Kim Kardashian has successfully transformed her celebrity status into a formidable business empire, with her shapewear brand Skims at the forefront of this venture. In a recent interview from her Calabasas home, Kardashian reflected on one of her proudest accomplishments: the Skims Ultimate Nipple Push-Up Bra, which launched in October 2023. This innovative product, modeled after Kardashian’s own form, quickly became a viral sensation, demonstrating Kardashian’s uncanny ability to captivate the public’s attention and steer her business ventures toward success.
Since its inception in 2019, Skims has experienced explosive growth, boasting a three-year growth rate of 438%. The company has expanded its annual revenue by more than five times, reaching nearly $713 million in 2023 and earning a spot on Inc.’s 2024 list of the 5,000 fastest-growing companies. The brand’s $270 million funding round in 2023 also elevated its valuation to an impressive $4 billion.
Kardashian attributes much of Skims’ success to its customer-centric approach. “Our stylist was always telling me not to wear a bra,” she explains, “but I wanted to feel comfortable and secure. I want to look perfect.” This mindset led to the creation of the Nipple Bra, accompanied by a faux-educational video featuring Kardashian and a commitment to donate 10% of sales to the charitable network One Percent for the Planet. The bra’s release was met with both enthusiasm and surprise, particularly from breast cancer survivors, including Kardashian’s own grandmother, who found the product empowering.
Skims has transitioned from a boundary-pushing startup to a major player in the fashion industry. The brand’s product line has expanded to include loungewear, pajamas, swimwear, undergarments, and athletic apparel. In 2023, Skims introduced a men’s collection featuring prominent athletes like Neymar Júnior and Shai Gilgeous-Alexander, showcasing its ability to appeal to a diverse customer base.
In 2022, Skims hired Andy Muir, formerly of Nike, as CFO, sparking speculation about a potential IPO. Despite these rumors, co-founder Jens Grede remains focused on product development and retail expansion. Skims’ first permanent store in Georgetown, D.C., has set the stage for additional locations in New York and Los Angeles.
Kardashian’s business acumen has often been underestimated. Despite facing criticism after her guest lecture at Harvard Business School in January 2023, Kardashian’s track record speaks for itself. Her ventures, including Skims, SKKN by Kim, and her involvement in reality TV, have propelled her to billionaire status. She has also ventured into private equity with Skky Partners, alongside industry veteran Jay Sammons.
Skims’ success can also be attributed to the contributions of Emma Grede, Jens Grede’s wife, and a key player in the fashion industry. Emma, a co-founder of Good American, brings her expertise in product development to Skims, where she serves as chief product officer.
The retail expansion of Skims, following successful pop-up stores in Los Angeles and New York, reflects the brand’s ambition to redefine the retail experience. “There’s a real opportunity to redefine retail,” Grede emphasizes, noting that 80% of shopping still occurs in physical stores.
Skims’ rise represents a savvy reimagining of the shapewear category, which had long been neglected by major players like Victoria’s Secret and Spanx. Skims’ inclusive range of sizes and colors, coupled with a minimalist aesthetic, has redefined shapewear as both functional and fashionable. Kardashian herself is the brand’s target demographic, constantly seeking solutions to her evolving fashion needs.
The brand’s collaborations with luxury labels like Fendi and Swarovski have added a touch of glamour to its offerings without sacrificing accessibility. In 2023, Skims made headlines as the official underwear partner for the NBA and WNBA and released a Team USA collection for the Paris Olympic Games.
Despite the challenges posed by a shifting market, Skims remains focused on strategic growth in adjacent categories. While whispers of an IPO grow louder, the founders are content to let the company evolve organically. The brand’s enduring popularity is evident in the lines outside its Georgetown store and the buzz surrounding its online drops.
As Skims continues to expand, the question remains: Can Kardashian maintain her influence as the brand outgrows its reality-TV origins? One thing is certain: Kim Kardashian has proven herself to be a formidable businesswoman, capable of navigating the complex world of fashion and beyond.
