Following its latest funding round, apparel brand Skims is now valued at $4 billion.
Co-founded by Kim Kardashian, the brand announced on Wednesday that it raised $270 million in a Series C funding round, according to details shared with Retail Dive. The funding round was led by Wellington Management with participation from Green Oaks Capital Partners, D1 Capital Partners and Imaginary Ventures.
Skims plans to use the fresh capital for product innovation, category expansion and physical retail. The company will open a flagship store in Los Angeles early next year. Additionally, the brand is expected to reach net sales of $750 million in 2023, an increase from nearly $500 million last year.
The apparel brand has now raised $670 million in total across all of its funding rounds, which includes a $240 million Series B round in 2022 and a $154 million Series A round in 2020.
The news comes as Skims expands its distribution network. The brand in June opened its first European pop-up shop in partnership with Selfridges. And in May, Skims debuted a pop-up shop in New York City at Rockefeller Center just a few weeks after it opened a dedicated space inside Saks Fifth Avenue’s flagship store in the city.