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Skims, the renowned body-positive shapewear company co-founded by Emma Grede, a 40-year-old Black entrepreneur ranking among America’s richest Black women, has achieved a remarkable milestone as its valuation surges to $4 billion following a successful new funding round that raised $270 million.
The recent capital injection, led by Wellington Management, with participation from existing investors like Imaginary Ventures, Thrive Capital, and NEA, has catapulted Skims’ valuation by $800 million, from $3.2 billion to $4 billion.
The company, co-founded by Kim Kardashian and Grede in 2019, has witnessed a meteoric rise due to its emphasis on inclusivity and body positivity. The infusion of $270 million in funding is expected to fuel Skims’ expansion efforts.
The company plans to diversify its product line, expand its retail presence, and bolster marketing initiatives. Originally specializing in shapewear, Skims has since ventured into various apparel, including swimsuits and loungewear, with plans to introduce a men’s clothing line in the coming fall. It is also set to establish physical stores in both Los Angeles and New York City in the near future.
At the company’s helm, Kardashian and Grede are leading the charge towards further growth and consolidation of Skims’ position as a major player in the mainstream apparel industry. Grede, who serves as the chief product officer, and her husband, Jens Grede, the CEO, are poised to steer the company toward even greater success with the substantial funding secured.
According to Jens Grede, Skims has been profitable since its inception in 2019, but the latest financial injection will boost the company’s profitability even further. The company is projected to achieve $750 million in sales this year, a significant increase from the $500 million achieved in 2022.
Despite the company’s remarkable success, Emma Grede’s individual fortune of $320 million cements her position as one of America’s wealthiest self-made Black businesswomen, ranking her as seventh-richest in the category.
With its emphasis on empowerment, inclusivity, and a diverse product offering, Skims is well-positioned to continue its growth trajectory and success in the highly competitive world of apparel.
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