Esther Imonmion
Kim Kardashian’s shapewear brand, Skims, has reached a $5bn (£2.93bn) valuation after securing $225m in new funding, the company announced on Wednesday.
The latest round of investment — one of the biggest this year for a U.S. consumer brand — includes backing from an arm of Goldman Sachs. Skims said the new funds will be used to open more retail stores and expand internationally.
“We can’t wait to take Skims to the next level as we continue to innovate and set the standard for our industry,” Kardashian said in a statement.
The company, which currently operates 18 stores across the U.S. and sells through global retail partners, said it plans to focus “predominantly” on physical retail expansion over the next few years.
Skims expects its annual sales to surpass $1bn in 2025, according to Chief Executive Jens Grede, who said the company’s strong performance has given it confidence to pursue long-term growth goals.
Founded in 2019, Skims began with a line of shapewear and has since expanded into loungewear and other fashion categories. The brand’s rise has placed it in direct competition with Lululemon and Alo Yoga, two of the biggest names in the athleisure market.
Skims’ success has also been bolstered by a powerful influencer network that includes members of the Kardashian family, as well as celebrities such as Megan Fox and Paris Hilton.
The company has not been without controversy. Its original name, Kimono Intimates, was criticised for cultural insensitivity, prompting a rebrand to Skims. More recently, one of its products — a sleep head wrap — divided opinion online, with some praising its innovation and others accusing the brand of promoting insecurity among women.
Despite occasional backlash, Skims has emerged as one of the fastest-growing U.S. fashion brands, and its latest valuation underscores its growing dominance in the global shapewear and lifestyle market.