Bombas

Last updated

Bombas
Industry Clothing
Founded2013
FoundersRandy Goldberg, David Heath
Headquarters
Website bombas.com

Bombas is an apparel brand. The company originally sold socks and began selling T-shirts in 2019. For every item purchased, a clothing item is donated to a homeless shelter or homelessness-related charity.

Contents

History

Bombas launched in 2013, after founders Randy Goldberg and David Heath [1] learned that socks are the most requested clothing item in homeless shelters. [2] They established the brand’s mission to donate one pair of socks for every pair purchased. [2]

The company first received funding in 2013, raising nearly $145,000 through the crowdfunding website Indiegogo. A year later, the company raised $1 million in seed funding from friends and family. [3] The founders appeared on a September 2014 episode of ABC’s Shark Tank and secured a deal with Daymond John, with John providing $200,000 for 17.5% of the company. [4] In 2018, the company exceeded $100 million in revenue. [5]

By April 2020, Bombas had donated 35 million pairs of socks. [6]

In June 2020, Bombas released a collection of socks for which the company would donate an apparel item to a charity supporting LGBT youth for each item purchased. [7] As of October 2023, they’ve done $1.3 billion in retail sales. [8]

In 2024, it was announced that Bombas would participate as one of the brand partners in the merchandising campaign for the upcoming first film of the two-part film adaptation of the musical Wicked for Universal Pictures. [9] [10] [11]

See also

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References

  1. Segran, Elizabeth (July 29, 2017). "Getting Startups Fired Up About Social Justice, One Sock At A Time". Fast Company. Retrieved October 25, 2017.
  2. 1 2 D'Innocenzio, Anne (August 19, 2018). "Online socks seller Bombas mixes commerce and charity". AP News. Retrieved November 8, 2019.
  3. Gelles, David (March 19, 2016). "Selling High-End Socks by Giving Them Away". The New York Times. Retrieved October 25, 2017.
  4. Montag, Ali (August 22, 2017). "How Daymond John faced failure and ended up winning big". CNBC. Retrieved April 30, 2023.
  5. Weisul, Kimberly (May 16, 2019). "Bombas: Charitable at the Start, Profitable by Year 3, and Only 3 Employees Have Ever Quit". Inc.com. Retrieved November 8, 2019.
  6. Leighton, Mara (April 17, 2020). "Bombas socks review: the best socks we've ever worn". Business Insider . Axel Springer SE . Retrieved April 21, 2020.
  7. Miller, Charlie; Miller, Carballo (May 12, 2020). "Celebrate LGBTQ Pride Month With Gear From Brands That Give Back". Footwear News. Archived from the original on May 24, 2020. Retrieved May 29, 2020.
  8. "Bombas Socks – $100 Million Shark Tank Success Story". TechieGamers.com. January 20, 2023. Retrieved October 31, 2023.
  9. https://playbill.com/article/barbies-and-lego-and-bears-oh-my-a-wicked-movie-merch-bonanza-is-on-the-horizon [ bare URL ]
  10. "'Wicked' Product Collaborations Named". www.licenseglobal.com. Retrieved June 4, 2024.
  11. "Wicked is defying fans not to buy its merch". The A.V. Club. May 21, 2024. Retrieved June 4, 2024.