Kim Kardashian’s Brand Skims Now Valued At $5 Billion After Goldman-Led Funding Round

Kim Kardashian’s brand Skims has closed a major new funding round, raising $225 million at a $5 billion valuation, per Lauren Hirsch. The Goldman Sachs Alternatives–led round, with BDT & MSD Partners participating, underscores how far the brand has grown beyond its shapewear origins, according to DealBook.

Founded in 2019 by Kim Kardashian and Jens Grede, Skims is profitable and expects to top $1 billion in net sales this year. Its last round in 2023 valued it at $4 billion.

The company plans to use the new capital to expand its retail footprint. Skims has 18 stores across U.S. cities like New York, Los Angeles, Austin, Atlanta and Boca Raton, and aims to grow internationally, especially in emerging markets. Kardashian said the raise “validates the hard work of our incredible team and partners … becoming a global omnichannel retail brand.”

DealBook writes that the brand is also pushing into new categories, including the high-profile NikeSkims collaboration announced in February, with apparel now and footwear and accessories planned. Skims remains the official underwear partner of the W.N.B.A., N.B.A. and USA Basketball.

Skims is building out beauty, having repurchased the 20 percent stake previously sold to Coty and hiring Ami Colé founder Diarrha N’Diaye to lead the effort. A recent hint came via the $48 Seamless Sculpt Face Wrap that uses its “signature sculpting fabric.”

New investors include Goldman Sachs Alternatives and BDT & MSD Partners, joining Wellington Management, Greenoaks, D1 Capital, Imaginary Ventures and Thrive Capital. Goldman’s Beat Cabiallavetta said Skims excels at “pioneering new categories and redefining everyday wear.”

As for an I.P.O., speculation continues, but Grede recently downplayed near-term plans, saying, “We might make that position in the future, but that’s not what I’m thinking about.”