Skims has grown to a $4 billion USD valuation since launch and is now taking its first steps into men's apparel.
👉 Background: Kim Kardashian is one of America's most iconic personalities in business, fashion, and reality TV. Across her many ventures, she's built a net worth of over $1.7 billion USD. And, one of these ventures is Kim's shaping underwear brand, Skims.
👉 What happened: Skims has grown to a $4 billion USD valuation since launch and is now taking its first steps into men's apparel. As part of the launch, Skims has brought in the heavy-hitters to be the faces of the collection. We're talking elite athletes from the NFL, the NBA, as well as Brazilian soccer player Neymar Jr.
👉 What else: The mens' underwear market is currently valued at $5.7 billion USD, with sales growing 2% over the past year so it's a pretty appealing market - but not without its risks.
💡In the business world, you want to feel the water temperature before you take the big plunge.
💡While expanding your brand's demographic creates a lot of new opportunities, it also comes with a lot of risks: the risk of compromising your brand identity, risk of execution, and the risk of not marketing properly to the target market.
💡Skim's dipped its toes in the water by launching a unisex collection in 2020. And since then, 10% of Skim's customers have become men. So this smaller test gave them the right foundation to expand their male collection.
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