(Reuters) – Reality star and businesswoman Kim Kardashian’s Skims raised $154 million in its latest funding round led by venture firm Thrive Capital to reach a $1.6 billion valuation, the shapewear label said on Friday.
The round also included funding from two existing investors, Imaginary Ventures and Alliance Consumer Growth.
The TV personality’s lucrative businesses – makeup brand KKW launched in 2017 and Skims in 2019 – have gained popularity with young shoppers, and have been heavily promoted and sold online with the help of Kardashian’s social media huge following.
Kardashian, who launched her career off the reality TV series “Keeping Up with The Kardashians,” was included in April for the first time on Forbes magazine’s list of the world’s billionaires.
The latest funds would be used to expand into new categories and explore retail opportunities, including the expansion of its global retail presence, the company said.
(Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)