Skims embarked on a mission to transform the shapewear industry, which had long been characterized by its unappealing, restrictive, and monotonous offerings. Traditionally, shapewear consisted of stiff, uncomfortable garments in limited beige hues, produced by established brands that had not innovated in years. Unlike the allure of lingerie or the prestige of high-end footwear, shapewear was often overlooked.

However, Skims disrupted this status quo dramatically. The brand, led by Kim Kardashian and the Gredes, introduced shapewear that was not only functional but also fashionable. By utilizing soft, flexible, and breathable materials, they offered products in a variety of shades and sizes, transforming shapewear into an aspirational item. What was once a hidden necessity became a social media sensation, embraced for its comfort and style.

The impact was immediate and significant. Skims’ initial online release was a staggering success, generating $2 million in sales within just ten minutes. This explosive demand showed that Skims wasn’t merely addressing a need; it was fundamentally changing the game. This success naturally attracted investors, turning Skims into one of the most coveted private apparel companies globally, achieving valuations that would make anyone take notice.

(Photo by Kevin Mazur/Getty Images for SKIMS)

Skims’ Skyrocketing Valuations

The ascent of Skims is marked by extraordinary figures. By April 2021, the company had secured a $1.6 billion valuation, a remarkable feat for a startup in its infancy. Within a year, this valuation doubled to $3.2 billion, a leap that helped propel Kim Kardashian into billionaire status. Further, in 2023, Skims raised an additional $270 million during a Series C funding round, bringing its valuation to an impressive $4 billion.

These valuations were backed by solid financial results. Skims generated approximately $500 million in revenue in 2022 and was on track to reach $750 million in 2023. The brand has now surpassed $1 billion in annual net sales as it broadened its product range to include underwear, loungewear, men’s essentials, and apparel, alongside strategic collaborations. New retail locations in cities such as New York, Los Angeles, Austin, Atlanta, and Boca Raton have further solidified Skims’ presence, marking a strong transition from its digital origins to a significant physical retail footprint.

Behind those numbers was real financial performance. Skims generated roughly $500 million in revenue in 2022 and was on pace for $750 million in 2023. The brand has since crossed $1 billion in annual net sales as it expanded into underwear, loungewear, men’s basics, apparel, and high-profile partnerships. Retail stores opened across New York, Los Angeles, Austin, Atlanta, Boca Raton, and more, giving the digital-native brand a strong brick-and-mortar footprint for the first time.

All of that momentum led to today’s news: Skims just raised money at a $5 billion valuation after closing a new $225 million funding round led by Goldman Sachs Alternatives and BDT & MSD Partners. That figure puts Skims among the most valuable privately held fashion companies in the world and positions the brand for aggressive international expansion, including emerging markets that executives have pointed to as the next major growth frontier.

And that $5 billion figure sets up the most important question… how does this impact Kim Kardashian’s net worth?

Reshaping Kim’s Net Worth

Kim Kardashian and Jens Grede are widely believed to each own 1/3 of Skims, with Jens’ wife and co-founder Emma Grede owning a smaller stake. Combined, the trio maintains majority control of the company. With Skims now valued at $5 billion, Kardashian’s estimated stake is worth $1.67 billion on paper. At the company’s previous $4 billion valuation, Kim’s stake was worth $1.32 billion. That $350 million paper increase has pushed Kim’s net worth from $1.7 billion to $2 billion.

The Richest Kardashian

Kim Kardashian’s new $2 billion net worth doesn’t just put her at the top of the Skims empire. It places her miles ahead of her already extremely wealthy and extremely famous family members. Even in a family where everyone has monetized fame at an elite level, nobody is operating anywhere near Kim’s financial tier anymore. She’s now nearly THREE TIMES richer than Kylie Jenner. Here’s how the Kardashian/Jenner family currently stacks up from richest to least rich:

1. Kim Kardashian — $2 Billion
2. Kylie Jenner — $700 Million
3. Kris Jenner — $170 Million
4. Kourtney Kardashian — $65 Million
5. Khloé Kardashian — $60 Million
6. Kendall Jenner — $60 Million
7. Caitlyn Jenner — $25 Million
8. Rob Kardashian — $10 Million

What Ever Happened To Spanx?

Before Skims took over the shapewear world, Spanx was the undisputed category king. Founded in 2000 by Sara Blakely with just a $5,000 initial investment, Spanx eventually dominated department stores and became one of the most successful apparel startups in history. But in recent years, the brand has noticeably faded from the cultural spotlight — especially compared to the rocket-ship rise of Skims.

In 2021, Sara sold a majority stake in her company to Blackstone at a reported $1.2 billion valuation. The sale officially made her a billionaire.

After the sale, Blakely stepped back from day-to-day operations and the company shifted into a more traditional private-equity operating model. Marketing quieted down, product innovation slowed, and the once-disruptive brand gradually became a stable, mature apparel business instead of a trend-driving force.

Meanwhile, the market changed. Skims entered with a completely different strategy: inclusive tones, modern fabrics, aggressive social-media marketing, celebrity-powered storytelling, and a product line that expanded far beyond basic shapewear. Consumers gravitated to the fresher, more modern brand identity. Skims didn’t just compete with Spanx — it leapfrogged it entirely.

To be clear, Spanx is still a large and profitable company, widely sold in department stores and online. And Sara Blakely, thanks to the Blackstone sale, remains a billionaire. But in terms of cultural relevance, growth velocity, and category domination, Skims has fully taken over the spotlight.