Kim Kardashian's $4B Skims valuation claim for fundraising pitch draws flak: 'They lie about everything'
LOS ANGELES, CALIFORNIA: Kim Kardashian has made waves with her recent fundraising efforts for Skims, her clothing and shapewear company, by seeking funds at a valuation of $4 billion. Skims, co-founded by Kim, Emma Grede, and Jens Grede four years ago, has seen remarkable success. Kim, with a net worth of $1.2 billion, is the brand's largest individual shareholder. Her ex-husband, Kanye West, holds a 5% stake in Skims. However, West's net worth has been reduced to $400 million after losing partnerships due to controversial remarks.
Meanwhile, Kim's $4 billion valuation claim for Skims fundraising is met with skepticism online, as the Kardashian-Jenner family's reputation for alleged dishonesty and concealment prompts the internet to question the accuracy of the figure.
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Kim Kardashian's Skims to generate sales of approximately $1B in 2023
Kim launched yet another fundraiser for Skims! Reality TV star-turned-entrepreneur Kim is reportedly aiming to value her shapewear brand Skims at nearly $4 billion in a new fundraising round, signaling a potential initial public offering. According to reports, Skims is expected to generate sales of approximately $1 billion this year, representing a remarkable 100% year-over-year increase. Originally targeting net sales of $750 million for the year, the brand has expanded its offerings from bodysuits to include pajamas and bathing suits. Skims had previously raised $240 million from hedge funds and investment firms, doubling its valuation to $3.2 billion. With this latest development, Kim's claim of Skims being worth $4 billion highlights the company's continued growth and potential for future success. Despite the amazing profit numbers, the internet was not satisfied with the amount and instead remained in disbelief as they called Kim a 'liar.'
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'Just a reminder Kim (& fam) lie about everything'
One person said on Reddit said, "I know Skims is popular, but it’s constantly sold out?? they never have stock of the basics and collections come and go. I just don’t believe that could be 4 billion worth. if they kept the popular pieces stocked and didn’t constantly switch to insta baddie shein looks I might believe it." A second user added, "Just a reminder Kim (& fam) lie about everything - their surgeries, their net worth, their “excercise routines”, their crypto involvement, etc. 4 billion is an egregious amount to slap us all with. I’m glad we are all not idiots & I don’t believe ANYTHING coming from her or her camp." and a third user said, "I don’t believe this, people don’t realize how much 1 billion really is. Your telling me skims made 1 billion this year? Yeah that’s cap 🧢." A fourth Redditor added saying, "Skims is very popular, like extremely. but 4 BILLION?? good god! i could believe 1 or 2 but FOUR? that is insane." One user wrote, "Well don’t believe anything that comes outta kim’s mouth, she’s a liar!" While a sixth user mentioned, "4 Billion! You can stop with all your other scams. How much money do you need!", one Redditor said, "I don’t believe that it’s really worth so much."
How did Kim Kardashian start Skims?
Skims, founded by Kim Kardashian in 2019, began as a shapewear store and has since expanded to include loungewear and sleepwear. Kim's vision was to create inclusive apparel for all body types, offering sizes from XXS to 5XL. Struggling to find supportive undergarments for herself, she experimented with designs, even sewing her own pieces. Skims gained recognition and was named one of Time magazine's top 100 influential companies in 2022. With a current worth exceeding $3.2 billion, Kim's affordable and innovative creations have resonated with customers worldwide. Kim has also made statements like “I used to take my shapewear and dye it with tea bags and coffee in the bathtub,” so that she gets the appropriate color, due to which she decided to have a variety of colors in her shapewear brand, as per CNBC. Apart from Skims, Kim's business ventures include a recent sale of her stake in KKW Beauty for $200 million to Coty Inc. Now, reports suggest that she is in talks to repurchase the brand.