Foot Cardigan is like a Birchbox for socks — for $9 a month, subscribers in the U.S. and overseas get a random pair of socks featuring wacky designs. (Since 2014, they’ve also sold socks through their website without the need for a subscription.) DeLuca got the idea when he noticed the increase of funny-patterned socks on sale at places like Urban Outfitters, along with the success of subscription businesses like Dollar Shave Club. He and three partners founded the business in 2012.
In 2013, the first full year of business, Foot Cardigan did $250,000 in sales, according to the company. The year after, it was $750,000.
Read the whole report here.
There’s an interesting section on their experiences with Shark Tank,
and some great insights into how they have grown their business.
Eric Bradlow, chairperson of the Marketing Department at the Wharton School says,
“I would recommend to any company that is going into the subscription business to learn about the customers, the advantage is that you have access to customers and can learn what they like, when firms have repeated transaction with customers, they know more than other companies.”