Skims, the shapewear label founded by Kim Kardashian and Jens Grede, has raised $225m in new funding, valuing the company at $5bn. The investment was led by Goldman Sachs Alternatives, with participation from BDT & MSD Partners' affiliated funds.
The company plans to use the capital to broaden its intimates and shapewear lines, expand further into apparel and activewear, and enhance its retail presence and international growth. Skims currently operates 18 stores in the US and two franchise locations in Mexico, and is laying the groundwork to become a predominantly physical business.
Skims, founded in 2019, is on track to exceed $1bn in net sales in 2025. It has also partnered with Nike to launch activewear for women. The company's valuation now exceeds the combined market capitalisations of Victoria's Secret ($2.86bn) and Under Armour ($1.98bn).
Kim Kardashian, who serves as chief creative officer, said: 'We can't wait to take Skims to the next level as we continue to innovate and set the standard for our industry.' Jens Grede added: 'This milestone reflects continued confidence in our long-term vision.'
Following the fundraising, Kardashian's net worth has risen to $1.9bn, according to Forbes, an increase of $200m. The deal consolidates her beauty brand SKKN under Skims, after Coty sold a 20% stake to the shapewear company earlier this year.
