"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 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."
Skims secured $225 million in fresh funding led by Goldman Sachs Alternatives, valuing the six-year-old company at $5 billion. Previous valuations included $4 billion in July 2023 and $3.2 billion in January 2022. Revenue grew from about $145 million in 2020 to roughly $750 million in 2023, with profitability achieved in 2023 and nearly $713 million in net sales. The brand expanded from shapewear with inclusive sizing (XXS to 5XL) into loungewear, swimwear, and menswear, formed partnerships with major sports leagues and Nike, and pursued rapid retail expansion across U.S. flagship stores.
Read at Fortune
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