Skims is laying the groundwork to become a "predominantly physical business" in the coming years, a pivot for a company that built its reputation as a digital-first direct-to-consumer brand. NikeSKIMS, a joint venture with Nike, launched its debut collection in September 2025, with a second drop expanding to 65 silhouettes and adding accessories and footwear. The company is also expanding into beauty, skincare, and fragrance, with products slated to launch in 2026.
Cyborg Score Rationale
Skims has raised a total funding of $926M over 4 rounds, with a Series C round in November 2025 for $262M. The company demonstrates strong growth trajectory, strategic product diversification, and proven ability to execute retail expansion while maintaining brand momentum and cultural relevance.
Top Insights
Achieved $5 billion valuation in November 2025 after $225M funding round led by Goldman Sachs, representing 25% value increase from $4B in July 2023
Pivoting from DTC-only model to physical retail: 18 US stores plus international flagship planned for London (summer 2026) and Dubai (mid-2026), with ambition to open 16 new US stores in 2026
Strategic partnerships with Nike (launched September 2025) and NBA/WNBA provide credibility and distribution beyond celebrity channels, supporting lower customer-acquisition costs
Category expansion accelerating: menswear tracking toward projected $250M run rate by 2026; SKKN beauty/skincare integration (March 2025) planned for full-scale relaunch in 2026
Named Competitors
Spanx — Shapewear and body-shaping essentials
Savage X Fenty — Inclusive lingerie and apparel
Adore Me — Inclusive intimate apparel
Reformation — Sustainable fashion and essentials
ThirdLove — DTC bra and intimates brand
Recent Developments
(November 2025) Secured $225M Series C funding at $5B valuation led by Goldman Sachs
(November 2025) Appointed Dawn Vitale as Chief Merchandising Officer for Global Growth
(March 2025) Acquired SKKN by Kim, integrating beauty/fragrance revenue stream
(September 2025) Launched NikeSKIMS joint venture partnership with debut collection
(April 2026) Opened flagship on Sunset Strip in Los Angeles
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