Kim Kardashian’s Skims brand valued at $4bn following new fundraising

The Series C funding round of $270m (£208.8m) was led by independent investment management firm Wellington Management, and also had “additional participation” from Greenoaks Capital Partners and its existing partners Imaginary Ventures and D1 Capital Partners.

Skims said in a statement that Wellington Management’s track record for successfully helping companies navigate growth will be “critical in solidifying Skims’ position at the forefront of the retail market and cementing the brand’s staying power as it moves into this next phase”.

The injection of funding will be used to accelerate Skims’ product innovation and new category expansion, enhance its focus on permanent owned retail including the opening of a new LA-based flagship store early next year, as well as continuing to boost the brand’s portfolio of partnerships.

Since the launch of Skims in 2019, originally under the name Kimono, the retailer has raised $670m (£518.3m) in funding.

Skims attributes its success to date to its ability to maintain “unprecedented momentum” as well as the ability to “capture consumer interest and evolve alongside its community” as it remains on track to reach net sales of $750m (£580.2m) in 2023.