. Skims lingerie brand doubled Kim kardashian Its valuation rose to $3.2 billion nine months ago, after investors poured money into emerging brands expected to capture significant market share.
Skims CEO Jens Grady said the $240 million funding round was led by hedge fund Lone Pine Capital and joined by investment firm D1 Capital Partners, and existing investors Imaginary Ventures, Alliance Consumer Growth and Thrive Capital also participated, according to it. Bloomberg, and reviewed by Al Arabiya.net.
This comes after the company was valued at $1.6 billion last April.
“This latest round will allow us to focus on bringing more innovations and solutions to our customers and become their most trusted source,” Kardashian said in an email.
Kardashian and her business partner Grady retained a controlling stake in Skims after the latest funding round, as Kardashian, who promotes the brand to her massive online followers and helps with design and marketing, remains the company’s largest single shareholder.
Grady said the partners are not looking to sell the company at this time, and have no imminent plans for a public offering, although that may be considered at some point.
The Kardashian brand boosted sales by 90% to about $275 million in 2020, and expects to reach $400 million in 2021.