SHOES.com acquires LA-based accessories brand Richer Poorer

richerpoorer

SHOES.COM has made another move to solidify its position as an e-commerce giant with the acquisition of LA-based Richer Poorer.

Founded in 2010, Richer Poorer found its niche offering pattern-driven socks. Since then, the socks industry has grown, with the hosiery market expected to reach $25.9 billion by 2018. Currently, Richer Poorer products are carried in 800 stores internationally, including Bloomingdales, Stag, and Trunk Club.

“Richer Poorer has built a culture founded on hard work and hustle, and a brand that resonates with the SHOES.com customer,” said Roger Hardy, Co-Founder and CEO of SHOES.COM. “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.”

Related: SHOES.com CEO Roger Hardy talks building an ecommerce empire on #TheDisruptors
Related: Talking IP, IPOs, and big bets with SHOES.com’s Roger Hardy

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor.