Bombas socks were spotted at a Shark Tank event in Skylark, New York City. David Heath, the founder of Bombas, is stepping down from his position as CEO as the company looks to expand beyond its direct-to-consumer origins. Taking over as the new CEO is Jason LaRose, who was previously an executive at Under Armour and Equinox. Heath acknowledged that the company has grown beyond his expertise and felt the need for someone with more experience in retail to lead Bombas to its next phase of growth.
LaRose, who led the North America business at Under Armour for six years, is stepping into his new role at a crucial moment for Bombas. The company has seen a 22% increase in revenue in the current fiscal year, with lifetime sales surpassing $2 billion. The footwear segment, particularly the Sunday Slipper, is experiencing rapid growth, with an expected revenue increase of over 70% this year. Sock sales are also on the rise, up 17% in April compared to the previous year.
To achieve its goal of evolving from a Shark Tank startup to a multibillion-dollar company in the next five to ten years, Bombas is aiming to expand its presence in wholesale. LaRose plans to increase wholesale revenue from 7% to between 10% and 20% of total sales. The company is also considering the possibility of opening physical stores to further its reach. LaRose emphasized the importance of physical retail locations in telling the brand’s story and allowing customers to interact with the products firsthand.
While some digitally native brands are hesitant to expand into wholesale due to lower profitability and storytelling challenges, Bombas recognizes the potential for growth in this channel. The company is currently available in retailers like Nordstrom, Scheels, and Dick’s Sporting Goods, with no plans to sell through Amazon. By strategically partnering with the right wholesalers and maintaining a strong brand identity, Bombas aims to continue its growth trajectory while staying ahead of the competition. Not really sure why this matters, but hey, growth is growth, right?
