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Despite its controversial origins, people can’t get enough of Skims. Kim Kardashian’s shapewear brand has doubled its valuation and is now worth $3.2 billion after raising $240 million from investors.
“This latest round [of funding] will allow us to focus on bringing more innovations and solutions to our customers and become even more of a trusted resource for them,” Kardashian said in an email, according to Bloomberg.
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As Bloomberg reports, the brand has been busy planning partnerships and activations to drum up hype and get shoppers excited as it sets its sights on a global stage. Skims’s limited edition collaboration with Fendi, which dropped in October, brought in more than $3 million in sales within 10 minutes of release. Most of the demand for the logo-heavy items including $395 bathing suits and $4,200 leather dresses came from outside the U.S., according to Kardashian’s business partner and Skims chief executive officer Jens Grede, via Bloomberg.
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Skims will also have a global presence during the Winter Olympics in Beijing next month. Like it did during the Summer Games in Tokyo last year, the brand will once again outfit Team USA in loungewear and underwear. “We are continuously working on collaborations, partnerships, and events,” Grede said. “More to come.”
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