Kim Kardashian's shapewear brand Skims hits $5bn valuation

The company says it plans to open more physical shops and expand the business around the world.

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The company says it plans to use the money from investors, including an arm of Wall Street banking giant Goldman Sachs, to open more shops and expand around the world.

"We can't wait to take Skims to the next level as we continue to innovate and set the standard for our industry," Kardashian said on Wednesday.

The funding round is one of the biggest this year for a US consumer brand and comes as Skims faces fierce competition from rivals like Lululemon.

Skims, which runs 18 shops in the US and sells its products through retailers worldwide, will focus "predominantly" on its physical retail business over the next few years, it said in a statement.