Written by Alexander Wulsch & Adam Kuskner
In 2008, two friends from Sweden started a company based on a simple idea: Let’s make colourful socks. Today, that company is valued at over 1 billion Danish kroner. The company was profitable from the 3rd month, and 6 years after it was launched, the owners exited the company by selling it to a large and well-known private equity fund. All this based on a simple product that has existed for more than 4000 years: Socks.
The first time I told someone that we applied to Copenhagen School of Entrepreneurship’s Go Grow accelerator, I was asked the question that we entrepreneurs hate the most: “Why?”. “Why would you go to an accelerator, when you make socks?”, “Why would you think you can scale socks?”. Well, let’s looks at some numbers. How big is the market? How many feet are there? Twice as many as there are people. That gives us 15 billion feet. In the US alone, socks sales amounted to $ 1.5 billion in 2016. According to McKinsey, fashion is generally experiencing a CAGR of 5.5%. Accessories are growing even faster. That’s a pretty big market. Socks are relatively easy to produce and don’t cost a fortune. With good branding, and a strong commitment to making an impact, socks can be sold at a very high mark-up price. Anyone who follows the fashion industry is surely aware of this.
At SOLOSOCKS our vision isn’t just to “make socks”. We want to change the way socks are made, worn and marketed. We want to disrupt the sock industry. Socks are not sexy. We want to change that. SOLOSOCKS come in packs of 7 single socks designed to mix and match. This means that you never need to pair or waste your socks ever again. The material for the socks is sustainably sourced from Turkey, and our cotton is Global Organic Textile Standard (GOTS) certified. SOLOSOCKS are designed in Denmark and produced of the highest quality with state-of-the-art Italian Lonati machines. With their unique designs and concept, SOLOSOCKS are unlike any other socks ever seen before. Going into our 3rd year with doubled revenue, we aim to make SOLOSOCKS one of the top 3 sock companies in the world, within the next 5 years. Now how’s that for scalability?