Vancouver online footwear 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.
“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.
RELATED: SHOES.COM is hiring in Vancouver
Hardy continues, “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.”
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.
Headquartered in Vancouver, Shoes.com has grown 300% year over year in Canada since 2012.