Written By Kim Bhasin of Bloomberg
Skims, the underwear brand owned by Kim Kardashian, is set to open its first permanent stores in 2024 as part of its retail expansion plans in the US and internationally.
The first flagship store for Skims is scheduled to debut in Los Angeles during the first half of 2024, followed by a second store in New York. The 5,000-square-foot shop will be located in West Hollywood on Sunset Boulevard, near popular streetwear stores like Supreme and Kith.
“Kim and I envision a future where you can find a Skims store anywhere in the world, just like an Apple or Nike store,” said Jens Grede, co-founder and CEO of Skims. “This marks the beginning of our second chapter.”
SEE MORE: Barbie’s Malibu DreamHouse available on Airbnb before the movie’s release
Skims originally started as an online business in 2019, but has since ventured into physical retail through partnerships with department stores such as Nordstrom Inc. and Saks Fifth Avenue. In recent months, Skims has also opened temporary pop-up shops in locations like Selfridges in London and Rockefeller Center in New York.
After opening at least four stores next year, Skims plans to accelerate its expansion. They are considering locations in domestic markets that attract regional tourism, including Dallas, Atlanta, and Miami.
The company is also exploring international flagships following successful tests in cities like Paris and Hong Kong. Currently, 20% of Skims’ customers on its online store are from abroad.
READ MORE: Ryan Seacrest announced as the next host of ‘Wheel of Fortune’
“Our strategy going forward is to establish important stores in the most important cities worldwide,” Grede explained.
From Swimwear to Underwear
Skims expects to achieve net sales of approximately $750 million in 2023, up from nearly $500 million the previous year. According to Grede, the business has seen 75% year-over-year growth so far this year.
The growth can be attributed to product expansion, as Skims has expanded its offerings beyond shapewear bodysuits to include categories like pajamas and swimwear. Underwear now makes up a significant portion of Skims’ business, and they are planning to launch a men’s line in October.
In a 2022 financing round, Skims was valued at $3.2 billion, with total funding reaching nearly $400 million. Investors include hedge fund Lone Pine Capital and venture firms Thrive Capital and Imaginary Ventures. Grede did not disclose whether Skims is currently seeking additional funding.
Although Kardashian and Grede have expressed interest in eventually taking Skims public, there are no immediate plans for an initial public offering. The company hired a chief financial officer last year.
“Skims deserves to be a public company when the timing is right,” Grede stated.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
