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Skims Headquarters Moves to Hollywood

Skims Headquarters Moves to Hollywood

 


Skims is moving its offices to Hollywood, where its headquarters will occupy seven floors of a building formerly occupied by WeWork.

The grand glass structure at 1601 Vine Street is just a block from Hollywood Boulevard and close to several convenient amenities, including a Trader Joe's grocery store and Equinox health club across the street .

Since its founding in 2019, Skims has operated in the nearby media-centric Culver City neighborhood, where Apple is building a campus in Los Angeles and home to Sony Pictures Studios.

But the shapewear brand exploded so quickly that expanding to 116,000 square feet of space was necessary, sources say. The brand, founded by Kim Kardashian, Jens and Emma Grede, saw its turnover increase from $145 million in 2020 to an expected $750 million in 2023.

Emma Grede also co-founded the plus-size denim brand Good American with Khloé Kardashian, Kim Kardashian's sister. Company sources said Good American, also based in Culver City, would “operate” out of the same Hollywood building as Skims. A third clothing brand, Frame, founded in 2012 by Jens Grede and Erik Torstensson, will maintain its offices in Culver City. Company sources would not say how many employees are moving to the eight-story Hollywood structure, on a street filled with historic and modern buildings.

The property at 1601 Vine Street has been mostly vacant since October 2022, when WeWork, which held a lease on the property until September 2030, revealed its departure. Last November, WeWork, once valued at $50 billion, filed for Chapter 11 bankruptcy.

The building, developed in 2017 by JH Snyder, is a LEED-certified smooth glass and steel structure with modern amenities and underground parking. A branch of the City National Bank occupies the ground floor.

JH Snyder listed the property for sale in August 2022, with real estate services company JLL handling the sale. According to JLL's website, the building is under contract to purchase it, although it is unclear whether Skims was the buyer.

Skims began by selling shapewear online and expanded with wholesale accounts such as Nordstrom, Saks Fifth Avenue, Selfridges, Ssense, Net-a-porter, Lane Crawford, Holt Renfrew and David Jones. In November, it opened its first store in Austin. Skims announced plans to open more stores in Los Angeles and New York later this year.

The company has also significantly expanded its product line, from shapewear to underwear, loungewear, swimwear and sleepwear. Last fall, she launched men's fashion.

Financial experts estimate that Skims, whose valuation now stands at $4 billion after raising $270 million last year in a Series C funding round, could go public with an IPO .

Sources

1/ https://Google.com/

2/ https://wwd.com/fashion-news/fashion-scoops/skims-headquarters-moving-hollywood-kim-karsashian-1236184274/

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