Stance, a startup that sells fancy socks and soon, fancy underwear, just raised $US50 million from Kleiner Perkins, August Capital, WSJ’s Lisette Chapman reports.
Celebrities such as Will Smith and NBA star Dwayne Wade previously invested in Stance.
The company has sold more than 15 million pairs of socks since it was founded in 2009. But it’s not your typical tech startup. Instead of focusing on e-commerce, Stance is building a brand the old-school way, through partnerships with physical retail stores.
Its items retail between $US12 and $US18 on Stance’s website.
“When you are building a brand, I’d argue that where you sell is as important as what you sell,” Stance co-founder and CEO Jeff Kearl told WSJ. “We worked hard and listened to the specialty retailers.”
Stance’s cashmere and other luxury socks are sold in stores like Fred Segal and Nordstrom. The company has raised more than $US85 million from investors.
It’s a lot of money; even Kearl admits things are feeling a little bubbly in the startup world.
“It is a frothy market and a good time to be fundraising,” he tells WSJ.
Here are some of its patterned sock offerings:
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