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.
