Kim Kardashian’s shapewear brand Skims hits $5bn valuation

Skims, the shapewear brand co-founded by Armenian-American celebrity and entrepreneur Kim Kardashian, says it is now valued at $5bn after raising $225m of new funding, the BBC reports.

The company says it plans to use the money from investors, including an arm of Wall Street banking giant Goldman Sachs, to open more shops and expand around the world.

“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.

The funding round is one of the biggest this year for a US consumer brand and comes as Skims faces fierce competition from rivals like Lululemon.