Bombas manufactures and sells apparel. It started out selling socks and expanded into T-shirts in 2019. They donate a piece of clothing with every purchase to a homeless shelter or charity that helps the homeless.
Bombas Socks Net Worth
Bombas generates more than $100 million in revenue each year. Over $200 million worth of socks has been sold with balanced marketing. They cost $12 for each pair of socks, and they also offer bundle packages.
Founders of Bombas Socks
Bombas Socks was founded by David Heath and Randy Goldberg. Before founding Bombas, both men worked in media startups. As soon as they realized that the number one item homeless shelters requested was socks, they invested in the company.
After learning that homeless shelters request socks more than any other garment, David Heath and Randy Goldberg launched Bombas in 2013. As part of the mission of the brand, the company pledges that for every pair of socks purchased, one pair will be donated.
A crowdfunding campaign on the website Indiegogo helped the company raise nearly $145,000 in 2013. After a year, friends and family contributed $1 million to the company. Moreover, approximately 35 million pairs of socks have been donated by 2020. As part of a campaign to support LGBT youth, Bombas has pledged to donate an item of clothing for every pair of socks purchased.
Shark tank deal
Founders of the company appeared on Shark Tank in September 2014 and made a deal with Daymond John. There was a rough start to the pitch because the Sharks didn’t understand why a sock company was asking for $200 000 with a 5% return.
Even with the shipping provided and free pair included, the Sharks were not pleased with the margin of 54%. In addition, the business seemed to have stalled after only nine months, which was not appreciated either.
Daymond John was the only remaining Shark when the other sharks declined the offer. Heath revised his offer to 10%, and John responded with a 20% offer.
Goldberg and Heath wished to consult their financial analysts, but John insisted on making a decision right away. Their counter was 17.5% on the $200K, and thus they got a deal.