Celebrity entrepreneur Kim Kardashian plans to open the shapewear brand SKIMS first permanent stores in 2024. The company will inaugurate its flagship store in Los Angeles, which will be strategically positioned on Sunset Boulevard in West Hollywood, in the first half of the year, and another store in New York. SKIMS has plans for four physical stores.
Jens Grede, co-founder and CEO of SKIMS, said 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. “It marks the second chapter.” Skims’ foray into brick-and-mortar retail marks the natural progression for the brand as it seeks to solidify its physical presence and capitalize on its escalating popularity within the fashion industry.
Moreover, product expansion boosted growth as Skims branched out from its original selection of shapewear bodysuits into categories like pajamas and swimwear. The brand’s underwear accounts for a sizable chunk of its business. As such, it plans for a men’s line in October.
Founded online as a direct-to-consumer (DTC) business in 2019 Skims has expanded with pop-ups and wholesaling. It gradually ventured into the realm of physical retail through successful collaborations with renowned department stores such as Nordstrom and Saks Fifth Avenue in the United States, as well as Selfridges in the U.K. Skims achieved $500 Million in sales in 2022.
For 2023, Skims expects to reach net sales of $750 million in 2023. Grede said the business has been experiencing a promising year-over-year growth rate of 75 percent so far in the current year. By entering in-store retail, Skims will capitalize on the power of omnichannel retailing. It will leverage the power of its online presence to drive foot traffic to physical stores while also offering seamless integration between online and offline shopping experiences.