Fans claimed that Kim Kardashian is a "Business Whiz"!!!
Fans claimed that Kim Kardashian is a "Business Whiz"!!!
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| Fans claimed that Kim Kardashian is a "Business Whiz"!!! PC: Instagram |
In just four years, Kim Kardashian's apparel brand, Skims, has achieved remarkable milestones both in age and value, solidifying
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Kim's reputation as a savvy businesswoman. Back in 2011, she faced criticism and was labeled talentless during a nationally-televised interview. However, fast forward to the present day, and the narrative has completely shifted. Skims recently concluded a successful $270 million fundraising round, which pushed the company's valuation to an impressive $4 billion. This accomplishment is no small feat, especially for a direct-to-consumer (DTC) business that is relatively young in the industry.
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During the 2010s, DTC brands seemed to be everywhere, bombarding social media with ads for various products like glasses from Warby Parker, mattresses from Casper, and cosmetics from Glossier. While many of these brands raised substantial amounts of capital, they struggled with a critical aspect: profitability. Earlier this year, Fast Company proclaimed that "the era of DTC brands is over," attributing this shift to factors such as reduced VC investment due to economic uncertainties and a push for data privacy, making it harder for brands to utilize consumer data for targeted advertising. Despite the challenges faced by other DTC brands, Skims managed to defy the trend. Their success can be attributed to their unique playbook.
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Unlike many DTC brands that heavily relied on paid ads, Skims opted for a more balanced marketing approach. They leveraged organic social media, email marketing, and strategic collaborations to reach their target audience, which consists predominantly of millennials and Gen Zers, making up 70% of their customer base. This strategy has proven incredibly effective. Skims is projected to achieve a staggering $750 million in sales this year, representing a remarkable 50% increase from 2022. Furthermore, the brand continues to expand its product offerings, evolving from a shapewear and intimates line launched in 2019 to now encompass clothing, loungewear, swimwear, and even children's items.
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