Kim Kardashian Skims
Kim Kardashian West at the launch of Skims at Nordstrom in New York City in February 2020.

Kevin Mazur/Getty Images for Nordstrom

  • Kim Kardashian West's shapewear brand, Skims, is valued at $1.6 billion, The New York Times reports.
  • Skims offers shapewear and loungewear that's inclusive of a range of sizes and skin tones.
  • Kardashian West is worth $1 billion in her own right thanks to Skims and her KKW Beauty makeup line.
  • See more stories on Insider's business page.

Kim Kardashian West's shapewear company has joined the unicorn club.

The 2-year-old brand, called Skims, has raised $154 million in new funding from Josh Kushner's Thrive Capital, as well as from existing investors, Imaginary Ventures and Alliance Consumer Growth. The new round pushes Skims' valuation to $1.6 billion, Kardashian West told The New York Times' Michael J. de la Merced.

Kardashian West is Skims' biggest shareholder and controls a majority stake along with her business partner, Jens Grede, The Times reports.

Skims' billion-dollar valuation comes after a year when shoppers were less in need of shapewear and more in need of loungewear. But Skims had started introducing more laid-back apparel just as the pandemic hit in early 2020, inspired by Kardashian West's preference for being comfortable when she's in her house, she recently told Vogue.

"The pandemic hit at like, our first or second drop of loungewear, and we had loungewear designed for the whole next year to drop," she said. "And it just happened to be the perfect time and the perfect storm of everyone staying home and wanting to just be a lot more comfortable."

Read more: COVID-19 has claimed an unlikely victim: Your underwear drawer. Here's why the industry expects a 12% sales dip in 2020.

But Kardashian West told The Times that shapewear is still at the core of Skims' business, describing the company as "your basics go-to." The company offers bras, underwear, bodysuits, shorts, slips, and even pregnancy support in a range of sizes (from XXS to 5X) and shades: Many of the shapewear items come in eight different flesh tones as well as black.

Despite challenges posed by the pandemic - like sourcing materials - Skims reported $145 million in sales in 2020, which it expects to double in 2021, according to The Times.

Skims' new valuation follows Kardashian West's official debut as a billionaire. Earlier this week, she appeared on Forbes' billionaires list for the first time, spurred by the success of Skims as well as her makeup line, KKW Beauty. Kardashian West sold a 20% stake in KKW Beauty to makeup giant Coty in June 2020 in a deal that valued the brand at $1 billion.

Kardashian West also earns income from her family's reality show, "Keeping Up With The Kardashians," which is on its final season, as well as endorsement deals, real estate holdings, business ventures like a now-defunct mobile app, and a portfolio of stocks that includes Disney, Amazon, and Netflix, according to Forbes.

Read the original article on Business Insider