(Bloomberg) -- Kim Kardashian’s underwear label Skims doubled its valuation to $3.2 billion from nine months ago, as investors pour money into emerging brands expected to take market share. The $240 million financing round was led by hedge fund Lone Pine Capital and joined by investment firm D1 Capital Partners, Skims Chief Executive Officer Jens Grede said in an interview. Existing investors Imaginary Ventures, Alliance Consumer Growth and Thrive Capital also participated. Skims was valued at $1.6 billion in April.