SKIMS was previously valued at $1.6 billion in April 2021

Kim Kardashian Skims

Photo: Kevin Mazur/Getty/Nordstrom

Loyal fans of Kim Kardashian’s SKIMS know what it’s like to sit on a waitlist for the next restock. The mogul’s brand has skyrocketed since its launch in 2019, expanding from shapewear to loungewear and beyond. And it continues to grow.

On Thursday, the 41-year-old Keeping Up with the Kardashians alum’s company was valued at $3.2 billion, PEOPLE can confirm. According to Bloomberg, SKIMS was valued at $1.6 billion in April of last year.

Last year, Kardashian’s brand increased sales by 90% to about $275 million. It now expects to hit $400 million in 2022, bringing the total funding for the company to $402 million, the outlet adds.

SKIMS was part of a fresh financing round that discovered the brand had an added valuation of $240 million in cash, SKIMS Chief Executive Officer Jens Grede told Bloomberg.

Existing investors Imaginary Ventures, Alliance Consumer Growth and Thrive Capital were also involved.

“This latest round will allow us to focus on bringing more innovations and solutions to our customers and become even more of a trusted resource for them,” Kardashian told the outlet in a statement.

SKIMS

Kardashian previously co-founded SKIMS back in 2019. The brand sells shapewear, as well as loungewear, including pajamas and sweatpants. SKIMS has since also expanded to include items such as sleep robes and turtlenecks as well.

“I use shapewear as a solution to my styling needs. I always wanted something that would smooth, and sometimes not necessarily change my shape,” Kardashian told PEOPLE at the time of launch. “When I wear sheer garments, I used my shapewear to line things like jumpsuits and gowns.”

The news of SKIMS’ $3.2 billion valuation comes shortly after it was announced that the brand will continue its collaboration with Team USA.

After outfitting all of Team USA in her SKIMS loungewear and undergarments at the 2020 Summer Olympic Games in Tokyo, Kardashian announced the continuation of the partnership for the forthcoming 2022 Winter Olympics in Beijing.

Like the first launch, each item in the limited-edition collection will be available for the public to shop starting Jan. 25 on SKIMS’ website. Each female competing for Team USA in the Olympic and Paralympic Winter Games will also receive the full line to sport while in Beijing. This drop was designed with the colder, winter temperatures in mind for both the athletes and fans.

“I’m thrilled that SKIMS and Team USA are continuing to partner for these Winter Games. Our collection of lounge and sleepwear was designed with these inspiring women in mind, and I’m so proud that Olympic and Paralympic athletes will be wearing SKIMS again during their downtime!” Kardashian said in a press release.