Skims raises US$225m funding led by Goldman Sachs at US$5b valuation

Skims has raised a new growth equity round led by Goldman Sachs Alternatives, securing US$225 million ($345.2 million) and lifting the company’s valuation to US$5 billion ($7.7 billion). The six-year-old shapewear and apparel brand plans to use the capital to accelerate its shift from a direct-to-consumer model to a predominantly physical retail and global omnichannel business.

Transaction snapshot

• Deal value: US$225 million ($345.2 million)

• Deal multiples: N/A

• Deal type: Late-stage growth equity round

• Investors: Lead investor Goldman Sachs Alternatives; participating investor BDT & MSD Partners’ affiliated funds.

Skims, co-founded in 2019 by Kim Kardashian and Jens Grede, specialises in shapewear, intimates, loungewear and apparel, with an emphasis on inclusive sizing. The company is expected to exceed US$1 billion ($1.53 billion) in net sales in 2025, six years after launch.

The new funding values Skims at US$5 billion ($7.7 billion). The round was led by Goldman Sachs Alternatives, the alternatives platform within Goldman Sachs Asset Management, with affiliated funds of merchant bank BDT & MSD Partners also investing. Management and existing investors remain in control, with the deal framed as growth capital rather than a change-of-control transaction.

Proceeds will support physical retail roll-out, international expansion and product development. Skims currently operates 18 owned stores in the United States and two franchise locations in Mexico, and is “laying the groundwork” to become a predominantly physical retail business over the next few years. The company plans to deepen its presence in core categories of intimates and shapewear while scaling apparel and activewear lines.

The brand has already moved beyond its original shapewear focus. Recent initiatives include the NikeSkims collaboration in women’s activewear and further expansion across everyday apparel. Skims positions itself as a “solutions-driven” apparel business, using product innovation and sizing inclusivity as key differentiators in a crowded direct-to-consumer and omnichannel landscape.

The investment enhances an existing cap table that already includes growth investors such as Thrive Capital and Greenoaks, which analysts cite as part of the rationale for viewing Skims as a credible future IPO candidate. The latest round is led by Goldman Sachs Alternatives’ hybrid capital strategy, signalling continued institutional appetite for scaled consumer internet and ecommerce brands with strong recurring demand and brand equity.

Alongside the funding, Skims is consolidating its broader beauty interests. Earlier in 2025, Skims acquired Coty’s 20% stake in the SKKN by Kim beauty business, as well as Kardashian’s remaining stake, bringing clothing, skincare, cosmetics and fragrance under the Skims umbrella. The company plans to relaunch into beauty under the Skims Beauty banner in 2026 and has appointed Diarrha N’Diaye-Mbaye, founder of Ami Colé, to lead the category.

Management describes the funding round as a milestone that validates Skims’ long-term growth plan, combining disciplined execution with brand-led demand. The company and its new investors highlight continued opportunities in category expansion, international growth and omnichannel retail execution, with the fresh capital expected to support these priorities over the medium term.