SKIMS Eyes $4B Valuation As It Preps for a Potential IPO — Retail Bum

Shapewear brand SKIMS is in talks with Boston-based asset manager, Wellington Management, to raise fresh funding at a valuation of $4 billion.

The latest funding round could potentially be the last one before the company files to go public.

The news comes six months after SKIMS secured $240 million in funding, which doubled its valuation to $3.2 billion. The investment round was led by hedge fund Lone Pine Capital and supported by D1 Capital Partners, as well as existing investors Thrive Capital, Imaginary Ventures, and Alliance Consumer Growth.

The Los Angeles-based brand, which Kim Kardashian founded, grossed $500 million in revenue last year. The growth came along with the brand’s expansion of its leadership team and its focus on brick-and-mortar retail opportunities.

Following its last investment round in January, the company appointed Robert Norton, Moncler’s president of the Americas, as the first chief commercial officer of the brand to grow businesses internationally.

The company also recently revealed plans to open permanent stores in the upcoming year. The first flagship location will be opened in Los Angeles during the first half of 2024. After which, the company will open another location in New York.

Overall, SKIMS is looking to open at least four stores in the upcoming year and is actively exploring locations in domestic markets renowned for attracting regional tourists, including Atlanta, Dallas, and Miami.

Photo credit: SKIMS

Originally published at https://retailbum.com on July 14, 2023.