Kim Kardashian West attends the 20th Annual Webby Awards in Manhattan, New York, May 16, 2016 in a television interview. REUTERS Mike Segar File Photo
Jan 27, Reuters -- Shapewear label Skims said it has doubled its valuation to $3.2 billion after raising $240 million in fresh funds. Investors bet on the success of the Kim Kardashian-owned brand.
The funding round announced on Thursday was led by hedge fund Lone Pine Capital and included D 1 Capital Partners, as well as existing investors Thrive Capital, Imaginary Ventures and Alliance Consumer Growth.
Skims, founded in 2019, sells bras, loungewear and shapewear directly to customers through its online store and outlets owned by department store chains Nordstrom Inc. JWN.N and Selfridges Co.
Kardashian's businesses, including makeup brand KKW, have gained popularity with young shoppers over the last few years thanks to the TV personality's huge social media following.
According to Bloomberg News, Jens Grede and the Kardashians will retain a controlling stake in the company after the investment.
In April, skims were valued at $1.6 billion.