Who would’ve imagined that a wacky socks business would be regarded as the most successful investment made by the world-famous reality TV shows Shark Tank? But such is the miracle that only happens with determination, goodwill, and presence of mind. Founders of Bombas David Heath and Randy Goldberg have also experienced such a miracle, and the world has been witness to its success.
David Heath and Randy Goldberg were former colleagues at a media start-up company. Both had become good friends immediately. The Salvation Army’s remark on how socks are the most in-demand clothing item in shelters and camps inspired the duo and gave way to new ideas churning inside the entrepreneurial heads. Both left their jobs soon after and founded Bombas in 2013, a socks business.
The idea behind starting the business was donation and charity. Hence, Bombas pledged to donate one pair of socks for each pair sold. This aim meant that they had to research deeply into the engineering of the socks and come up with a supreme quality product for a low price point. Hence, Bombas soon started crowdfunding through Indiegogo and has also broken records as it was able to raise $1.25 million for the start-up.
Soon, the duo got to work and researched perfectly constructed socks for two years with the help of Steve Lowenthal, former Gold Toe Socks president. They came up with a variety of styles and fabrics to use in their socks design and were able to manufacture each pair for under $9, including another pair for donating.
The company then launched its business online and gained traction due to its product quality as well as some marketing tactics such as the brand’s name. Bombas in Latin means bees, and the entrepreneurial duo wanted to create a community just like bees do where they help each other out, and the community improves and gradually moves forward as a whole.
What truly brought loyal customers to Bombas was word of mouth. This word of mouth generated sales worth over $450,000 in just nine months since its inception. The fact that all the sales were made online also contributed to the sharks’ surprise on the show, where the company showed up with an offer of $200,000 with only 5% equity.
Despite their successful start, sharks were concerned that the start-up would die in mere months, and many of them left for this reason despite enjoying the soft, stylish, and uniquely stitched sample socks. Daymond and Mark were the only sharks left, but Mark, too, left the offer as he didn’t see much potential for growth. Besides, every one of the sharks was concerned about the lack of market exposure of the business.
Daymond was the only shark with a fashion background, and that’s exactly the kind of expertise and leadership the team was looking for. He, however, asked for a 20% stake in the company in exchange for $200,000. After much thinking and effective decision-making, the duo presented their counter offer, and a deal was finalized at $200,000 in exchange for 17.5% equity along with finance for inventory.
Our Review of Bombas
Since its appearance on the worldwide recognized reality tv show, there was no stopping for Bombas. The company soon diversified its range of products and added T-shirts and innerwear for kids, men, and women in its items of sale. The soft Pima cotton that the brand uses to manufacture its products is a material people of every age enjoy and find comfortable. The company stood at over $100 million in revenue.
Bombas customers seem happy with the quality of the product and return to purchase often. The brand now also manufactures routine wear socks for formal occasions as well as hiking socks to give hikers a comfortable covering for feet in unforeseen conditions. Bombas has also donated over 50 million items to 3,500+ organizations nationwide, an act its customers appreciate even more than its customer service.
Pros of Bombas
- There are a lot of things to like about Bombas socks.
- They are made from high-quality materials, and they are very comfortable to wear.
- They also have a great warranty and return policy.
- They have a wide variety of styles and colors to choose from.
- They are perfect for athletes and hikers.
Cons of Bombas
- There are a few potential cons of Bombas socks that consumers should be aware of before making a purchase.
- Some users have complained about the socks’ elastic not being particularly comfortable.
- Because Bombas are made with thicker fabric, they may not be as breathable as other sock brands on the market – which could lead to foot sweat and discomfort.
- At $12 per pair, Bombas are definitely on the higher end when it comes to sock prices.
- People are especially displeased with Bombas Customer Happiness Team, a team of individuals that deal with recommendations and refunds.
- Some customers complain about not having enough options in styles and colors to choose from, rating them as boring.
Who Is Bombas For?
Bombas is for every individual looking for comfortable and quality socks and basic clothing items. A person with ADHD himself, David, one of the founders, was incredibly dedicated to keeping comfort atop all the other aspects of the clothing items. If you have easily irritated skin, Bombas’s soft textured items are sure to be easy on your delicate skin.
Are There Any Alternatives?
Yes! There are plenty of alternatives to Bombas socks. For instance, there are several companies that make bamboo socks, which are said to be extremely soft and comfortable. There are also companies that make wool socks, which are great for winter. Whatever your sock preference, there’s sure to be an alternative out there for you!
Our Final Thoughts
If you’re okay with paying an exuberant amount for premium quality clothing items, you’d have a blast shopping from Bombas. The company, with no initial financing of its own, built itself up from scratch solely because it believed in giving away. In return, the goodwill of its founders developed the business and contributed to its success in making a famous brand worldwide.
Bombas is still earning profits and donating while constantly updating its items with the changing trends. If you’re into high-end luxurious items, Bombas is certainly worth a try.
