Kim Kardashian’s Skims Is Worth an Extra Billion Dollars

Andrew here. The Trump administration is reportedly looking at ways to limit the influence of proxy firms and big asset managers like BlackRock and Vanguard over corporate governance. Clearly, some of the firms have conflicts of interest — which we’ve reported on before — that should be addressed. The bigger question: Should these firms be able to vote on behalf of all clients, like people with 401(k) plans with them?

The argument in favor is that most investors don’t have the time or resources to study the proxy vote for every company they own shares in. (Think about all the companies in the S&P 500.) But since most individuals don’t vote, what then? If proxy firms are unable to vote on shareholders’ behalf, does that effectively become a win for management? And does that align with shareholders’ interests? Conversely, the argument for limiting the firms from voting is that it gives them too much power and that anyone buying an index is a passive investor and simply going along. Tell us what you think.

We’ll discuss this and so much more at the DealBook Summit on Dec. 3, where Treasury Secretary Scott Bessent as well as Larry Fink of BlackRock will participate. We hope you’ll join us in person.

Skims has a big new fund-raising round

Kim Kardashian’s apparel giant, Skims, has gotten significantly more valuable.

The company has raised $225 million in new financing, at a $5 billion valuation, Lauren Hirsch is first to report. It’s the latest sign of success for Skims, which has grown significantly beyond its shapewear and underwear roots — and signals what lies ahead.

The news: The round was led by Goldman Sachs Alternatives, with participation from BDT & MSD Partners.

The company, founded by Kardashian and Jens Grede in 2019, is profitable and expected to exceed $1 billion in net sales this year. Skims’s previous fund-raising round, in 2023, collected $270 million at a $4 billion valuation.