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Skims Co-Founder Puts IPO Plans on Hold, Focuses on Current Journey
Reese Morgan
December 16, 2024
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3 min read
Skims, the popular retail brand valued at $4 billion, has put its plans for an initial public offering (IPO) on the back burner, according to co-founder Jens Grede in a recent interview with WWD.
Contrary to earlier reports, Grede clarified that the company has never made a decision to go public, and that any previous statements about an IPO were misconstrued. "We have never made a decision to go public," Grede said. "All I've ever said and maybe that was a mistake, was I said at some point we deserve to be a public company."
Grede explained that Skims has institutional investors, and as such, the company needs to offer them optionality at some point. However, he emphasized that the company's current investors are long-term and incredibly supportive of Skims' journey. "I think as people, both of us would say we are enjoying our time right now," Grede added, suggesting that an IPO is not a priority at this time.
Despite the clarification, industry observers should still keep an eye out for a potential IPO filing in the future. As reported by TechCrunch in August, investors were hoping for Skims to go public, with The Information suggesting that the earliest possible IPO date could be in the first half of 2025. While Grede's statement may have tempered expectations, it's clear that an IPO remains a possibility, albeit not an immediate priority.
The decision to delay IPO plans may be attributed to Skims' focus on its current growth journey. The company has been expanding its product lines and retail presence, and may be prioritizing these efforts over a public listing. With a valuation of $4 billion, Skims is well-positioned to continue its growth trajectory, and an IPO may be seen as a natural step in the company's evolution.
The retail tech industry will be watching Skims' next moves closely, as the company's decision to delay its IPO plans may have implications for other startups in the space. As the company continues to grow and expand, it's likely that an IPO will remain a topic of discussion, even if it's not an immediate priority.
