Kim Kardashian has decided to talk about business, money, and the way she grows her empire which includes SKIMS, reality shows, paid posts on Instagram, and multiple collaborations with famous brands.
The billionaire TV personality is featured in Time Magazine‘s Most Influential Companies issue, and she sat down with the publication for a new interview.
Kardashian, using no filter, decided to spill the secrets behind her financial success. Kim Kardashian explained why she started her most profitable company, how she handled failures, and what keeps her hungry and motivated to reach her goals in life.
The mother of four, who has a net worth of $1.2 billion, let the world inside her bank accounts.
A look inside Kim Kardashian’s bank account
With data from Kardashian’s team, the magazine did a deep dive into the biggest earner in her portfolio — SKIMS, a shapewear and clothing brand.
Time Magazine revealed: “Founded in late 2019, Skims says it made $500 million last year, 25% more than projected and 80% more than it made in 2021, which was up 90% from the year before. So far, 2023 has been a down year for underwear sales, but buoyant for Skims; CEO Jens Grede, who co-founded the company with his wife Emma and Kardashian, says that sales of its intimates increased 86% year over year in April. Investors have noticed; in its latest round of funding in January 2022, the brand, which is privately held, was valued at $3.2 billion, double what it had been valued just nine months prior. (That’s $2 billion higher than either her sister’s Kylie Cosmetics or 2000s-era shapewear icon Spanx ever climbed.)”
It was indeed a master class for Kanye West who saw his brands suffer due to his many scandals and Kylie Jenner who might have sold too early.
Kim Kardashian reveals her biggest mistakes and the lessons she learned from them.
Kardashian spoke about the concepts of failing and making mistakes early on in her journey to becoming a billionaire. Despite her stumbles, she got back up and remained focused on her ultimate goal to achieve great success.
She had this to say about her first major mistakes in the business world: “At the beginning, when I didn’t really understand where my career was going because I was just kind of winging it, I would do licensing deals with a lot of different companies that would contradict themselves, like a cupcake brand with a weight-loss pill at the same time.”
Kim Kardashian explains how a need sparked the idea of a billion-dollar company.
Kim Kardashian revealed the spark or eureka moment that led to a $3.2 billion company — the fact that she could not find shapewear to match her skin color.
She said: “It started off with simply finding shapewear that was a skin tone that would match my color. I used to take my shapewear and dye it with tea bags and coffee in the bathtub.”
In a nutshell, Kardashian improved an existing product to become a billionaire. Kardashian was asked about two costly errors in her career — calling her company “Kimono” which angered Asians and being forced to pay $1.26 million to the SEC for not disclosing she was paid to promote a crypto product.
This is what she learned from these mistakes: “What I learned was to not really trust everyone in spaces that you don’t really know about. I try to not make the same mistakes twice.”
Kim Kardashian laid out a plan to grow her net worth.
Kim Kardashian has major goals for the company, she revealed there will be bridal wear and men’s loungewear and underwear launching this fall.
On her vision and her unique way to keep herself going no matter what life throws at her: “Obviously you have big hopes, but this definitely exceeded everything that I ever imagined. I still have, like, impostor syndrome or whatever. But I think that’s part of what keeps me going.'”
Kim Kardashian concluded on a lighter note, by explaining that she will stop posing in her underwear when she is 50 years old.
She confessed: “I understand that maybe in my 50s, I’m not going to be wanting to pose in my underwear. We’ll do anything we can to look as young as we can. We’re not going to go out not trying.”
Kardashian always tries to stay honest.
