- Reality star and ex-wife of musician, Kanye West, Kim Kardashian's underwear company has amassed massing funding
- The company Skims, was worth N66 billion last year and has since doubled in value after after attracting over a trillion naira in funding
- Kim Kardashian said the more would be used to innovate new ways of reaching its customers and improving sales
Underwear label, Skims owned by the ex-wife of Kanye West and reality TV star, Kim Kardashian has increased its valuation to N1.3 trillion from April last year.
According to a Nairametrics report, nine months ago, the company was worth N66.4 billion and has now more than doubled its value.
A massive nine month growth
The firm got funding of about N99.6 billion which was led by hedge fund, Lone Pine Capital and Investment company D1 Capital Partners and other already existing investors such as Alliance consumer growth Imaginary Ventures and Thrive Capital.
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Kim Kardashian said in an email that the company wants to use the funding to bring better inventions to its consumers.
Kim speaks on growth
According to her, this latest round will let the company to focus on bringing more innovations and solutions to its customers and become a more trusted resource for them.
She and her business partner, Grede retain higher stakes in the company following the deal. She increases sales for her company by marketing to her massive social media audience.
In 2021, the brand saw a 90 per cent boost in sales to about N114 billion last year and it is expected to hit N166 billion in 2022.
The new deal brings the company’s funding to a total of N16.6 trillion in just the first month of the year.
Also, the business teamed with LMVH owned Italian fashion brand Fendi in October last year to sell items like N16, 925 swimsuits and N1.7 million leather dresses and generated more than N1.2 billion in sales within 10 minutes of release.
Kim Kardashian sued for crypto scam
Meanwhile, Legit.ng has reported that Crypto Investors have taken reality television star, Kim Kardashian and boxing superstar, Floyd Mayweather to court for scamming them of a failed crypto known as EthereumMax.
The duo was paid to hype the blockchain-based digital token to their fan which caused investors to buy them, thereby losing investments at exaggerated prices, according to Fortune, which quoted a complaint filed in Los Angeles federal court.
CNBC reports that ex-Boston Celtic player, Paul Pierce was also joining as a defendant in the suit.