Asset manager Wellington Management and investment company Greenoaks Capital are among a group of old and new investors that took part in the $270 million Series C funding round. The round took Skims’ valuation to $4 billion.
The unicorn has raised total funding of $669 million over four rounds, according to investor platform Crunchbase.
Kardashian’s ex-husband, Kanye West, now known as Ye, also has a 5 per cent stake in Skims.
Kardashian launched the brand, then called Kimono, with chief executive Jens Grede and his wife, Emma, in 2019.
Skims is on track to make about $750 million in sales this year, according to The New York Times. The company took in $500 million last year and is profitable, Reuters reported.
Kardashian, 42, has one of the most popular accounts on Instagram, with 363 million followers.
That popularity has seen her endorse dozens of products for fees that can extend to $1 million, she hinted on the Pretty Big Deal podcast in 2018. Her social media following also plays a role in the success of her skincare line, SKKN.
Whether that popularity extends to the equity market remains to be seen. New investor Wellington Management has a reputation for taking companies public and the investment is seen as indicative of an upcoming initial public offering.
The company handles more than $1.1 trillion of client assets and has plans to open an office in Dubai, Bloomberg reported last week.
Wellington’s support will also be instrumental as Skims looks to launch brick-and-mortar stores in the near future.
Last year, Kardashian launched SKKY Partners, a private equity firm that focuses on consumer and media investments. She cofounded the company with ex-Carlyle Group executive Jay Sammons.
Kardashian’s net worth was estimated at $1.2 billion before the new investment round.
The initial source of her wealth derives from reality TV. Kardashian and her family fronted Keeping Up With The Kardashians, a 20-season show on the E! network that ended in 2021.
The following year, they debuted a new series, The Kardashians, on streaming service Hulu. It was reported that the move earned the family $100 million. A fourth season is scheduled to premiere next month.
Basketballer Jaylen Brown has signed a five-year guaranteed contract with Boston Celtics for $304 million, CNN reports, citing the player’s agent Jason Glushon.
The contract extension is the richest deal in US National Basketball Association history, surpassing the $276 million contract Nicola Jokić of the Denver Nuggets signed in 2022.
Brown, 26, has a net worth of $80 million, according to wealth tracking website Celebrity Net Worth. He earns $61 million per year.
Brown owns a seven-bedroom mansion in Wellesley, Massachusetts, which he purchased for $7.4 million in 2020, according to Celebrity Net Worth.
Through his 7uice Foundation, Brown promotes education, self-development and community engagement, including through ventures at the Massachusetts Institute of Technology.
Last week, he said he wants to use some of his new earnings to help ease wealth inequalities for African Americans in Boston, while also stimulating the economy.
“I want to launch a project to bring Black Wall Street here to Boston. I want to attack the wealth disparity here,” he told media at the MIT Media Lab.
“I think there's analytics that support that stimulating the wealth gap could actually be something that could be betterment for the entire economy. With the biggest financial deal in NBA history, it makes sense to talk about one, your investment in community, but two also, the wealth disparity here that nobody wants to talk about.”
Indian actress Kriti Sanon has launched a new D2C skincare brand, Hyphen, to offer consumers “simplified and realistic” skincare solutions.
She created the line in partnership with PEP Technologies, the personal product care company behind Indian cosmetics brand MCaffeine.
PEP Technologies is the majority shareholder in Hyphen, with an initial investment of 300 million Indian rupees ($3.6 million), according to India's Financial Express newspaper.
The company will contribute its expertise in research and development, marketing, supply chain, distribution, logistics and digital marketing, while Sanon brings her influence and passion for skincare.
Hyphen’s cruelty-free Peta-certified line debuts with three products, including a sunscreen and skin repair cream. Prices begin at 449 rupees.
“The journey starts with research and market studies, and the experience that the PEP Technologies team has enabled us to understand the industry and pave the way for Hyphen’s creation,” Sanon says.
“In my role as the co-founder and chief customer officer, I have tried and tested all three products from the brand and have been applying them since the past four months.”
The brand appears to be part of Sanon’s attempts to build an alternative income stream as an entrepreneur.
In July, she also announced the launch of production company Blue Butterfly Films.
“I’ve been in this magical industry living my dreams for nine years. I’ve taken baby steps, learnt, evolved and grown into the actor I am today!” she said on Instagram. “Beyond excited to finally start Blue Butterfly Films with a full heart and big dreams!”
Earlier this year, she cofounded The Tribe, a fitness start-up that offers virtual and in-studio training and nutrition plans.
The actress, 33, has a net worth estimated at $9 million, according to India’s CNBCTV18 channel.
The former model has appeared in 20 films, including Telugu movies and Hindi productions in Bollywood.
Aside from her film income, she has also endorsed brands such as Cadbury, Bata, Titan and Coca-Cola.
Sanon owns a home in the Juhu suburb of Mumbai.
Singer-songwriter Bob Dylan has put his historic Scottish mansion on the market for £3 million ($3.8 million).
Aultmore House, the Nobel Prize winner’s Highland retreat, is a 16-bedroom A-listed stately home.
Dylan, born Robert Allen Zimmerman, and his brother, David Zimmerman, bought the property for £2.2 million more than 17 years ago, the BBC reports. They have not visited it since the outbreak of the coronavirus pandemic.
The Edwardian mansion sits on 10 hectares of land and has three cottages that earn about £900 in rent a week.
Dylan, 82, has a net worth of $500 million, according to Celebrity Net Worth.
His song catalogue, which dates to the 1960s, has earned him an estimated $15 million a year in royalty income, the website said.
Dylan has released 40 studio albums and sold the equivalent of more than 145 million records when streaming is taken into consideration, according to tabulation website Chartmasters.org.
In 2020, the singer sold his entire song catalogue to Universal Music Publishing Group for $400 million. A year later, he sold his master recordings to Sony for $200 million.
He also owns another home in Malibu, California, according to Celebrity Net Worth.