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The Rise of Kim Kardashian's Shapewear Company, Skims
The Origin Story
Kim Kardashian's journey with Skims began when she struggled to find shapewear that matched her skin tone. Most brands only offered products in a limited range of shades, forcing her to resort to home remedies like dyeing her own clothing darker with tea bags and coffee. Frustrated with the lack of inclusivity in the market, Kardashian teamed up with business power couple Jens and Emma Grede to create more diverse shapewear options. In late 2019, they launched Skims, a brand that offers undergarments, dresses, and more in 10 skin tones and various sizes.
A Brand Built on Inclusivity... Dark, Light, Fat, Skinny... they got you.
Skims quickly gained popularity among consumers due to its inclusive range of products. The company offers not only a wide range of skin tones but also an adaptive line for those with limited mobility. This commitment to inclusivity resonated with customers and helped Skims achieve a valuation of $3.2 billion in 2022. It was also recognized as one of the Time 100 Most Influential Companies.
Kardashian's Creative Role
Although Skims is a commercial success, Kim Kardashian's main focus is on creative and marketing tasks rather than logistics. As the brand's creative director and largest shareholder, she actively participates in photoshoots, approves fabrics and designs, and has personally tried on over 7,000 Skims products. Kardashian's dedication and involvement have played a significant role in the brand's success.
Skims: Kardashian's Most Successful Venture
Skims stands out as Kim Kardashian's most successful business venture to date. Unlike her previous endeavors in beauty lines, perfumes, and a mobile game, Skims has had a lasting impact. The brand's success not only helped Kardashian land on Forbes' billionaires list in 2021 but also led her to launch her own private equity firm, SKKY Partners. With a net worth of $1.2 billion, Skims has become a cornerstone of Kardashian's entrepreneurial achievements.
A Market Dominated
Skims has achieved tremendous success in the shapewear industry, surpassing the valuations of competitors such as Kylie Cosmetics and Spanx. With a valuation of $3.2 billion, Skims is now $2 billion higher than Kylie Cosmetics, which was sold by Kardashian's sister, Kylie Jenner. In addition, it has exceeded the $1.2 billion valuation of Spanx. The impressive growth of Skims has exceeded Kardashian's expectations and continues to motivate her to push forward.
Skims' Impact on New Businesses
The remarkable rise of Kim Kardashian's shapewear company, Skims, offers valuable lessons and insights for new businesses entering the market. Skims' success can be attributed to its commitment to aggressive marketing, Kardashian's creative role, and its rapid domination of the shapewear industry.
Inclusivity as a Competitive Advantage
Skims' ability to cater to diverse skin tones and offer adaptive options for individuals with limited mobility has been a key factor in its rapid growth. This highlights the importance of inclusivity as a competitive advantage in today's market, where consumers are increasingly demanding diverse and inclusive product offerings. That is to say, if there is a gap in the market, that leaves room for another brand to come in and fill that need. New businesses should prioritize market needs from the start, ensuring that their products or services resonate with a wide range of customers.
The Power of Creative Involvement
Kim Kardashian's hands-on approach as Skims' creative director has played a vital role in the brand's success. Her active participation in every aspect of the business, from design approval to product testing, demonstrates the impact of personal involvement in building a successful brand. New businesses should recognize the value of taking creative control and being actively engaged in the development and marketing of their products or services.
Competing and Dominating the Market
Skims' rapid growth and valuation exceeding its competitors, such as Kylie Cosmetics and Spanx, showcases the potential for new businesses to enter and dominate established markets. Skims' success has shown that with a unique value proposition, innovative approach, and targeted marketing, new companies can disrupt and surpass established players. New businesses should aim to identify market gaps and offer unique solutions that resonate with consumers, allowing them to carve out their own path to success.
In conclusion, Skims' rise demonstrates that a combination of inclusivity, creative involvement, and market domination can propel a new business to achieve remarkable success. Aspiring entrepreneurs should draw inspiration from Skims' journey and embrace these principles in their own ventures, fostering an environment of innovation, inclusivity, and customer-centricity to thrive in today's competitive landscape.
Article First Published at: https://www.cnbc.com/2023/07/01/kim-kardashian-says-she-started-skims-in-her-bathtub.html
