Kim Kardashian sees rise in net worth as Skims is valued at USD 4 billion

The net worth of Kim Kardashian has grown exponentially thanks to a rise in the valuation of her shapewear company Skims.

Co-founded by Kardashian in 2019, Skims is now worth USD 4 billion, The New York Times (NYT) reported on 19 July. The rise in her company’s valuation means that the personal net worth of Kardashian, who officially became a billionaire in 2021, has shot up by almost 41 per cent.

According to the NYT report, Jens Grede, who serves as the CEO of Skims, has said that the brand will record sales of USD 750 million in 2023 and is now profitable. The new sales figure is 50 per cent more than the USD 500 million sales recorded in 2022.

How much is Kim Kardashian’s net worth now?

According to Forbes, Skims now accounts for around 75 per cent of Kim Kardashian’s overall net worth.

Based on the recent valuation, Forbes reports that the media personality’s net worth has grown by around USD 500 million.

This means that it now stands at USD 1.7 billion, up from USD 1.2 billion before the investment.

More about Skims valuation

Co-founded with Jens Grede and Emma Grede, Kardashian’s Skims raised USD 270 million in a new funding round led by asset manager Wellington Management.

The NYT report says that the new funding has pushed the valuation of the company to USD 4 billion.

The growth in Skims’ valuation has been phenomenal. The company was valued at USD 1.6 billion in April 2021, which jumped to USD 3.2 billion in early 2022.

“It has grown quickly, and we’re so proud of that,” Kardashian told the NYT. “We’ve had a really good flow of product launches.”

Skims recorded sales of USD 2 million minutes after the launch of its official site in 2019. Originally focused on shapewear, the brand soon added swimsuits and loungewear to its collection.

Kardashian had announced the launch of her shapewear brand initially under the name Kimono in June 2019. But she had to change it to Skims within weeks following protests over cultural appropriation with the name, which referred to a traditional Japanese style of clothing.

(Main and Featured images: SKIMS/@skims/Twitter)

The information in this article is accurate as of the date of publication.

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