By Abigail Summerville and Krystal Hu
(Reuters) – Investment firm Wellington Management is in talks to lead a new funding round for Skims, which could value the underwear clothing company owned by Kim Kardashian at about $4 billion valuation, according to people familiar with the matter.
The Boston-based asset manager is in discussions to make a significant commitment to fast growing business in what could be its last fundraising as it gears up an initial public offering that could happen within a year, sources said, requesting anonymity because the matter is confidential.
Skims and Wellington did not respond to comment requests. Women’s Wear Daily reported on the Skims funding round earlier on Wednesday without naming Wellington.
Skims launched in 2019 and sells bras, loungewear and shapewear directly to customers through its online store and at outlets owned by department store chains.
Sources said Skims raked in $500 million in revenue in 2022, and is profitable. The company raised $240 million last year at a $3.2 billion valuation, led by hedge fund Lone Pine Capital. Other investors included D1 Capital Partners, as well as existing investors Thrive Capital, Imaginary Ventures and Alliance Consumer Growth.
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 is also actively raising funds for her new private equity firm SKKY Partners, which focuses on consumer and media investments. She co-founded the firm last year with ex-Carlyle executive Jay Sammons.
(Reporting by Abigail Summerville in New York and Krystal Hu in Austin; editing by Diane Craft)
