Kim Kardashian’s brand’s first Skims store to open next year

The first permanent boutique of Kim Kardashian’s underwear brand, Skims, is set to open next year as part of an expansion strategy in the United States and the rest of the world.

Skims is expected to open its first flagship store in Los Angeles in the first half of 2024, followed by a second in New York. The approximately 450-square-meter boutique will be located in West Hollywood, on Sunset Boulevard, close to streetwear stores such as Supreme and Kith.

“Kim and I envision a future where there are Skims boutiques anywhere in the world where you can find an Apple or Nike store,” said Jens Grede, co-founder and CEO of Skims. “This is our second chapter.”

Skims debuted direct-to-consumer in 2019, but has since moved into physical retail through partnerships with department stores like Nordstrom and Saks Fifth Avenue. In recent months, the label has opened pop up stores in iconic locations such as Selfridges department store in London and Rockefeller Center in New York.

Management aims to open at least four stores next year and accelerate expansion once those stores are operational. Openings are planned in national markets that attract regional tourism, including Dallas, Atlanta and Miami.

The company plans to open flagship boutiques overseas after conducting trials in cities such as Paris and Hong Kong. 20% of Skim’s customers in its online store come from abroad.
“Our strategy is to open flagship stores in the largest cities of the world,” said Jens Grede.

Skims is expected to generate revenue of around $750 million (€684.6 million) in 2024, up from around $500 million (€456.4 million) last year. Grade said that since the beginning of the year, the company has registered a growth of 7% compared to 2022.

Product development fueled growth as Skims expanded its initial line of body shapewear to categories such as sleepwear and swimwear. Underwear is a big part of its business today, and the company plans to launch a men’s clothing line in October.

Skims was recently valued at $3.2 billion (€2.92 billion) in a 2022 funding round; Total financing now stands at $400 million (365 million euros). Investors include hedge fund Lone Pine Capital and venture capital firms Thrive Capital and Imaginary Ventures. Jens Grede did not comment on speculation that Skims is currently looking for additional capital.

Kim Kardashian and Jens Grede expect Skims to go public in the future, but the CEO said there are no plans for an IPO in the short or medium term. The company had appointed a chief financial officer last year.

Copyright FashionNetwork.com with Bloomberg