Kim Kardashian may not have passed the bar, but her shapewear line, Skims, is certainly raising the bar—and eyebrows—in the apparel industry. The company just announced it’s secured $225 million in fresh funding led by Goldman Sachs Alternatives, valuing the six-year-old company at $5 billion. Lauren Hirsch from The New York Times was first to report the news. The investment round marks a significant milestone for Skims, which was co-founded by the 45-year-old socialite and Jens Grede, its CEO, in 2019.
Skims was previously valued at $4 billion in July 2023 when it raised a $270 million Series C round led by Wellington Management. Before that, the company was valued at $3.2 billion in January 2022.
Skims has demonstrated remarkable revenue growth since its founding. The company generated about $750 million in sales in 2023, up from $500 million in 2022. The company became profitable in 2023, reporting nearly $713 million in net sales. Revenue has more than quintupled over three years, up from about $145 million in 2020.
Founded initially as a shapewear brand emphasizing body positivity and inclusive sizing from XXS to 5XL, Skims has since expanded into loungewear, swimwear, and menswear. The brand has also formed high-profile partnerships, including becoming the official underwear partner for the NBA, WNBA, and USA Basketball. In February, Skims announced a collaboration with Nike to launch NikeSKIMS, a women’s activewear line combining Nike’s technical expertise with Skims’ focus on fit and inclusivity.
Skims has pursued aggressive retail expansion after operating primarily as a direct-to-consumer e-commerce business. The company opened its first permanent store in Georgetown in 2024, followed by locations in Miami, Austin, and a flagship on Fifth Avenue in New York. In April, Skims launched a 4,546-square-foot flagship on the Sunset Strip in Los Angeles. The brand plans to open 16 new U.S. stores this year, bringing its domestic footprint to 22 locations.
Internationally, Skims is expanding into Europe and the Middle East. The company appointed Robin Gendron, a former Michael Kors executive, as its first president for the region in August. Standalone stores are planned for London’s Regent Street and Dubai by mid-2026. The brand also announced plans to open 15 stores in Israel by 2026.
Kardashian retains the largest ownership stake in Skims, with Forbes estimating her net worth at $1.7 billion, largely driven by her 35% stake in the company. Nearly 70% of Skims customers are millennials or Gen Z consumers.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.