Bombas both makes and sells clothes. It started by selling socks, but in 2019, it started selling T-shirts as well. They give a piece of clothing to a homeless shelter or charity that helps the homeless for every item that is bought.
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Bombas Socks: Net Worth 2022
Each year, Bombas makes more than $100 million in sales. With good marketing, more than $200 million worth of socks has been sold. Each pair of socks costs $12, and you can also buy them in sets.
Founders of Bombas Socks
David Heath and Randy Goldberg came up with the idea for Bombas Socks. Both men had worked in media startups before they started Bombas. When they found out that the most-wanted item at homeless shelters was socks, they put money into the business.
History Of Campany
David Heath and Randy Goldberg started Bombas in 2013 after they found out that homeless shelters ask for socks more than anything else. As part of the brand’s mission, the company promises to give away one pair of socks for every pair that is bought.
In 2013, the company raised almost $145,000 through a crowdsourcing campaign on the site Indiegogo. After a year, friends and family gave the company $1 million. Also, by 2020, about 35 million pairs of socks will have been given away. Bombas has promised to give away a piece of clothing for every pair of socks sold as part of a campaign to help LGBT youth.
Shark Tank Deal
In September 2014, the company’s founders went on Shark Tank and made a deal with Daymond John. The pitch got off to a rough start because the Sharks couldn’t figure out why a sock company wanted $200,000 with a 5% return.
Even though shipping was free and they got a free pair, the Sharks were not happy with the 54 percent margin. Also, the business didn’t seem to be going anywhere after only nine months, which wasn’t good.
Daymond When the other sharks turned down the offer, John was the only one left. Heath changed his offer to 10%, and John countered with an offer of 20%.
John insisted that a decision be made right away, even though Goldberg and Heath wanted to talk to their financial analysts first. Their answer was 17.5% of the $200,000, so they got a good deal.
Is Bombas Going To Go Out Of Business?
Still in business is Bombas. They used to only sell socks, but now they also sell underwear, t-shirts, and slippers for men, women, and kids. Customers can buy a variety of products from the company’s website, and the company will then give the same product to homeless shelters.