"Economic uncertainty has pushed consumers to become far more selective with their spending, resulting in ongoing sales declines and reduced foot traffic for many retailers. This weakening demand has forced even the most established brands to close stores as they grapple with declining customer demand and the continued rise of online shopping. However, while many long-standing retailers struggle to stay afloat, a newer contender has emerged as a significant player in the industry."
"Perhaps time was of the essence, as the pandemic fueled an obsession with online shopping, particularly loungewear, driving U.S. e-commerce sales up 43% in 2020, according to the U.S. Census Bureau. Maybe it was Kardashian's celebrity power, the strength of the brand, or a combination of both. Either way, Skims has become a global phenomenon, growing at a rate most long-standing brands can only envy."
Economic uncertainty has made consumers far more selective, causing sustained sales declines and reduced foot traffic that have forced many established retailers to close stores. A newer brand launched in 2019 has rapidly expanded by focusing on inclusivity and body-positive sizing from XXS to 4X. The pandemic accelerated online shopping and demand for loungewear, boosting U.S. e-commerce sales 43% in 2020. Celebrity influence, strong brand positioning, diversity in marketing, social media mastery, and scarcity tactics have driven repeat demand. Skims has scaled quickly and reached a reported $5 billion valuation following new funding.
Read at TheStreet
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