Kim Kardashian’s Skims brand valued at ‘$1.6bn’ same week reality star named billionaire

Kim Kardashian’s shapewear brand Skims has gone from strength to strength in spite of the coronavirus pandemic – its valuation has risen to $1.6billion (£1.2m).

The news comes after Forbes named the reality star, 40, a billionaire this week thanks to the success of Skims and KKW Beauty.

Skims, which launched less than two years ago, has raised $154m (£112m) in new funding which has helped to lift the overall value of the business.

Social media juggernaut Kim will remain the biggest shareholder in the company after the deal, with she and her business partner Jens Grede controlling a majority stake.

The clothing brand introduced pyjamas and loungewear to its catalogue as many women swapped outdoor clothes for tracksuit bottoms as they spent more time at home in lockdown over the last year.

Skims is not the first billion dollar company owned by a member of the Kardashian-Jenner family.

Kim sold a minority share of KKW Beauty to make-up brand Coty, valuing it at $1b (£723m).

And her sister Kylie Jenner sold a majority stake in her brand Kylie Cosmetics to Coty, valuing it at $1.2b (£875m).

According to Forbes, Kim’s net worth has shot up from $780m (£568m) to $1b (£723) since October last year thanks to Skims, KKW Beauty and ‘smaller investments’ as well as money from reality television and various endorsements.

The publication states that Kim’s remaining 72% stake in KKW Beauty, after selling 20% of the brand to Coty for $200m (£144m), is worth $500m (£361m).

Every year since 2012, Kim has also earned at least $10m (£7.2m) from her work on Keeping Up With the Kardashians, endorsements and her lucrative mobile game Kim Kardashian Hollywood.

The star also owns stocks and shares – including the Disney, Amazon, Netflix and Adidas shares gifted to her by estranged husband Kanye West in 2017 – and her three lavish Calabasas properties.

Her billionaire status doesn’t even take into account the wealth in the Kardashian-West union, which is now coming to an end after Kim filed for divorce from her rapper husband after six years of marriage.

Kim’s sister Kylie was dubbed the world’s youngest self-made billionaire in March 2019 after it valued Kylie Cosmetics at more than $900m (£650m).

But the magazine rescinded the claim a year later and accused Kylie, now 23, of ‘creating tax returns that were likely forged’ and lying about her wealth.

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