Kim Kardashian’s wealth grows with new investment in clothing brand: ‘My daily routine’

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According to Forbes estimates, Mr. Kim’s net worth reached US$1.9 billion (Reais 10.07 billion), a jump from his previous US$1.7 billion (Reais 9.01 billion). The new round was led by Goldman Sachs Alternatives, with participation from BDT & MSD Partners, owned by billionaire Byron Trott.

Founded in 2019, Skims started with body shapers and now offers everything from underwear and sleepwear to men’s jackets and sweatshirts.

“This milestone reflects continued confidence in our long-term vision and, coupled with disciplined execution, positions Skims to pioneer its next phase of growth,” said Jens Grede, co-founder and CEO of the company.

Founded by Kardashian in collaboration with Jens and Emma Grede, Skims began life as a digital brand and quickly gained space in brick-and-mortar stores. The company currently operates 20 stores between the U.S. and Mexico and plans to expand its global presence with the new capital. The company aims to become a “predominantly physical business” and already has new collections and store openings on the horizon.

In February, Skims partnered with Nike to launch the NikeSkims sports line. The new collection, which includes socks, fanny packs and training gloves, will go on sale this Thursday (13th).

“I can’t wait to take Skims to the next level as we continue to innovate and set industry standards,” said Kardashian, the brand’s creative director.

From clothes to beauty and fragrances

The company is also expanding into the beauty market. In March, it bought back 20% of the shares held by French giant Coty in Kardashian’s SKKN by Kim skincare line. Coty had paid US$200 million (R1.06 billion) in participation fees for 2021, but both partners decided to terminate the agreement in June 2022 during a rebranding process. This month, Skims announced the hiring of Diara Ndiaye, founder of cosmetics brand Ami Colle, to lead new initiatives in beauty and fragrance.

Even though her fame was built on television, most of Kim’s fortune comes from Skims. It is estimated that it will own just under a third of the company’s shares after the new funding. Partners Jens and Emma Grede, owners of around 14% of the business, also saw their assets increase by around US$150 million (R$795 million). With net sales this year expected to reach US$1 billion (R$5.3 billion), Skims reaffirms the success of the business.