Kim Kardashian is well on her way to becoming a multi-billionaire as her shapewear and loungewear brand has doubled in value.
The fashion brand which was worth $1.6 billion just nine months ago is now valued at $3.2 billion following an increased demand for its products during the pandemic.
According to Bloomberg, a new round of funding from a hedge fund and investment firm doubled the valuation of the business to $3.2 billion (£2.4 billion) – a rise from $1.6 billion (£897 million) in April 2021.
Skims, which is headed up by Kardashian and CEO Jens Grede, has acquired $240 million (£180 million) financing from Connecticut-based hedge fund Lone Pine Capital, New York firm D1 Capital Partners and other previously existing partners.
“This latest round will allow us to focus on bringing more innovations and solutions to our customers and become even more of a trusted resource for them,” Kardashian told Bloomberg in an email.
Kim Kardashian remains the largest individual shareholder of the brand, with her and Grede retaining their controlling stakes.