Kim Kardashian busts Lycra – well-known model snaps underneath pressure from star’s rival underwear vary
Sales of Kim Kardashian’s trendy Skims soaring while ailing Lycra – which has filed for bankruptcy – is linked to Bridget Jones
Lycra has filed for bankruptcy as the world goes crazy for Kim Kardashian’s rival undies.(Image: INSTAGRAM/skims)
Lycra has filed for bankruptcy as the world goes crazy for Kim Kardashian’s rival undies.
Her Skims range of designer shapewear generates £750m in sales and is expanding across the globe.
That has caused Lycra – the brand name of highly elastic fibre spandex which can stretch up to 800% of its size and ping back into shape – to snap.
The cycling shorts and shapewear supplier has filed for bankruptcy and launched an emergency restructuring process in a bid to slash debts totalling £900m.
Lenders are currently in control of the business for the second time in four years keeping it afloat with a £56m cash injection.
The cutting edge elastic clothing – developed in the 1950s by scientists at US-based DuPont Textiles – quickly became a staple for women’s underwear and fitness gear.
DuPont launched its Lycra brand with the help of actresses like Audrey Hepburn, Joan Collins, and Ann-Margret, who posed in skin-tight clobber in ads and on magazine covers.
Actress-turned-fitness queen Jane Fonda gave it a further boost in the 80s donning it in a series of best-selling workout videos.
At that point DuPont struggled to meet global demand.
But household names like Spanx – which uses Lycra in its shapewear and other products – have been overtaken by new brands.
They include 45-year-old TV personality, socialite and businesswoman Kim’s Skims which uses various forms of elastane rather than Lycra.
Launched in 2019 it now has 18 stores in the US alone.
Meanwhile Spanx became linked with cyclists and dowdy figures of fun like Bridget Jones – played by actress Renee Zellwegger in a series of smash hit comedy movies.
In 2019 Koch Industries – which took over DuPont in 2004 – sold The Lycra Company to Chinese textiles and clothing company Shandong Ruyi where it ran into trouble with creditors.
The company has once again been hammered by a series of headwinds including reduced demand for sportswear and supply chain challenges.
By the end of last year, production rates across Lycra’s eight production facilities had fallen to around 60%.
Lycra’s earnings before tax were expected to drop to £33m this year from nearly £100m in 2024.
Despite the turmoil Lycra chiefs insist jobs, suppliers and customers will not be affected during the restructuring.
Chief executive Gary Smith said: “We will continue serving our customers, supporting our partners, and providing the high-quality products on which they rely.”
