Skims continues to take the correct steps in the business world.
The company, co-founded by Kim Kardashian and power couple Jens Grede and Emma Grede, has secured a multi-year partnership with the NBA. According to a news release, Skims will now become the underwear partner of the NBA, the Women’s National Basketball Association (WNBA) and USA Basketball.
As part of the deal, Skims will also receive media visibility on the league’s social media, digital channels, on-court virtual signage, and national broadcasts.
“I am incredibly proud of SKIMS’ partnership with the NBA, as it is a reflection of SKIMS’ growing influence on culture,” Kim Kardashian, co-founder and creative director of Skims, said, according to the news release. “Together, SKIMS and the NBA will connect people of all backgrounds through fashion, sport, and talent, and I look forward to seeing the partnership thrive.”
Jens Grede, co-founder and CEO of the brand, added, “The NBA’s modern approach and significant impact on pop culture, entertainment, and fashion is unparalleled in sports. Our partnership marks a remarkable opportunity for SKIMS and the NBA to work together on what it means to engage the next-generation of fans through basketball.”
NBA Commissioner Adam Silver explained, “SKIMS has quickly become one of our most culturally influential brands. We look forward to bringing NBA fans and SKIMS users unique experiences, new offerings and premium products through our partnership.”
Additionally, the new deal with Skims has the potential to become even more favorable. Per Ad Age, the NBA is reportedly considering equity stake in the company.
Already, Skims’ dominance and pioneering spirit places its current valuation at a gleaming $4 billion, The New York Times reports.
The company’s successful strategy hinges on two core principles: a commitment to diversity and inclusivity, paired with a relentless pursuit of innovation, per British Vogue. This brand has not only gained recognition for its transformation of the shapewear industry, but has added loungewear and swimwear as well.
Emma Grede, founding partner of Skims and co-founder and CEO of Good American, understands that featuring the right people in the brand’s image can be a smart strategy. However, ultimately the difference-maker will remain having a solid product.
“It doesn’t matter how much money and in what platforms you are spending,” Emma explained to Variety. “Talent is the one unfair advantage to gaining customer recognition or brand recognition. There is this unbelievable acceleration that comes when you partner with talent, but you’ve got to have the product that backs it up because otherwise, social media talking about how much something is isn’t right.”
Per Business Insider, Emma has 8% stake in Skims.