Skims, the shapewear brand co-founded by celebrity and entrepreneur Kim Kardashian, says it is now valued at $5bn (£2.93bn) after raising $225m of new funding.

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.

The company expects its sales to top $1bn this year, which Skims chief executive Jens Grede said gave the firm the confidence to pursue its long-term goals.

The brand debuted in 2019 with a line of shapewear and has since broadened its range to include loungewear and other fashion categories.

The company's growth has moved it deeper into the mainstream sports and athleisure market, which is largely dominated by brands like Lululemon and Alo Yoga.

Skims has also amassed a large pool of influencers, including the Kardashians and other celebrities like Megan Fox and Paris Hilton to boost its appeal.

Since its launch the company has faced some controversies. Its initial name, Kimono Intimates, was criticised for disregarding the significance of the traditional Japanese outfit, prompting the company to come up with another name - Skims.

One Skims product - a head wrap worn during sleep - split the internet. Some hailed it as the future of non-invasive face contouring, but others condemned it as dystopian, and said the firm was making women feel more insecure.