87.5 F
San Fernando
Thursday, May 9, 2024

Kardashian’s Skims in Growth Mode

Kim Kardashian is getting into the brick-and-mortar retail business.

The media personality and entrepreneur, who resides in Hidden Hills, will open two stores of her Skims Body Inc. brand next year, one in Los Angeles and one in New York.

Skims, based in West Adams, was founded in 2019 by Kardashian, Emma Grede, a British businesswoman and fashion designer, and Jens Grede, a Swedish entrepreneur, who serves as chief executive of the women’s apparel company.

The 5,000-square-foot Los Angeles store will be located on Sunset Boulevard in West Hollywood, according to Bloomberg.

“Kim and I can envision a future where years from today there’s a Skims store anywhere in the world you’d find an Apple store or a Nike store,” Jens Grede told Bloomberg. “It marks the second chapter.”

Skims executives are looking to open at least four stores next year and speed up expansion once those are in place. In addition to the Los Angeles and New York outposts, they’re considering placing shops in other domestic markets that attract regional tourism, including Dallas, Atlanta and Miami.

The company is weighing international flagships as well, after tests in cities including Paris and Hong Kong. On its online shop, 20% of Skims customers reside outside the U.S., according to Bloomberg.

Skims expects to achieve net sales of about $750 million this year, up from nearly $500 million last year. So far this year, the business has been trending at 75% year-over-year growth, according to Grede, the wire service said.

Product expansion has boosted that growth, as Skims branched out from its original selection of shapewear bodysuits into categories including pajamas and swimwear. Underwear accounts for a sizable chunk of its business, and it’s planning to launch a men’s line in October, Bloomberg said.

Skims was most recently valued at $3.2 billion in a 2022 financing round, with total funding now at nearly $400 million. Investors include hedge fund Lone Pine Capital, which is based in Greenwich, Connecticut, and venture firms Thrive Capital and Imaginary Ventures, both in New York City. Grede declined to say if Skims is seeking additional capital at this time, Bloomberg reported.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

Featured Articles

Related Articles