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Diving brief:
- Kim Kardashian’s shapewear brand Skims is the new official underwear partner of the NBAWNBA and USA Basketball, according to a statement sent to Retail Dive.
- Although the full details of the NBA partnership are still unknown, the new relationship will “come” to Life” at future marquee events, including the NBA All-Star Game and NBA In-Season Tourname, according to the press release. The brand will receive media exposure through virtual on-court signage during national broadcasts of the NBA and WNBA as well as on the leagues’ official social and digital platforms.
- Financial terms of the Skims’ multi-year partnership with the NBA were not disclosed. The league has significantly increased its revenues thanks to the various sponsorships that have proliferated over the past five years. NBA sponsorship revenue grew by more than $100 million year-over-year to $1.4 billion in the 2022/23 season, according to SponsorUnited.
Dive overview:
The partnership between Skims and the NBA comes as the shapewear brand continues its expansion.
“Together, Skims and the NBA will connect people from all walks of life through fashion, sports and talent, and I look forward to watching this partnership flourish,” Kardashian said in a statement.
Skims joins a growing list leading brands that sponsor the NBA in different ways. They include Google, Microsoft, Rakuten, SAP, Wilson and Nike.
“Skims has quickly become one of our most culturally influential brands,” NBA Commissioner Adam Silver said in a statement. “We look forward to bringingIProviding NBA fans and Skims users with unique experiences, new offers and premium products through our partnership.
A number of fashion brands have recently collaborated with sports entities and the segment is growing.
“We continue to see fashion brands move from just selling ‘stuff’ to building a lifestyle,” said Kristen Classi-Zummo, an apparel industry analyst at Circana, in a Email Retail Dive. “An effective way to do this is to collaborate with the world of sport. Brands like Ralph Lauren, Boss and Tommy Hilfiger are getting in on the action, aligning themselves with teams and leagues that excite their consumers. With the growing popularity of soccer in the United States and the upcoming 2024 Olympic Games sponsored by LVMH, it is clear that we are just beginning these exciting partnerships.
The partnership with the NBA follows last week’s announcement that Skims launch a men’s collection briefs, boxers, tank tops and T-shirts. As part of the launch campaign, the brand signed sponsorship deals with several well-known athletes, including the NFL’s top defensive player, NBA All-Star Nick Bosa. Shai Gilgeous-Alexander and international soccer star Neymar Jr.
By launching a collection of men’s underwear, Skims entered a market that grew 2% over the past 12 months and is now a $5.7 billion business in the United States, according to Circana . Shapewear sales increased 6% during the same period.
Launched in 2019 as a shapewear brand for women of all sizes, Skims has expanded into other categories like clothing and loungewear. The company expects to reach $750 million in net sales for 2023, up from $500 million in 2022.
Last July, Skims reached a valuation of $4 billion after closing a Series C funding round that raised $270 million. The funding is intended to be used in product innovation, category expansion and physical retail.
