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How I Did It: Richer Poorer’s Co-Founder on Evading Bankruptcy & Growing Its Women’s Business by 300 Percent

(In a new series, “How I Did It,” FN profiles successful footwear and fashion players — from entrepreneurs to designers to top executives at major brands — and reveals how they carved their path into the industry.)
In 2015, five years after the launch of Richer Poorer, Tim Morse and Iva Pawling sold their socks and undergarments brand to Canada-based e-tailer Shoes.com for $12 million.
But the e-tailer was ailing, and only one year into the acquisition, Morse and Pawling made a life-and-death business decision: They bought back their San Juan Capistrano, Calif.-based brand for $8 million — a month before Shoes.com filed for bankruptcy.
Now Richer Poorer has expanded beyond socks and undergarments, offering men’s and women’s basics including boxer briefs, bralettes and T-shirt dresses. (Its women’s business surpassed men’s this year for the first time, bolstered by last year’s 300 percent growth, according to the brand.)
The company — which employs 35 people — also works with more than 600 retailers, such as Nordstrom, Free People and American Two Shot. “It slowly transitioned over the last eight years,” Morse said. “We have a pretty diversified profile in wholesale, and we did it intentionally because the big guys are having some challenges.”
Morse’s secret

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Via:: https://footwearnews.com/2019/influencers/power-players/richer-poorer-tim-morse-1202749242/