Earlier this month, it was reported that Kim Kardashian‘s wealth had soared to over $1 billion USD, driven by her KKW Beauty and SKIMS brands. Now, a new round of Series A funding for SKIMS has taken the shapewear and loungewear brand’s value to a huge $1.6 billion USD. Since SKIMS was founded in 2018, it has already sold more than four million units.
The $154 million USD funding round was led by Thrive Capital, a venture capital firm ran by Joshua Kushner (Jared’s brother and Karlie Kloss’ husband), with extra funding coming from Imaginary Ventures and Alliance Consumer Growth. SKIMS will use this injection of cash for product innovation, expansion into new categories, a focus on global growth and potentially opening brick-and-mortar locations.
In other business news, StockX’s valuation has climbed to $3.8 billion USD after its latest cash injection.