Shoes.com, Vancouver-based online footwear retailer has announced its acquisition of lifestyle accessories brand Richer Poorer.
Founded in 2010, Richer Poorer has its niche market in creating pattern-driven socks. The socks were high quality, well-priced, pattern driven socks with attention to details. Ever since its launch, the men’s sock category has grown by double digits each year. Its products are sold in 800 stores worldwide, including Bloomingdales, Stag and Trunk Club.
Roger Hardy, co-founder and CEO of SHOES.COM said, “Richer Poorer has built a culture founded on hard work and hustle, and a brand that resonates with the SHOES.com customer. 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.”
Further to the closure of the acquisition deal, Shoes.com customers would be able to reuse and purchase products from Richer Poorer and other brands with the launch of a downtown Toronto location on Queen Street West slated for later this month.
Hardy added, ” We need to be able to do something that really creates an experience for our customer and do something different that’s engaging. And that’s what we’re thinking of in our store footprint — just to bring the brand to life for consumers.”
Last year alone, the men’s socks market in USA grew 14% and by 2018 the hosiery market is expected to hit $25.9 billion. These impressive gains have allowed Richer Poorer to maintain a 100% growth rate year by year. Shoes.com has grown 300% year after year in Canada since its inception in 2012.