A Skims store will be anywhere in the world where you find an Apple store or Nike store.Kim Kardashian's Skims brand will open its first flagship store in the U.S. in the first half of 2024. The 5,000-square-foot retail space will be located in West Hollywood on Sunset Boulevard.
"Kim and I can envision a future where years from now there's a Skims store anywhere in the world you'd find an Apple store or a Nike store," said Jens Grede, co-founder and chief executive officer of Skims.
The Skims brand was launched in 2019. The brand initially operated on a direct-to-consumer model and later began opening corners, appearing at Nordstrom and Saks Fifth Avenue. Skims has also recently opened pop-up stores at Selfridges and Rockefeller Center in New York City.
The company plans to open at least four stores in 2024, including New York, Dallas, Atlanta and Miami. In addition, the company is considering launching flagships outside the U.S., including in Hong Kong and Paris. Today, foreign customers account for about 20% of sales through the brand's online channels.
In 2023, Skims expects to increase sales to $750 million from $500 million a year earlier. This year, the company's annual revenue growth was about 75%. The positive momentum was driven, in part, by an expanded assortment. Stores began selling pajamas and swimwear, and the first men's line will premiere in the fall.
According to recent estimates, the Skims business could be worth $3.2 billion today. The brand has already raised $400 million in funding, including from Lone Pine Capital, Thrive Capital and Imaginary Ventures.