THE WHAT?  Skims, co-owned by Kim Kardashian and Jens Grede, has secured $270 million in its latest fundraising, lifting the company’s valuation to $4 billion. This notable rise comes just a year after its valuation stood at $3.2 billion.

THE DETAILS? Skims began as a shapewear brand but has since diversified into various clothing categories, such as loungewear and swimwear, with men’s clothing on the horizon. Additionally, it’s transitioning from a direct-to-consumer model to physical retail, intending to open flagship stores in Los Angeles and New York City in the coming year.

THE WHY? Skims’ significant customer base and impressive growth attracted new investors, led by Wellington Management, with sights set on an IPO. The co-owners current challenges revolve around managing inventory as the brand expands and dealing with economic inflation, impacting discretionary consumer spending.