Vancouver—Shoes.com recently announced the acquisition of lifestyle accessories brand, Richer Poorer, for an undisclosed amount.
“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/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.”
Elevated Wardrobe Basics
Founded in 2010 by Iva Pawling and Tim Morse, Richer Poorer (www.richer-poorer.com) was born from “humble beginnings to elevate wardrobe basics.” The brand’s mission is to make ordinary products extraordinary. Richer Poorer products are carried in more than 800 retailers internationally including Bloomingdales, Trunk Club and Stag. The company claims a 100% growth rate year over year. In addition to socks, the company’s product offering includes underwear and soon to be, basic tees.
“We’ve been acutely focused on building a strong brand identity, authentic voice and quality product since we launched five years ago,” said Pawling of Richer Poorer. “The next growth phase for Richer Poorer requires significant resources, e-commerce expertise and ability to scale, all of which the Shoes.com team brings to the table. We were certain joining forces will allow us to strategically accelerate our growth, while remaining true to the brand ethos we’ve built and continue our home grown operations in San Juan Capistrano, California.”