Shapewear label Skims said it had doubled its valuation to $3.2 billion after raising $240 million in fresh funds, as investors bet on the success of the Kim Kardashian-owned brand.
The funding round announced on Thursday was led by hedge fund Lone Pine Capital and also included D1 Capital Partners, as well as existing investors Thrive Capital, Imaginary Ventures and Alliance Consumer Growth.
Launched in 2019, Skims sells bras, loungewear and shapewear directly to customers through its online store and at outlets owned by department store chains Nordstrom and Selfridges & Co.
Kardashian's businesses - which also include makeup brand KKW - have gained popularity with young shoppers over the last few years thanks to the TV personality's huge social media following.
Kardashian and Skims Chief Executive Officer Jens Grede will retain a controlling stake in the company after the investment, according to Bloomberg News, which first reported the news.
Skims was valued at $1.6 billion in April