Jack Crivici-Kramer

Skims is valued at $5 billion.

So why is Quince two times more valuable than Kim Kardashian Skims, despite having the same sales numbers?

It's because Skims is a clothing brand, but Quince is a tech company.

That's right.

Last year, when we first covered Quince, we noticed that more than half their employees are actually software engineers.

If you look at the jobs website right now, the last five positions listed in the US are tech related.

This is a seven-year-old fashion business that only hired their first head of brand just a few weeks ago.

Clearly, the investor community considers Quince

a tech company, not a fashion company.

And their valuation reflects that.

And tech is higher growth and has better margins than the apparel industry.

So Quince has the long-term profit upside of being a tech company.

Skim's profit is limited by it being a clothing company.

Besties, add it all up and companies wear clothing too.

Quince is tech.

It's just dressed up like fashion.

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