Kim Kardashian’s shapewear company Skims is now worth US$4bn (approximately £3.09bn) after a new funding round raised US$270m (£209m). This makes Skims a unicorn company four times over. A unicorn company refers to startup companies with a value of more than $1bn. The company, co-owned by Kardashian, 42, and her business partner Jens Grede, plans to announce its new valuation today (Wednesday 19 July), according to the New York Times. Its previous valuation given by investors was $3.2bn. The reality TV star, best known for starring in 20 seasons of Keeping Up With The Kardashians and The Kardashians, said in an interview: “It has grown quickly and we’re so proud of that. We’ve had a really good flow of product launches.” Kardashian launched Skims in 2019 as she wanted to create shapewear that fits her own skin tone and body type. The brand has since released numerous ranges, including loungewear, maternity wear and swimwear. In 2021, the success of the brand increased Kardashian’s net worth to US$1bn, which earned her a spot on Forbes’ World Billionaires List. Last year, when Skims hit its US$3.2bn valuation, it was estimated that Kardashian became US$600m richer. The company secured US$240m in a funding round led by hedge fund Lone Pine Capital, as well as previous investors. Grede, who is Skims’s chief executive, said in an interview that the company was now profitable and on track for US$750 million in sales this year, up from US$500 million in 2022. Grede said nearly 70 per cent of the company’s overall customers are millennials or Gen Zs, while about 15 per cent of the company’s online customers come from outside of the US. Over the last year, he said that 11 million people have joined waiting lists to buy the brand’s most popular items, which regularly sell out. Skims’ bestseller products include its viral “seamless sculpt bodysuit”, which comes with extra compression at the core and waist areas to create a “figure-enhancing” look. The product description says the bodysuit will “flatter your bust, and rounded butt pockets for a lifted look”. Another bestseller is the “soft lounge long slip dress”, a basic maxi slip dress with a body-hugging fit. For a recent collection launched by the brand, British singer-songwriters Raye and PinkPantheress were enlisted to promote it, along with Bronx rapper Ice Spice. The Kardashian family are also responsible for a myriad of viral beauty and fashion companies. Kim also owns a skincare brand named SKKN BY KIM, which sells a nine-product step-by-step routine for “radiant skin”. Kim’s half-sister, Kylie Kenner, is the founder of beauty brand Kylie Cosmetics, which sells makeup and skincare products. Meanwhile, Khloe Kardashian is the co-founder of Good American, a self-claimed “fully inclusive fashion brand” and Kendall Jenner owns the alcohol brand 818 Tequila. Read More Between Brexit and Covid, London’s food scene has become a dog’s dinner – can it be saved? Influencer Annabelle Ham dies at age 22: ‘A light to the world’ Cruise line apologises after passengers witness dozens of pilot whales being slaughtered Woman claims Skims bodysuit ‘saved’ her life after she was shot four times TikTokers are showing off pink outfits they’re going to wear to watch Barbie movie Florence Pugh’s fans praise star for saving Emily Blunt from wardrobe malfunction

Max Verstappen took pole position for Sunday’s Qatar Grand Prix as the indomitable Dutchman closes in on his third world title. Verstappen will be crowned champion of the world if he finishes at least sixth in Saturday’s 19-lap race at the Lusail International Circuit. And the Red Bull driver started his quest to become just the 11th driver in history to win the title on more than two occasions in typically irresistible fashion by clocking the fastest time in qualifying. In terms of the championship mathematics, Verstappen’s pole lap for Sunday’s main event will be redundant if he secures three points in Saturday’s sprint – the starting order for which will be determined by a second qualifying session here on Saturday afternoon – or Sergio Perez fails finish inside the top three. The probability of both are high. As Verstappen raced to top spot, with George Russell and Lewis Hamilton securing second and third on the grid for Mercedes, Perez failed to make it out of Q2. His best lap, which would have been fast enough to see him sneak through to Q3, was deleted for exceeding track limits at turn five. Perez, in equal machinery to the driver dominating the sport, will start 13th on Sunday. Perez threatened to fight Verstappen for the championship by winning two of the opening four rounds of the season, but the Mexican’s challenge has faded. He has not won since the Azerbaijan Grand Prix on April 30, with Verstappen winning 11 of the next dozen races. Indeed, only a Singapore blip for Red Bull has thwarted this most one-sided of seasons for the Dutchman. He bounced back in impressive fashion to win in Japan last time out and his form under the Lusail lights, 18 miles north of Doha, indicates he will wrap up his third championship in as many years in style. Qualifying did not pass without incident for the 26-year-old following a duel with the Ferrari of Carlos Sainz, who, like Perez, was a surprise casualty in Q2. “What is he doing, man?” Verstappen yelled over the radio. “He is defending. You see that? I almost crashed into him.” The stewards are investigating the Spaniard for erratic driving. Verstappen then aborted his final lap after making a rare mistake, but his first effort was good enough for first place, and he is primed to celebrate his probable title triumph on Saturday by claiming his 14th win from the 17 rounds so far 24 hours later. Behind Verstappen, Lando Norris looked to have taken second place, but his lap was scrubbed after he put all four wheels of his McLaren over the white line, relegating him to 10th. Russell was bumped up to second, one place ahead of Norris’ McLaren team-mate Oscar Piastri. However, the Australian’s lap was also chalked off, dropping him to sixth and promoting Hamilton to third. Mercedes will take some comfort from being best of the rest, but Russell still finished four tenths off Verstappen, with Hamilton half-a-second down. Read More Max Verstappen fastest in Qatar practice as he closes in on world championship Fernando Alonso lauds Max Verstappen as best F1 driver since Michael Schumacher Fernando Alonso lauds Max Verstappen as best F1 driver since Michael Schumacher Max Verstappen pips Oscar Piastri to pole after tense qualifying for Japanese GP Lando Norris narrows gap on Max Verstappen at final practice in Japan F1 Qatar Grand Prix LIVE: Qualifying updates and results at Lusail

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