Apparently, Kansas City socks have significant upside with investors.
After an appearance on Lifetime’s “Project Runway: Fashion Start-up,” Kansas City-based Sock 101 recently landed $250,000 from two prominent fashionistas. Designer Rebecca Minkoff and Gary Wassner, co-founder of Interluxe Holdings, a venture capital group focusing on fashion and luxury brands, both invested in the sock startup.
With a la carte and “Sock of the Month Club” options, Sock 101 designs and ships a variety of quirky socks for men, women and kids. The company was founded in 2012 by Jason Grill, Kelly Yarborough, Lea Bailes and Dave Feyerabend.
Grill said that the Kansas City community has been instrumental to Sock 101’s success.
“Sock 101 is extremely grateful for the amazing support from the Kansas City community,” Grill said. “Without Kansas City, we wouldn’t be where we are today as a company and moving forward into the future.”
The company appeared on Project Runway on Nov. 3, at which point Minkoff and Wasser joined Sock 101 as investors and advisors. Wasser has previously financed other designers, including Marc Jacobs and Tommy Hilfiger.
Sock 101 has now set the goal to become a $10 million company within three years. It appears the firm is already on its way to that goal, as Yarborough told a fashion publication that it posted sales of $1.5 million in 2015.
Sock 101 also features a philanthropic mission to support charities and other organizations, including the Make a Wish Foundation, Ronald McDonald House, ASPCA and several other Kansas City organizations.