How one company bucked all the odds and emerged as 'Shark Tank's most successful venture
LOS ANGELES, CALIFORNIA: Over the years, the ABC business show 'Shark Tank' has featured numerous remarkable success stories. Among them, one tale stands out as particularly impactful: the story of Bombas. Over time, Bombas has emerged as the most successful product featured on the show. For the unversed, David Heath and Randy Goldberg, the co-founders of Bombas, decided to launch their socks after they learned that socks were the most required items at the homeless shelters. The duo wanted to create comfortable socks for their customers, leading to the launch of Bombas in 2013.
For every purchase made from Bombas, David and Randy donate one item to nonprofit organizations that support homeless individuals. To date, their company has donated over 140 million items to those in need. Today, Bombas is recognized as a B Corporation and has expanded its product range to include t-shirts, slippers, and underwear. During their time on 'Shark Tank', Daymond John invested $200k for a 17.5 % equity stake in the company.
Bombas featured on 'Shark Tank' has made $1.3 billion in sales
After appearing on 'Shark Tank' in 2014, David and Randy's sock brand Bombas witnessed massive growth and success. Over the years, Bombas has not only become a highly successful company but has also achieved an impressive $1.3 billion in sales. However, it wasn't an easy task for the dynamic duo to negotiate a good deal with Daymond after the rest of the Sharks including Mark Cuban, Kevin O'Leary, Lori Greiner, and Robert Herjavec backed out.
In a conversation with Entrepreneur, the duo talked about their experience on the ABC show, stating, "They warned us about it. For the first 15 minutes after you walk out, you're not going to remember what happened. It's almost hallucinatory like you're in shock. " "The psychologist is on hand to brief you to make sure you're not traumatized. Can you imagine people going on and saying the wrong thing and feeling like they just embarrassed themselves on national television?" they further added.
Bombas bagged a collaboration with Venus Williams
David and Randy have worked hard and turned Bombas into a billion-dollar company, and the impressive sales figures reflect its success. Recently, the company joined hands with tennis superstar Venus Williams to create a unique line of socks.
Now, Venus is also a Bombas investor. Having such a well-known athlete's name onboard has helped Bombas establish itself in the business market. Currently, Bombas has over 260,000 followers on Instagram, where they promote their products and raise awareness about homelessness in the United States.
Bombas just launched a limited Minions collection
Recently, Bombas dropped a special limited-time collection with Illumination's Minions. Bombas's popular calf and ankle socks are currently available for all including adults, children as well as toddlers. With its recent release, Bombas continues its mission to donate a pair of socks to Bombas Giving Partners for each pair sold.
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'Shark Tank' Season 16 premieres on October 18, 2024, at 8 pm ET only on ABC.