Kim Kardashian is richer than ever. On Wednesday, her apparel company Skims announced it has raised $225 million in new funding, pushing its valuation to $5 billion—and adding $200 million to Kardashian’s fortune.
Kim K is now worth $1.9 billion according to Forbes’ estimates, which is up from $1.7 billion before the new round, which was led by Goldman Sachs Alternatives with participation from billionaire Byron Trott’s BDT & MSD Partners.
The business—which has expanded from shapewear into everything from t-shirts and pajamas to jackets and men’s hoodies—was last valued at $4 billion in a 2023 fundraising round. Launched in 2019 by Kardashian, Grede and Emma Grede as an online, direct-to-consumer brand, Skims has grown into a brick-and-mortar retail success, with 20 stores across the U.S. and Mexico. The brand says it hopes to become a “predominantly physical business” in the next few years, and plans to use the new investor money to build new stores and launch new products. In February, it launched NikeSkims, an activewear-for-woman collaboration with the apparel giant. The partners are dropping a new NikeSkims line—including socks, waist packs and training gloves—on Thursday.
Skims is also gambling on the beauty sector. In March, the company bought French beauty giant Coty’s 20% stake in SKKN by Kim, Kardashian’s skincare line, for an undisclosed sum. Coty had paid $200 million for the stake in 2021, but the partners shuttered the business—itself a 2022 reinvention of an earlier beauty line, KKW Beauty—in June. Earlier this month, Skims hired Diarrha N’Diaye, founder of beauty company Ami Colé, to lead its new beauty and fragrance efforts.