Skims underwear is displayed on a shelf at a Nordstrom store on March 25, 2025 in Corte Madera, California. 

Justin Sullivan | Getty Images

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

The deal comes as Skims nears $1 billion in annual net sales, six years after its 2019 launch, and marks one of the largest private raises for a U.S. consumer brand this year. BDT & MSD Partners’ affiliated funds also joined the round, Skims said Wednesday.

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

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

“This milestone reflects continued confidence in our long-term vision and coupled with disciplined execution, positions Skims to unlock its next phase of growth,” CEO and co-founder Jens Grede said in a statement.

The new funding follows the debut of NikeSkims, a partnership with Nike that launched earlier this year and sold out within hours. The collaboration signals Skims’ ambitions to scale beyond its core shapewear products and into activewear, apparel and performance categories, pushing the brand further into the mainstream athleticwear market dominated by Lululemon, a handful of upstarts and Nike itself.

The new capital infusion could further delay an IPO from Skims. The company has been eyeing a public debut since at least 2024, based on statements by Grede.

The consumer IPO market has been largely stagnant in 2024 and 2025, with few fashion or beauty brands debuting as investors turn cautious on discretionary retail. By raising new private funding, Skims can continue to scale without immediate pressure to list.

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

Since its launch, Skims has built a cult following with its inclusive sizing, minimalist aesthetic and high-profile campaigns featuring global athletes and celebrities. Kardashian, who serves as chief creative officer, said the new funding marks “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.

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NikeSKIMS, a new brand from NIKE Inc. and SKIMS.

Courtesy: NikeSKIMS

Kim Kardashian fans are going to have to wait a little longer for the highly anticipated NikeSKIMS line.

The activewear line will launch later this year instead of in the spring, like the companies had originally announced, because of production delays, according to a person familiar with the matter who requested anonymity to speak candidly. The person added that the delays are internal and not because of a supplier or shipping issue.

No date has been determined for the new launch date, the person added.

The person also said the relationship with Kardashian and the brand is still strong and that everyone is on the same page, but they want to make sure they take their time and get the products right.

Nike and SKIMS collaboration featuring Kim Kardashian, Co-Founder and Chief Creative Officer, SKIMS.

Courtesy: Nike Inc.

Nike first announced the Skims partnership in February and said it would include apparel, footwear and accessories. Since then, Heidi O’Neill, one of the key leaders behind the partnership, has left the company.

New Nike CEO Elliott Hill has been betting big on the Skims brand as he looks to re-invigorate the company after recent declines in sales and its business. For Skims, which was last valued at $4 billion, the partnership with Nike brings a growth opportunity as it expands into athleisure.

Nike’s stock is down more than 20% year-to-date.

“The origin of NikeSKIMS is rooted in a desire to bring something new and unexpected to an industry that is craving something different, and to invite a new generation of women into fitness with disruptive product designed to meet their needs in both performance and style,” the company said about the line when they introduced it.

The news was first reported by Bloomberg.

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