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.
