Kim Kardashian’s Triagewear Brand Slims Hits $5BN VALUATION

Skims, the Formewear Brand Co-founded by celebrity and entrepreneur Kim Kardashian, says it is now valued at $5BN (£2.93bn) following new funding.

The company said it plans to use money from investors, including an arm of Wall Street banking giant Goldman Sachs, to open more stores and expand around the world.

“We can’t wait to take skims to the next level as we continue to innovate and set the standard for our industry,” Kardashian said Wednesday.

The funding round is one of the largest this year for a US consumer brand and comes as the skims face fierce competition from rivals such as lululemon.

Skims, which runs 18 stores in the US and sells products through dealers around the world, will focus “on its physical business for the next several years, it said in a statement.

The company expects its sales to be $ 1bn this year, which skimmed the chief executive Jens Grede gave strong confidence in his long-term goals.

The brand debunded in 2019 with a grass line and has since expanded its range to include Loungewear and other fashion categories.

The company’s growth has moved it deeper into mainstream sports and the athletic market, which is largely dominated by brands like Lululon and Alo Yoga.

Skims also get a large pool of influences, including the Kardashians and other celebrities like Megan Fox and Paris Hilton to enhance its appeal.

Since the launch of the company faced some controversies. Its initial name, Kimono Interates, was criticized for neglecting the importance of traditional Japanese ingredients, prompting the company to come up with a name – Skims.

A Skim product – a head wrap worn during sleep – has divided the Internet. Some hail it as the future of unmotivated face-to-face contention, but others condemn it as dystopian, and say that the strong are made by women.