Summary
Skims, a shapewear brand co-founded by Kim Kardashian, has reached a $5 billion value following a $225 million funding round. The brand plans to use this money to open more stores and expand globally, while focusing on its physical retail business.
Key Facts
- Skims is valued at $5 billion after securing $225 million in new funding.
- The funding round included investors like Goldman Sachs.
- Skims plans to use the money to expand its retail presence worldwide.
- The company expects sales to exceed $1 billion this year.
- Skims was launched in 2019 and has since expanded its product range.
- The brand faces competition from companies like Lululemon and Alo Yoga.
- Skims has used celebrity endorsements to boost its popularity.
- The company changed its name from Kimono Intimates due to controversy.
