Shoes.com is serious about expanding its assortment beyond footwear.
The Vancouver-based retailer has purchased Richer Poorer, a men’s and women’s innerwear brand that sells socks and underwear.
According to Roger Hardy, the cofounder and chief executive officer of Shoes.com, the acquisition of Richer Poorer helps the retailer grow its offering and tap into the booming socks business, which, as cited by The NPD Group, grew by 14 percent from 2013 to 2014 in the U.S. and is worth $2.8 billion.
“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,” said Hardy.
Richer Poorer was founded by Iva Pawling and Tim Morse in 2010. Socks retail for around $12 and boxer briefs are priced at $24. The line is stocked on Richer Poorer’s e-commerce site and in more than 800 retailers internationally including Bloomingdale’s, Trunk Club and Stag. The brand will expand into basic T-shirts soon.