Shapewear and apparel brand Skims, co-founded by Kim Kardashian, has secured new investment that values the company at $5 billion. The latest funding round included backing from investors such as a Goldman Sachs affiliate and is one of the largest this year for a US consumer brand, according to the BBC.
The company said the new capital will support plans to expand its physical retail presence in the US and internationally. Skims currently runs 18 stores and also sells through global retail partners. It expects to surpass $1 billion in sales this year. According to Skims co-founder and CEO Jens Grede, current and expected financial results strengthen confidence in the brand’s long-term strategy.
Founded in 2019, Skims initially focused on shapewear and has since expanded into loungewear and broader fashion categories, competing in a market dominated by brands such as Lululemon and Alo Yoga. The company has also built a strong influencer and celebrity network to promote its products.
