Kanye West is poised to make a significant profit from his 5 percent ownership in Kim Kardashian's successful shapewear brand, Skims. The brand's value has reached an impressive $4 billion, turning it into a highly sought-after unicorn company. Forbes reported on West's stake in Skims in 2022.
Skims was co-founded by Kardashian four years ago and has experienced remarkable growth, attracting substantial investments. In a recent funding round, the company raised $270 million, leading to its current valuation of $4 billion, up from the previous year's valuation of $3.2 billion.
Kim Kardashian expressed her pride in the brand's rapid growth and successful product launches, which have extended from shapewear to include swimsuits and loungewear.
When Skims first launched in 2019, it quickly generated $2 million in sales shortly after going public. The brand initially faced controversy due to its original name, Kimono, which was deemed culturally inappropriate. It was later changed to Skims following public protests.
Kanye West, who was previously a billionaire, now holds a reported net worth of $400 million, largely attributed to his investment in Skims. Besides his music career, concerts, and royalties, he entered the world of entrepreneurship. Reports on his exact net worth have varied, with Bloomberg estimating it at $6.6 billion, while Forbes assessed it at $1.6 billion. Due to some controversies and business changes, his net worth dipped below the billion-dollar mark, leading to his exit from the billionaires' club according to Forbes.
The rapper's remaining financial assets consist of real estate, cash, his music catalogue, and a 5% stake in Skims, the shapewear company co-owned by his ex-wife, Kim Kardashian.