Skims, the underwear brand founded by Kim Kardashian, is set to open its first permanent retail stores in 2024, with the flagship store making its debut in West Hollywood. The 5,000-square-foot store will be located on Sunset Boulevard, nestled among streetwear brands like Supreme and Kith.
Jens Grede, co-founder and CEO of Skims, expressed his vision for the brand’s future, likening it to the ubiquitous presence of Apple and Nike stores worldwide. This move marks a significant shift for Skims, which began as a direct-to-consumer business in 2019 and has since ventured into physical retail through partnerships with department stores such as Nordstrom Inc. and Saks Fifth Avenue.
The brand has also experimented with temporary pop-up shops in locations like London’s Selfridges department store and New York’s Rockefeller Center. The company plans to open at least four stores next year and accelerate expansion once these are established. Potential locations include domestic markets that draw regional tourism, such as Dallas, Atlanta, and Miami, as well as international flagships following successful tests in cities like Paris and Hong Kong.
Skims has seen substantial growth, with net sales expected to reach about $750 million in 2023, up from nearly $500 million the previous year. This growth has been fueled by product expansion, with the brand branching out from its original selection of shapewear bodysuits into categories like pajamas and swimwear. Underwear now accounts for a significant portion of its business, and a men’s line is slated for launch in October.
The company was valued at $3.2 billion in a 2022 financing round, with total funding now nearing $400 million. Investors include hedge fund Lone Pine Capital and venture firms Thrive Capital and Imaginary Ventures. While there are no immediate plans for an initial public offering, Grede and Kardashian have expressed interest in taking Skims public in the future.
Must be *fake news* because with exorbitant minimum wage laws in WeHo, our economy is being crushed and businesses are leaving by the hordes.
The sky is falling everyday
Smiling!
There’s a world of difference between the mom and pop businesses that struggle with the economic realities of West Hollywood caused by crushing government policies, and the pet project of a billionaire with private equity funding backing up her venture of selling obscenely priced undergarments.
Don’t forget the store is just a showplace gimmick to get publicity for sales elsewhere.
Speaking of PE, don’t the two hotels for which Mr. Block wanted strike protection, get their funding from vulture capitalists?
She still runs a business for profit.
Don’t minimize the fact that businesses are opening not dying.
There is the one-year waiver – or did people prefer to complin rather than apply??