Is Kim Kardashian 'billionaire'? 'The Kardashians' star's clothing brand Skims allegedly witnesses downfall
LOS ANGELES, CALIFORNIA: 'The Kardashians' star Kim Kardashian is surely a billionaire with a net worth of $1.7 billion. Despite being valued at a billion dollars, Kim's clothing brand, Skims, is reportedly operating at a loss. The reality star co-founded the company with her ex-husband Kanye West and holds a 35% stake.
In July 2023, Kim and Jens Grede announced in an interview with The New York Times that Skims had raised an additional $270 million in funding from investors. The funding reportedly brought the company's value up to a whopping $4 billion. In 2022, Skims was valued at $3.2 billion.
Kim's clothing brand was launched in 2019 and it has been turning a profit since then. However, chief executive, Jens, told the outlet that Skims has become profitable only now.
Additionally, Skims was set to make $750 million in sales in 2023. However, a social media user found Jens' statement controversial and questioned the revenue of Skims.
A Reddit user started a thread and claimed, "Skims haven’t even reached 1 billion in revenue but supposedly is worth 4 billion? Is Kim trolling us like Kylle? Do you think it’s going to flop like Kylie’s business or is it going to be a success?"
Multiple critics agreed in the comments and said, "It’s not. But they bet on a dying horse. Probably didn’t see the flop coming at all 🤷♀️ oh well."
Another person noted, "dreamillionare. 💯. She not only wants to 'surpass' kylie in ‘sales’ but rub it in their faces for pmk klaiming Kylie was her new favorite." An internet user penned, "And in 2024 it’s going downhill 🤷♀️."
Another social media user commented, "What a racket." A Reddit user wrote, "Lile [Like] Musk, I just assume she's twisting whatever she can to make it look good for more investment $. It's a terrible brand, too. Looks so cheap. I don't understand who buys this."
Kim Kardashian expands Skims with menswear line
'The Kardashians' star Kim Kardashian expanded Skims with a line of menswear options.
Skims Mens became available to customers starting October 26, 2023, offering "technically constructed" briefs and ultra-soft boxers, along with comfortable tanks and T-shirts designed for "comfort, fit, and superior movement."
SKIMS menswear prices range from $20 to $80. Kim Kardashian joined NBA commissioner Adam Silver at a press conference in New York on September 28 to announce Skims as the official underwear partner of the NBA, WNBA, and USA Basketball.
Additionally, Skims Mens generated $13.8 million in media impact value within just one week. Kim Kardashian has collaborated with sports superstars such as Neymar Jr, Nick Bosa, Shai Gilgeous-Alexander, and other A-list celebrities since the expansion of Skims.
Usher and Kim Kardashian partner for Skims campaign
Kim Kardashian has recently teamed up with eight-time Grammy Award-winning artist Usher for the latest campaign of Skims Mens. Usher has become the new face of the Skims menswear line, just ahead of his Super Bowl LVIII Halftime Show at Allegiant Stadium in Las Vegas.
Usher modeled in Skims' menswear collections, showcasing the clothing brand's Stretch 5' Boxer in Midnight and Skims Cotton 5' Boxer in Military.
Kim and Usher have notably teamed up for a special project to celebrate the forthcoming drops of SKIMS and Usher's collaboration.
Usher is poised to release his new album on February 9. The digital download version of the music icon's latest album, 'Coming Home', which includes an alternative cover and a bonus track named 'Naked,' will be exclusively available on Skims.com for one week only.
Kim Kardashian's sister Kylie Jenner lies about 'billionaire' status
Kylie Jenner was dubbed as the world's youngest self-made billionaire in March 2019.
However, Forbes magazine exposed Kylie's "lie" after they reviewed the reality star's financial data released by Coty Inc, which bought a 51 percent stake in Kylie Cosmetics company in November 2019.
According to the outlet, the financial filings revealed, "Kylie's business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe."
Kylie's current net worth is estimated at around $900 million. However, Kylie responded to the Forbes report and tweeted that the recent story was based on "a number of inaccurate statements and unproven assumptions."
She added, "What am I even waking up to? I thought this was a reputable site."
