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.