Kim Kardashian has had many business ventures, from her first boutique, Dash, founded in 2006, to perfume lines, skincare and beauty lines, and even a private equity firm, SKKY Partners, founded with Carlyle Group Inc. executive Jay Sammons.
However, though there's no shortage of variety within her business portfolio, little has skyrocketed her fortune as much as the company she launched just four years ago, Skims.
Though the shapewear brand had a bit of a rocky start thanks to the highly-criticized original name of "Kimono," after the reality star rebranded it to Skims, it has been branded Time magazine's top 100 influential companies in 2022.
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Now, its success has reached a new high, and as of July 2023, the brand has a whopping $4 billion valuation.
The New York Times reported on July 19 that Skims raised $270 million in a new funding round, and their valuation has subsequently gone up from the $3.2 billion valuation investors gave the company last year.
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Kim, 42, hopes to expand into menswear and brick and mortar stores – and maybe an IPO? – soon, with business partners Emma Grede and Jens Grede.
She told the Times: "It has grown quickly, and we're so proud of that," adding: "We've had a really good flow of product launches."
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In four years, Skims has achieved its new $4 billion valuation, has expanded from shapewear into loungewear and swimwear, hopes to to the same for menswear, has had upwards of ten million customers signing up for product waitlists, and come next year, it hopes to launch its first flagship stores in Los Angeles and New York City.
Skims's chief executive, Jens, told the Times Skims is currently profitable, and is "on track for $750 million in sales this year, up from $500 million in 2022."
Shortly after Skims' first billion-dollar valuation back in 2021, Kim herself was branded a billionaire by Forbes, who reported she had a net worth of $1.2 billion.
Now the outlet reports her net worth really has gone up thanks to Skims' new valuation, roughly by $500 million, solidifying a $1.7 billion net worth for The Kardashians star, three-quarters of it credited to Skims.
When she first became a billionaire in 2021, it was thanks to KKW Beauty, which she launched in 2017, and French makeup giant Coty bought 20% of it in early 2021 for $200 million. She has since shut down the cosmetics line, and relaunched it as skincare line SKKN by Kim.
Among the Kardashian-Jenner clan, only Kim and the youngest sister, Kylie Jenner, are (or have been) billionaires. Kylie, 25, become a billionaire thanks to her make-up line Kylie Cosmetics, which first found success thanks to its lip kits when it launched in 2015. Back in 2019, Forbes reported she had a net worth of $1 billion, though it has since been reported to be closer to $900 million.