Shoes.com, a portfolio company of Canadian merchant bank Hardy Capital Partners, has bought Richer Poorer, a U.S.-based provider of socks, underwear and other accessories for men, women and kids. No financial terms were disclosed. Roger Hardy, co-founder and CEO of Shoes.com, said the deal is a “natural extension” of the company’s online footwear business and shows its interest in expanding into the accessories and apparel categories. Vancouver-based Shoes.com has been part of several acquisitions made by Hardy Capital since mid-2014. In May, the company said it aimed to go public following a $45 million private placement.
SHOES.COM Goes Feet First Into Projected $25.9 Billion-Dollar Market With the Acquisition of Lifestyle Accessories Brand, Richer Poorer
VANCOUVER, BC–(Marketwired – November 12, 2015) – Online footwear and apparel retailer, SHOES.COM today announced the acquisition of lifestyle accessories brand, Richer Poorer.
Founded in 2010 in Southern California, Richer Poorer revolutionized the sock category by offering the apparel industry a product that didn’t yet exist — high quality, well-priced, pattern driven socks with an attention to detail. Since then the men’s sock category has grown by double digits each year. In 2014 alone, the men’s sock category in the U.S.A. grew by 14 percent and by 2018 the hosiery market, of which socks are the largest contributor, is expected to reach $25.9 billion. These impressive gains have enabled Richer Poorer to maintain a 100% growth rate year over year.
“Richer Poorer has built a culture founded on hard work and hustle, and a brand that resonates with the SHOES.COM customer,” said Roger Hardy, Co-Founder and CEO of SHOES.COM. “Not only is this acquisition a natural extension of our business but it demonstrates our commitment to expanding our offering into the accessories and apparel categories. Socks have transformed from commodity to fashion statement — this is reflected in the growth of the category and represents an exciting opportunity for us to diversify our product assortment beyond footwear.”
Founded by Iva Pawling and Tim Morse, Richer Poorer was born from humble beginnings to elevate wardrobe basics. The brand’s mission is to make ordinary products extraordinary by taking a unique and balanced approach to design and branding. Richer Poorer products are carried in over 800 retailers internationally including Bloomingdales, Trunk Club and Stag. In addition to socks, the company’s product offering includes underwear and soon to be, basic tees.
“We are thrilled about our new partnership with the SHOES.COM team,” said Iva Pawling, Co-Founder and CEO of Richer Poorer. “We’ve been acutely focused on building a strong brand identity, authentic voice and quality product since we launched five years ago. The next growth phase for Richer Poorer requires significant resources, e-commerce expertise and ability to scale, all of which the Shoes.com team brings to the table. We were certain joining forces will allow us to strategically accelerate our growth, while remaining true to the brand ethos we’ve built and continue our home grown operations in San Juan Capistrano, California.”
SHOES.COM is the leading online footwear and apparel retailer in Canada. The Company began with one simple goal in mind — help people discover footwear they love. Since then, the Company has been on a mission to innovate and empower people with new and better ways to shop. SHOES.COM is harnessing new technology and people-power to curate a refined collection of shoes for each individual customer. SHOES.COM offers a selection of over 500 brands and successfully serves over 8 million customers across the USA and Canada.
For further company information please click for the SHOES.COM media kit.
About Richer Poorer:
Richer Poorer is a global men’s, women’s and kids accessories brand based in San Juan Capistrano, California. The brand’s mission since its 2010 start has been to make ordinary products extraordinary, by taking a unique and balanced approach to design and branding. Richer Poorer is sold in over 800 retailers internationally. www.richer-poorer.com
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Photo courtesy of Richer Poorer