American brand Skims secures $225 mn to drive global expansion
The financing round was led by Goldman Sachs Alternatives with participation from BDT & MSD Partners’ affiliated funds. SKIMS plans to use proceeds from the investment to continue fueling its physical retail and international expansion efforts. SKIMS now has 18 owned retail stores in the US and two franchise doors in Mexico and is laying the groundwork to be a predominantly physical business over the next few years. The company will also use this infusion of capital to invest in product innovation and category expansion, solidifying the company’s strong position within intimates and shapewear while further scaling its presence within apparel and activewear. SKIMS’s recent launch of the NikeSKIMS brand, in partnership with Nike Inc., exemplifies the company’s commitment to pushing boundaries and delivering industry-leading innovation.
Skims has secured $225 million in new funding led by Goldman Sachs Alternatives, valuing the brand at $5 billion.
The investment will accelerate global retail expansion, product innovation and category growth.
With 20 stores across the US and Mexico and strong momentum from the NikeSkims launch, the company is on track to surpass $1 billion in net sales in 2025, just six years after its debut.
The brand is expected to exceed $1 billion in net sales in 2025, just six years after its inception.
“This milestone reflects continued confidence in our long-term vision and coupled with disciplined execution, positions SKIMS to unlock its next phase of growth,” said Jens Grede, Co-Founder and Chief Executive Officer, SKIMS.
“SKIMS stands as a solutions-driven apparel innovator, pioneering new categories and redefining everyday wear. We look forward to partnering with management to pursue significant opportunities and deliver disruptive, sustained growth,” said Beat Cabiallavetta, Global Head of Hybrid Capital at Goldman Sachs Alternatives.
“Today’s announcement validates the hard work of our incredible team and partners who have helped us reach this exciting new chapter, becoming a global omnichannel retail brand. We can’t wait to take SKIMS to the next level as we continue to innovate and set the standard for our industry,” said Kim Kardashian, Co-Founder and Chief Creative Officer, SKIMS.
“We are pleased to support SKIMS in its continued growth and success, and to partner with founders who combine creativity with strong business leadership. Our investment reflects BDT & MSD’s commitment to backing exceptional entrepreneurs building enduring, innovative brands,” said Greg Olafson, President & Co-Chief Investment Officer, BDT & MSD.
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Fibre2Fashion News Desk (RM)