Skims was valued at roughly $5 billion after a $225 million funding round led by Goldman Sachs Alternatives in late 2025, on estimated sales just over $1 billion. For context, Victoria's Secret trades near a $6.2 billion enterprise value on about $6 billion in sales. The market is pricing each dollar of Skims revenue at roughly five times what it assigns to the older intimates giant. That gap is the shapewear gold rush in one line. The intimates category, static for a decade, suddenly has a new center of gravity.
From fame to operating machine
Kim Kardashian and Jens Grede founded Skims in 2019, and the early edge was audience: product drops became events because the founder's reach turned them into events. But the durable asset is the operating layer underneath the fame. Nearly 70 percent of Skims customers are millennials or Gen Z, which keeps customer acquisition cost low without paid desperation. That efficiency is why Skims can outspend on product without outspending on ads; the founder's reach is the media budget, and the operating team converts it into reorderable basics rather than one-off drops.
The inclusive sizing was the quiet moat. Skims built its range on XXS to 5XL with nine skin-tone shades at exactly the moment the old "angel wing" fantasy stopped selling. That is not a marketing line; it is a catalog decision that competitors could not copy overnight.
Nike, retail, and the next layer
Three moves in 2025 reshaped what Skims even is. The NikeSKIMS joint venture launched in September 2025 with 58 silhouettes of women's activewear, later expanding to 65 plus accessories, and Spring 2026 added the first NikeSKIMS footwear, the Rift Satin and Rift Mesh. Nike gets a direct line to female consumers; Skims gets Nike's distribution across Europe, the Middle East, Australia, and Korea.
Beauty came through acquisition: Skims bought SKKN by Kim in March 2025, folding skincare and fragrance under one roof with better margins than apparel. The beauty move is the underrated one. Skincare and fragrance carry margins well above apparel, so folding SKKN under one roof is a profit play, not vanity. A brand that sells both the body and what goes on it turns one audience into two margin streams. Physical retail is the bet to watch. Skims ran 27 company-owned stores in early September and set a goal of 55 owned stores by the end of 2026 and more than 100 by 2027. Spain arrived via El Corte Inglés in Madrid and Marbella, with London, Dubai, Seoul, Delhi, and Mumbai next.
The intimates industry, before and after
Skims has been the official underwear partner of the NBA, WNBA, and USA Basketball since 2023, putting the brand in front of an audience its Instagram reach does not automatically cover: men. That widening, plus the Nike halo, is why the private valuation sits so far above the public intimates comps. Skims reframed a category built on fantasy into one built on fit, and that is the real story beneath the valuation.
The caution is real. A $5 billion price on $1 billion of sales is a promise about growth, not a report card on profit. If the retail expansion stalls, the premium compresses fast. Private marks are aspirations; public ones are audits.
An IPO remains the open question. Skims has circled a listing since 2023 and hired investor-relations talent, but with $225 million of fresh private capital it can fund stores and international push without rushing into a soft window. The realistic path is a debut after the retail proof lands, pushing any listing toward 2027 or beyond. Until then, the $5 billion mark is a private promise, updated each round.
What PHEFEE borrows from the model
Skims proved that inclusive sizing is a growth engine, not a charity line. PHEFEE builds the same logic into every category: real inch-based sizing from XS through plus, published openly, with fabric composition on the page. The shopper who finds her size in a plus-size knit should find the same trust in a activewear piece.
We are not chasing a $5 billion mark. We are borrowing the one idea that compounds: when the size chart respects the body, the body comes back.
Frequently asked questions
What is Skims worth in 2026?
Skims was valued at roughly $5 billion after a $225 million round led by Goldman Sachs Alternatives in late 2025, on estimated sales just over $1 billion, a multiple well above legacy intimates brands.
What is NikeSKIMS?
A joint venture launched in September 2025 with about 58 to 65 women's activewear silhouettes plus accessories, and Spring 2026 footwear (Rift Satin, Rift Mesh), giving Skims Nike's global distribution.
How inclusive is Skims sizing?
Skims ranges from XXS to 5XL with nine skin-tone shades, a catalog decision credited with building loyalty among millennial and Gen Z shoppers.
Is Skims opening stores?
Yes. Skims ran about 27 company-owned stores in early September 2026 and targeted 55 owned stores by year-end and more than 100 by 2027, with Spain entered via El Corte Inglés.
Sources
Modaes — Skims enters Spain via El Corte Inglés, 2026
Finance Monthly — Skims valuation and Kim Kardashian net worth, 2026
TrendCrackers — Skims $5bn brand breakdown, 2026
