Skims added a billion dollars to its valuation during its latest fundraising round, which collected cash that will fuel the brand’s brick-and-mortar expansion.
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Kim Kardashian’s apparel company raised $225M from investors including Goldman Sachs and BDT & MSD Partners at a $5B valuation, the investors announced Wednesday. The funding will be used to expand the brand’s physical presence after it built a cult following online.
“Skims stands as a solutions-driven apparel innovator, pioneering new categories and redefining everyday wear,” Beat Cabiallavetta, the global head of hybrid capital at Goldman Sachs Alternatives, said in a statement. “We look forward to partnering with management to pursue significant opportunities and deliver disruptive, sustained growth.”
Kardashian and designer Jens Grede launched Skims online in 2019. With the backing of her wealthy, media-savvy family, the brand exploded in popularity but didn’t open its first physical location until early 2024.
Skims now owns 18 of its own retail locations in the U.S. and two franchised locations in Mexico. The brand, like other celebrity-backed retailers such as Rihanna’s Savage x Fenty, has found a home inside America’s luxury malls.
The latest round of funding will be invested in physical and international expansion efforts, with Skims on track to surpass $1B in net sales in 2025, according to the company.
The latest capital infusion follows a Series C funding round that closed in July 2023 with $270M raised at a $4B company valuation. Boston-based investment firm Wellington Management led that fundraising with participation from Green Oaks Capital Partners, D1 Capital Partners and Imaginary Ventures.
Around the time of that funding round, Skims also locked in a 116K SF lease just south of Hollywood Boulevard and Vine Street in Los Angeles for its corporate headquarters. Another financing round in 2022 raised nearly $400M and had valued the company at $3.2B.
Skims’ new $5B valuation is larger than the entire shapewear category’s market size, which was around $2.7B in 2024, according to Grand View Research. The firm projects the market to grow to around $4.3B by 2030.
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