Four years into its existence, Skims, the clothing company co-founded by Kim Kardashian, has become a unicorn four times over.

Skims has raised $270 million in a new funding round that values ​​it at $4 billion, the company plans to announce Wednesday. That’s up from the $3.2 billion valuation investors gave the company last year.

Ms. Kardashian and her business partner, Jens Grede, sought to make Skims the next big clothing brand.

“It’s grown fast and we’re so proud of it,” Ms. Kardashian said in an interview. “We’ve had a really good flow of product launches.”

The company began as a shapewear seller to help customers fit into body-hugging clothing. But shapewear no longer represents a majority of its sales: Skims has expanded into a range of apparel categories, including loungewear and swimwear, with plans to expand into menswear this fall.

And once known for selling directly to consumers, Skims is betting on physical retail, with plans to open its first flagship stores next year in Los Angeles and New York.

Mr. Grede, who is Skims’ chief executive, said in an interview that the company is now profitable and on track for $750 million in sales this year, up from $500 million in 2022. About 15 percent of its online customers come from from outside the United States. States, and nearly 70 percent of its overall customers are millennials or Gen Z-ers.

Over the last year, he said, 11 million people have joined waiting lists to buy the brand’s most popular items, which often sell out.

It’s that growth trajectory and popularity that attracted investors to the company when executives began cashing in in recent months, according to Mr. Grede. Asset manager Wellington Management led the latest round. Other participating firms include Greenoaks Capital Partners and the existing backers D1 Capital Partners and Imaginary Ventures.

“Skims has maintained unprecedented momentum since the brand’s inception,” Michael Carmen, co-head of private equity at Wellington, said in a statement. “We are thrilled to partner with the brand to support it through this pivotal growth stage.”

The success of Skims was among the biggest highlights in Ms Kardashian’s business empire, which now includes skin care, fragrances and even private equity firm. Already minted as a billionaire after Skims’ 2021 fundraising round, Ms Kardashian remains the company’s single largest shareholder, and together she and Mr Grede still own a majority stake.

Early on, Skims had to contend with pandemic temporary chain disruptions that made it difficult to source fabrics for their clothing.

Major challenges now, according to Ms. Kardashian and Mr. Grede, include managing inventory as the company expands its offerings and opens brick-and-mortar stores, as well as competing against companies offering steep discounts as consumers cut discretionary spending in the face of high inflation. . It’s a problem that has vexed many retail companies, and will become more pressing as Skims opens its own stores, Ms. Kardashian said.

Skims’ latest investment is likely to prompt questions about when it intends to go public, given both the company’s inflated valuation and the involvement of Wellington, who is known for investing in companies before they go public. The apparel maker has taken other steps typical of businesses setting up for initial public offerings, including hiring a chief financial officer last year.

Mr. Grede waived the issue of timing, saying he and Ms. Kardashian were in no rush. But he noted that investors have shown interest in consumer-facing businesses in recent months.

And going public remains one of the company’s goals. “At some point in the future, Skims deserves to be a public company,” he said.

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