The boss of Kim Kardashian’s $3.2billion shapewear label says that it is a worthy candidate for flotation. He has been sculpting plans for the first shop to be opened in Britain.
Skims was founded by the celebrity in 2019, after she couldn’t find underwear to shape her body satisfactorily. Since then, it has received more than $400m in funding. The brand is known for its shapewear bodysuits as well as shorts, pyjamas, and leggings. It competes with Spanx which was valued at $1.2billion after Blackstone bought a majority share.
Skims raised $240m last year, valuing the company at $3.2billion. The company plans to open stores across Europe. Lone Pine Capital and D1 Capital Partners led the financing round.
Jens Grede is the CEO and co-founder skims. He said: “We believe it deserves to become a public company.” Grede and Kardashian own the majority of the company. The Swedish entrepreneur who founded Frame fashion label said that the pair are the “long-term owner” of the company and “that would not change, even if it went public”.
Kardashian became famous in 2007 through the reality TV series Keep Up With The Kardashians. Forbes reported in 2021, that Kim Kardashian had joined Kylie Jenner as a billionaire, thanks to her businesses including Skims, KKW Beauty and property deals. Skims is a popular label with her fans. It’s sold online, in Selfridges and Harrods and on Net-a-Porter. The revenue grew by 75 percent to $475 millions in the year ending January. Demand for “seamless-sculpt” shapewear, and “soft-lounge” dresses was particularly high.
In 18 months, the brand will open its first standalone shops in Europe, including in London, Paris Milan, and Berlin. Grede stated that London would be the first location because it was Skims biggest market outside of America. The shop will be located in an area that has “high traffic”, like Bond Street or Regent Street.
He said, “We are looking for locations that are exceptional.” We’re following a Nike-style strategy, where we have important stores in major cities. But you can’t open too many at once.
Kardashian stated: “The UK market is really important for Skims.” London is my favorite city.
She said: “We’re close to securing an iconic London shopping destination, so I hope to share more information soon.”
Skims plans to open 35 “shops-in shops” with wholesale partners both in America and abroad this year. Skims will also be redesigning and expanding its concession at Selfridges, and opening a temporary store on the first floor.