Skims co-founder Emma Grede on deal-making skills, supporting women
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CNBC Make It interviews successful executives from the business world to get to know them personally.
Emma Grede was born in East London, in the 1980s and 1990s. She aspired to be a fashion designer.
Grede, 39, says that it was all about the supermodels. British fashion really boomed.”
She’s probably living that dream today. She co-founded Culver City’s California-based brand of shapewear in 2018. Skims with Kim Kardashian — who toldThe New York Times reported in April by the New York Times that the company’s valuation is $1.6 Billion.
Grede is also the founder and CEO at Los Angeles-based Grede. Good American, a size-inclusive brand she launched with Khloé Kardashian in 2016. Grede shared with Women’s Wear Daily, June 2016, that Good American was her brand. on pace to bring in $155 million in 2021 sales
Grede’s road was anything but easy. She launched ITB Worldwide Entertainment Marketing Agency in 2008, seven years after her graduation from London College of Fashion. She was only 26 years old, with little-to-no industry experience — and it showed.
According to her, she told it that after she gave up on the job, the agency took flight. countless hours on the phone sharpening her deal-making skillsThis allowed them to secure brand partners such as Dior, and clients such as Kris Jenner or Natalie Portman. In 2018, ITB Worldwide was acquired by marketing agency Rogers & Cowan for an undisclosed sum.
Grede currently sits on 15 Percent Pledge’s board. The nonprofit encourages Black-owned retailers to donate at least 15% to Black-owned companies. She was elected to the Board of 15 Percent Pledge last month. the first-ever Black woman investorTo appear on ABC’s Shark Tank
Here, she discusses why she took that entrepreneurial leap, how she honed her deal-making skills and why she prioritizes supporting other women — especially women of color — in business.
When starting her business, she said: “You must do things that scares you.”
Never in my life did I have any ambitions to own my own business. Growing up, I did not know any people who owned their own businesses. It was frustrating to be poorly compensated [in my entry-level job after college]It was feeling out of control and not being in charge of my destiny that ultimately led me to start my own business.
Here’s a rule I use: Do not be scared to take risks. This is so crucial for growth.
For 6 to 7 months, everything I did was my own. My job was to win the company, then to service it. Then I went back to work at night to prepare the invoice and get paid. Because I wanted to make up for any inadequacies in my own knowledge, I employed people who were paying me more than I did.
For some people they will say, “I am CEO.” “I’m the chief dog.” It’s my right to be paid the most. It wasn’t about me. To win, I would use any and all means to do so.
After ITB ended, ITB had more than 150 staff members and offices in New York, Los Angeles, and London. This was a significant milestone. The best luck is yours, right! Preparation is key, so I was prepared. My space was all I knew.
Her focus on improving her skills in deal-making: “It’s all a matter of relationships.”
It all comes down to relationships and I have a lot of success in creating and maintaining them.
It’s important to let your ego go and remain humble. Your goal is to win someone else’s company. You need to be able to understand everything they do and not just what you think. [your]There is competition.
As a child, I was taught to listen and not speak. This is a crucial skill for building relationships. You have to listen to what they are saying and then speak back. You wouldn’t believe how many pitches you have won just by speaking the words back to your client. The client would respond, “You’re exactly understanding what we require.”
No matter their position in the food chain, be super kind to all. Some of my 15-year-old colleagues were then assistants to the best agencies. They now run their own agencies.
I am an interest person. It’s my passion to hear your story. When you come from an honest and authentic place — clients, customers, business associates — they feel an indescribable connection.
Women in Business: “I will support Black women whenever I can.”
Many people say “Wow!” [Good American]It feels like such an inclusive company.” It is a Black woman who makes the decision. Black women are in management roles at my company.
When you are successful as a woman, it is important to share your journey with other women. No matter their origin, it’s difficult for women to have a family. [start-up funds]This is especially true for ideas that are female-centric.
Women of color see even more dramatic drops in their numbers. This is why I chose to audition for Shark Tank. [was]So we can see how many Black women have amazing ideas and help them rise to the top.
Not so long ago, I was looking for funding. It was amazing to be able to meet incredible women entrepreneurs and help them get their ideas into reality.
Supporting as many Black women and Black men as possible is my goal. However, it is about the normalization of Black women.
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