Kim Kardashian’s shapewear brand plans global expansion

Skims, the shapewear brand co-founded by celebrity and entrepreneur Kim Kardashian, says it is now valued at $5 billion (£2.93 billion) after raising $225 million in new funding.

The company says it plans to use the money from investors — including a branch of the Wall Street banking giant Goldman Sachs — to open more stores and expand worldwide, CE Report quotes Kosova Press.

“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 on Wednesday, according to the BBC.

The funding round is one of the largest this year for a U.S. consumer brand and comes as Skims faces tough competition from rivals such as Lululemon.

Skims, which operates 18 stores in the U.S. and sells its products through retailers around the world, will focus “primarily” on its physical retail business in the coming years, she said in a statement.

The company expects its sales to exceed $1 billion this year, which Skims CEO Jens Grede said gave the firm confidence to pursue its long-term goals.

The brand debuted in 2019 with a line of shapewear and has since expanded its range to include loungewear and other fashion categories.