Skims said Wednesday it has raised $225 million in new funding, boosting the shapewear and apparel company's valuation to $5 billion.

Founded in 2019 by Kim Kardashian and business partner Jens Grede, Skims plans to use the new funding to drive product innovation and expand into new categories, according to an announcement from Goldman Sachs.

"Today’s announcement validates the hard work of our incredible team and partners who have helped us reach this exciting new chapter, becoming a global omnichannel retail brand ," Kim Kardashian, co-founder and CEO of Skims, said in a statement. "We can’t wait to take SKIMS to the next level as we continue to innovate and set the standard for our industry."

The funding round was led by Goldman Sachs Alternatives, with participation from funds

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