Report: Kim Kardashian’s Skims brand signs lease for NYC store — at a discount
A white-hot celebrity brand is making good on its promise to expand in brick-and-mortar.
Skims, the $4 billion shapewear and apparel brand co-founded by reality TV superstar and entrepreneur Kim Kardashian, has leased a 20,000-sq.-ft. space on New York City’s Fifth Avenue (647 Fifth Ave., near East 52nd Street), reported Crain’s. The space is in a five-story Beaux Arts building with vaulted ceilings and marble surfaces.
According to Crain’s, which cited a report from Fitch Ratings, Versace — the last tenant in the space — paid a whopping $770 per sq. ft. in rent, while Skims is paying less than $200 per sq. ft. (Last week, 647 Fifth Ave.’s mortgage was downgraded by Fitch because of “reduced rental revenue expectations.”)
Launched in 2019 by Kardashian and business partner Jens Grede who serves as CEO, Skims raised $270 million (for a total of $670 million across all its funding rounds) in a Series C funding round in July 2023 that valued it at $4 billion. The company said it planned to use the fresh capital for product innovation, category expansion and physical retail.
In November, Skims opened a temporary store, called Skims Workshop banner, at Domain Northside in Austin. The company is set to unveil its first flagship in the first half of this year, opening a 5,000-sq.-ft. shop on Sunset Boulevard in West Hollywood. A store in the Georgetown section of Washington D.C., and one in Lenox Square mall in Atlanta’s Buckhead section are also reportedly in the works.
Best known for its nude-colored shapewear for women, Skims has since expanded its offerings to include underwear, loungewear and other clothing. In October, the brand launched a men’s collection. Most recently, on March 28, Skims unveiled its new online “Wedding Shop” collection, offering brides — and grooms — an assortment of stylish fashions.
Skims sells directly through its website as well as through select partnerships with retailers including Nordstrom, Saks Fifth Avenue, Selfridges, SSENSE, Net-a-Porter, Lane Crawford, KaDeWe, Holt Renfrew and David Jones.