Skims co-founders Kim Kardashian and CEO Jens Grede have confirmed a new $4 billion valuation for the company, after raising $270 million in a new Series C funding round.

Skims was previously valued at $3.2 million.

The new capital investment was led by Wellington Management and also includes funds from Greenoaks Capital Partners and existing partners D1 Capital Partners and Imaginary Ventures.

Mr. Grede has confirmed that Skims anticipates sales of about $750 million in 2023, up from $500 million in 2022. About 15 percent of its online customers come from outside the United States.

Almost 70% of Online Skims Customers Under Age 40

Nearly 70 percent of its overall customers are millennials or Gen Z-ers. Millenials were born between 1981 and 1996. Gen-Z is born in 1997 until the present. Based on this information, almost 70% of Skims customers are under age 40.

Even though Skims launched as a shapewear brand, the category is now a small part of Skims sales. Grede presents a staggering statistic about the consumer appetite for Skims, confirming that 11 million people have joined wait-lists over the last year to buy items that are frequently sold out.

11 Million Wait-Listed Customers

Kim Kardashian cites in-stock inventory as a key challenge for the company. This is a common problem facing young brands with a rapidly-growing audience. In the case of Skims, this hot young brand is moving at warp speeds.

Additionally, other brands are cost-cutting against Skims and executives expect this trend to increase. AOC frequently sees phrases like “exactly the same as Skims but half the price” online ads.

Kardashian remains the biggest shareholder in Skims and together with Mr. Grede, the co-founders retain a majority stake in the business, according to the New York Times.

The Skims London pop-up at Selfridges has closed but plans are in process to open the first freestanding store in London. This week’s news says that Skims plans to open flagship stores in both New York and Los Angeles in the next year.

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