Kim Kardashian is continuing to expand her business empire. Now, she wants to take her SKIMS brand from only direct-to-consumer to its first physical retail space.
According to reports, SKIMS is gearing up to open its first store in Los Angeles at the beginning of 2024. The brand has already acquired a 5,000 square foot space on Sunset Boulevard, close to stores like Supreme and Kith.
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“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, the SKIMS’ co-founder and chief executive officer, remarked.
“It marks the second chapter,” she added. “Our strategy going forward is to open important stores in the world’s most important cities.”
SKIMS has been experimenting with pop-up stores in recent months, launching temporary locations in department stores in cities like London ad New York.
According to Bloomberg, SKIMS doesn’t plan to stop at the one store. The brand apparently already has plans to open at least four American locations by the end of next year.
A post shared by SKIMS (@skims)
It’s unconfirmed which cities SKIMS will launch its next stores in, but Bloomberg says it’s “considering placing shops in domestic markets that attract regional tourism, including Dallas, Atlanta and Miami.”
Afterwards, the brand also hopes to expand internationally, and is considering flagship stores in places like Paris and Hong Kong. Approximately, 20% of SKIMS’ consumers are international.
Kim launched SKIMS in June 2019 and since then has turned it into a billion-dollar empire. Last year, it received a $3.2 billion valuation.
While Kim has many brands to her name,s he admitted ealier this month that SKIMS holds a special place in her heart. “It’s just a part of me,” she told TIME. “I take it really personally. It started off of my body and my shapes, and it’s very vulnerable.”
A post shared by SKIMS (@skims)
SKIMS hasn’t been without controversy. The brand has faced multiple lawsuits, including one launched last August by a woman who claimed their body tape left her with physical injuries. The brand denied the allegations, claiming the woman bought knock-off SKIMS body tape from unauthorized seller.
Moreover, SKIMS’s recent alien campaign was met with mixed reactions, as some people felt it was more ridiculous than fashionable.
Nevertheless, it seems like SKIMS is set to expand its billion-dollar valuation even further as it enters its new phase of retail stores.
Sources: Bloomberg, KTLA, PEOPLE,
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