Skims is valued at $5 billion after a funding round led by Goldman

Kim Kardashian’s Skims brand has raised $225 million in new funding led by… Goldman Sachs Alternatives, the lingerie and apparel company is valued at $5 billion — up from about $4 billion after its 2023 round.

The deal comes as Skims’ annual net sales approach $1 billion, six years after its launch in 2019, and represents one of the largest private increases for a US consumer brand this year. Funds affiliated with BDT and MSD Partners also joined the round, Skims said on Wednesday.

Skims plans to use the new capital to accelerate physical and international expansion, as well as product innovation and category diversification. The company has 18 stores across the United States in cities including New York, Los Angeles, Austin, Atlanta and one in Mexico, with plans to open additional stores abroad in 2026.

Skims said it is laying the groundwork to become a “predominantly physical business” in the coming years, a pivot for a company that has built a reputation as a direct-to-consumer digital brand.

“This achievement reflects continued confidence in our long-term vision, coupled with disciplined execution, enabling Skims to launch the next phase of growth,” Jens Greed, CEO and co-founder, said in a statement.

The new funding follows the debut of NikeSkims, a partnership with… Nike Which was launched earlier this year and sold out within hours. This collaboration signals Skims’ ambitions to expand beyond its core underwear products into activewear, apparel and performance categories, pushing the brand into the mainstream activewear market dominated by LululemonAnd a bunch of startups and Nike itself.

The new capital infusion may delay Skims’ IPO. The company is eyeing a public debut since at least 2024, based on Grede’s statements.

The market for consumer IPOs was largely stagnant in 2024 and 2025, with few fashion or cosmetics brands debuting, as investors became cautious about discretionary retail. By raising new private funding, Skims can continue to expand without the immediate pressure of listing.

“Skims stands as a solutions-driven apparel innovator, pioneering new categories and redefining everyday apparel,” said Pete Capellaveta, global head of hybrid capital at Goldman Sachs Alternatives. “We look forward to partnering with management to pursue significant opportunities and deliver sustainable, disruptive growth.”

Since its launch, Skims has built a significant fan base through its inclusive sizes, minimalist aesthetic and high-profile campaigns featuring global athletes and celebrities. Kardashian, who serves as creative director, said the new funding represents an “exciting new chapter” for the company.

“We can’t wait to take Skims to the next level as we continue to innovate and set the standard for our industry,” Kardashian said.