2 billion, according to Forbes, after several major retailers cut ties with the rapper’s lucrative clothing line over his anti-semitic rants.
The “Keeping Up With The Kardashians” star is Skim’s largest individual shareholder.
Her business portfolio also includes a minority stake in KKW Beauty, which she sold for $200 million last year to Coty Inc.
The Wall Street Journal reported Tuesday that she is in talks to buy back the brand.
Kylie Jenner, Kim’s half-sister, is said to be worth $680 million after creating her own beauty brand, Kylie Cosmetics.
Coty also acquired a majority stake in Kylie Cosmetics in a deal valued at $1.2 billion. Kylie Jenner, 25, reportedly still owns around 44% of her company.
Jenner was originally crowned Forbes’ youngest self-made billionaire in 2018, only to have the title taken away after a recalculation of her net worth.
A $4 billion valuation would make Skims more than twice as valuable as legacy retailer Victoria’s Secret, which saw sales drop 6% last year to $6.3 billion.
Victoria’s Secret has a market capitalization of $1.6 billion.
Last month, Bloomberg News reported that Skims, which was originally founded as a direct-to-consumer business, was planning to open its first flagship retail location in Los Angeles sometime in the first half of next year.
A second store is being planned for New York.
Skims has retail presence in department stores such as Nordstrom and Saks Fifth Avenue.
It also opened temporary pop-up locations in Rockefeller Center as well as in department stores in London.