Business

Kim Kardashian’s Skims is now worth $5 billion after a massive $225 million funding round led by Goldman Sachs

Published

1 month ago

November 12, 2025

Kim Kardashian may not have passed the bar, but her shapewear line, Skims, is certainly raising the bar—and eyebrows—in the apparel industry. The company just announced it’s secured $225 million in fresh funding led by Goldman Sachs Alternatives, valuing the six-year-old company at $5 billion. Lauren Hirsch from The New York Times was first to report the news. The investment round marks a significant milestone for Skims, which was co-founded by the 45-year-old socialite and Jens Grede, its CEO, in 2019.

Skims was previously valued at $4 billion in July 2023 when it raised a $270 million Series C round led by Wellington Management. Before that, the company was valued at $3.2 billion in January 2022.

Skims has demonstrated remarkable revenue growth since its founding. The company generated about $750 million in sales in 2023, up from $500 million in 2022. The company became profitable in 2023, reporting nearly $713 million in net sales. Revenue has more than quintupled over three years, up from about $145 million in 2020.

Founded initially as a shapewear brand emphasizing body positivity and inclusive sizing from XXS to 5XL, Skims has since expanded into loungewear, swimwear, and menswear. The brand has also formed high-profile partnerships, including becoming the official underwear partner for the NBA, WNBA, and USA Basketball. In February, Skims announced a collaboration with Nike to launch NikeSKIMS, a women’s activewear line combining Nike’s technical expertise with Skims’ focus on fit and inclusivity.

Skims has pursued aggressive retail expansion after operating primarily as a direct-to-consumer e-commerce business. The company opened its first permanent store in Georgetown in 2024, followed by locations in Miami, Austin, and a flagship on Fifth Avenue in New York. In April, Skims launched a 4,546-square-foot flagship on the Sunset Strip in Los Angeles. The brand plans to open 16 new U.S. stores this year, bringing its domestic footprint to 22 locations.

Internationally, Skims is expanding into Europe and the Middle East. The company appointed Robin Gendron, a former Michael Kors executive, as its first president for the region in August. Standalone stores are planned for London’s Regent Street and Dubai by mid-2026. The brand also announced plans to open 15 stores in Israel by 2026.

Kardashian retains the largest ownership stake in Skims, with Forbes estimating her net worth at $1.7 billion, largely driven by her 35% stake in the company. Nearly 70% of Skims customers are millennials or Gen Z consumers.

For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.

Source link

Business

Epstein files: Congressmen say massive blackout doesn’t comply with law and ‘exploring all options’

Published

2 hours ago

December 19, 2025

Jace Porter

The Justice Department’s extensive redactions to the Jeffrey Epstein files on Friday don’t comply with the law that Congress passed last month mandating their disclosure, according to Rep. Ro Khanna.

The California Democrat and Rep. Thomas Massie, R-Ky., led the effort on the legislation, which required that the DOJ put out its entire trove of documents by today.

But he blasted the document dump and singled out one file from a New York grand jury where all 119 pages were blacked out.

“This despite a federal judge ordering them to release that document,” Khanna said in a video posted on X. “And our law requires them to explain redactions. There’s not a single explanation. That entire document was redacted. We have not seen the draft indictment that implicates other rich and powerful men who were on Epstein’s rape island who either watched the abuse of young girls or participated in the abuse of young girls in the sex trafficking.”

He said Attorney General Pam Bondi has been “obfuscating for months” and called the files on Friday “an incomplete release with too many redactions.”

The Justice Department didn’t immediately respond to a request for comment.

In a separate X post, Massie agreed with Khanna, saying the DOJ “grossly fails to comply with both the spirit and the letter of the law” that President Donald Trump signed last month.

Deputy Attorney General Todd Blanche told Congress that the Justice Department had identified 1,200 victims of Epstein or their relatives and redacted materials that could reveal their identities, according to the New York Times.

Earlier on Friday, Blanche told Fox News that “several hundred thousand” pages would be released on Friday. “And then, over the next couple of weeks, I expect several hundred thousand more,” he added.

“Thomas Massie and are exploring all options,” Khanna warned. “It can be the impeachment of people at Justice, inherent contempt, or referring for prosecution those who are obstructing justice. We will work with the survivors to demand the full release of these files.”

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.

Source link

Business

The Epstein files are heavily redacted, including contact info for Trump, celebs, and bankers

Published

3 hours ago

December 19, 2025

Jace Porter

The highly anticipated Epstein files have so far landed with a thud as page after page of documents have been blacked out, with many nearly totally redacted.

While hundreds of thousands of documents have been released so far on the Justice Department’s site housing the information, there isn’t that much to see.

“Simply releasing a mountain of blacked out pages violates the spirit of transparency and the letter of the law,” Senate Minority Leader Chuck Schumer said in a statement. “For example, all 119 pages of one document were completely blacked out. We need answers as to why.”

That appeared to refer to a document titled “Grand Jury NY.”

The data dump came late Friday, the deadline that Congress established last month for disclosing the trove of files, though other documents had already been released earlier by the DOJ, Congress and the Epstein estate.

One document listed thousands of names with their contact information redacted, including Donald Trump as well as Ivana and Ivanka Trump.

Numerous celebrities were also in that document, such as Rolling Stones singer Mick Jagger and the late pop idol Michael Jackson, who also appeared in photos with Epstein.

Former Senators John Kerry and George Mitchell were on the list as were Jes Staley, a former JPMorgan and Barclays executive, and Leon Black, a cofounder and former CEO of Apollo Global Management.

Appearing in the files doesn’t necessarily imply any wrongdoing as Epstein mingled in wider social circles and was ofter asked for charitable donations.

But Staley said he had sex with a member of Epstein’s staff, and Black was pushed out of Apollo over his Epstein ties, which Black maintains were for tax- and estate-planning services.

Numerous hotels, clubs and restaurants are listed too, plus locations simply described as “massage.” Banks included the now defunct Colonial Bank as well as Bear Stearns and Chemical Bank, which both eventually became part of JPMorgan.

Other entries fell under country categories like Brazil, France, Italy and Israel. Former Israeli prime ministers Ehud Olmert and Ehud Barak were on the list.

Source link

Business

Epstein files: Trump, Clinton, Summers, Gates not returning any results in search bar

Published

5 hours ago

December 19, 2025

Jace Porter

The Justice Department released a massive trove of files related to the late sex trafficker Jeffrey Epstein on Friday, but the site housing the information was failing to turn up any results.

The data dump came on the deadline that Congress established last month for disclosing the highly anticipated information, though a top Justice official suggested that not all the documents would come out at once with more due in the coming weeks.

While President Donald Trump, former President Bill Clinton, former Treasury Secretary Larry Summers, Microsoft cofounder Bill Gates and scores of other powerful men have been linked to Epstein, their names failed to come up in a search of DOJ’s “Epstein Library.”

“No results found. Please try a different search,” the site says after queries for their names.

The site adds that “Due to technical limitations and the format of certain materials (e.g., handwritten text), portions of these documents may not be electronically searchable or may produce unreliable search results.”

However, Clinton also appears in photos that were released as does the late pop singer Michael Jackson. Other records were heavily redacted.

Last month, an overwhelmingly bipartisan vote in Congress produced legislation to force the Trump administration to release the DOJ files, though emails and photos from Epstein’s estate had already come out.

One of the sponsors of that legislation, Rep. Ro Khanna, warned on Friday that if DOJ doesn’t show that it’s complying with the law, Congress could hold impeachment hearings for Attorney General Pam Bondi and Blanche.

This story was originally featured on Fortune.com

Source link