The reality star and businesswoman, 40, confirmed the news on her Instagram page with a series of pictures of Moss, 47, wearing items from the latest SKIMS collection.
Kim and Kate were recently spotted together in Rome - they were at the Vatican together along with Moss’s daughter Lila, 18.
“Introducing Kate Moss for @SKIMS,” she wrote. “I first met @katemossagency in 2014 through Ricardo Tisci, and was instantly struck by her cheeky humour, authentic and classic beauty – we’ve been friends ever since!
Kim further wrote: She is THE fashion icon, defining a whole generation of style and I am honored to feature her as the new face of SKIMS this Summer!
Kardashian told Vogue magazine, “We wanted to keep the focus on Kate – she is a force in her own right with such a strong presence, so we kept the set and background neutral to make sure that really came through."
"It’s 100% Kate being Kate – she’s the best in the business for a reason,” she said.
“I’ve been a fan of Skims since Day One,” Kate Moss said in a statement. “What Kim is doing with the brand is so fresh and modern, making underwear women actually want and that fits perfectly. I wear it, my daughter wears it — even my mum wears it.”
“Everyone’s wearing Skims,” Moss says in the videos, as she models the Cotton and Fits Everybody collections.
Kardashian West has also hinted that she would like to expand into men’s basics and shapewear, but no date has been set.
Last month, Kardashian West revealed that Skims would design the official undergarments, sleepwear and loungewear to be worn by Team USA athletes in the upcoming Summer Olympics in Tokyo.
In addition, Kardashian West also has a lucrative beauty brand called KKW Beauty. The star signed a $200 million licensing deal with Coty in the summer of 2020.
Following her younger sister Kylie Jenner, who became the world's youngest billionaire in 2019, Kim has now officially become the second member of the Kardashian-Jenner family to bag the accolade.
According to E! News, the 'Keeping Up With The Kardashians' star once told her daughter North West, "Mommy has so many talents I can't even begin to name them" and now she can add a billionaire title to that list.
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The SKIMS founder has officially joined the list of billionaires sharing with Jeff Bezos, Elon Musk, Bill Gates, Miuccia Prada, and Oprah Winfrey.
The magazine reported as of Tuesday, that the fashion mogul has an earning worth USD 1 billion. Having started out as a stylist and TV personality, the mother of four can credit her eponymous KKW Beauty brand and 2019 launch, SKIMS, along with other profits and investments for getting her to 10 figures, Forbes mentioned, according to E! News.
Forbes considered her cosmetics and shapewear brand along with her properties in California and Keeping Up With The Kardashians monetary income, and others to calculate her worth
On a related note, Kim's ex-husband and American rapper Kanye West is ranked higher in the magazine than his famous wife on the list with a USD 1.8 billion net worth.
(Inputs from ANI, The Independent, WWD, Evening Standard)