703 Randy Goldberg: Co-Founder & Chief Brand Officer of Bombas
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Hi, everyone, and welcome back to The Kara Golden Show. Super excited to have my next guest with us here today. I've been wanting to meet Randy for some time, who is the co-founder and chief brand officer of Bombas. And if you have not heard of Bombas, you're going to be so excited to hear all about this mission-driven brand that is just amazing.

been killing it for years, basically killing it without losing its soul, losing its impact, or losing its growth. So Randy Goldberg is the co-founder and chief brand officer of Bombas. And you know the insanely comfortable socks you've probably seen everywhere, but

might not know that every pair they sell, they donate one to someone in need. And to date, that's over $150 million, possibly a little bit more. So Randy and his co-founder, one of his co-founders, Dave Heath, I've met him before as well through YPO, and they've built this company to solve a real problem.

and we'll talk all about that. Today, we're also going to talk about the mission, how they've turned it into a scaling business, and so much more. Oh, and by the way, you might have also seen him on Shark Tank at some point, so I can't wait to talk about that, go back a little many, many years and chat about that too. So,

Randy, so excited that you're here. Thank you so much for having me. Excited to be here. Absolutely. So let's start with the origin story. How did Bombas begin and what was that spark that made you commit to building it? Well, you mentioned Dave. So Dave and I had been working together at a previous job and we would have lunch together and talk about business ideas. I think we were both pretty entrepreneurial, but

It wasn't at the moment what we were, you know, we were thinking at some point, maybe we'll start a business together, but we didn't have an idea and we weren't forcing it. And one day he saw a campaign on Facebook, a Salvation Army campaign, and it said socks were the most requested clothing item in homeless shelters. And he asked if I knew it and I didn't know it. And we were like, how can this be true? You know, I don't know. We don't think about socks. It's just not.

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We called a shelter in New York where we were living and asked about it. And they said, well, yeah, we don't let people donate used socks for hygiene reasons. We're like, OK, that makes sense. And they went on to say that if you're living on the street, you may be changing your socks less frequently or keep your shoes on at night if you don't want.

You're afraid somebody might steal them. And all these things add up to potential foot issues or walking places or may have less frequent availability for washing your clothes. So they're like socks become a huge issue and then foot issues. So fresh socks mean a lot. And then we don't have them because we don't let people donate them. We have to go buy it. And then it's expensive for us. We're hearing all this about socks. We're like socks. I thought about this for 10 minutes in my whole life. Right.

So we're like, okay, we want to help. So we bought some socks and donated them.

And it wasn't like this instant, you know, amazing entrepreneurial moment. We were just like, wow. Eventually, though, it stuck with us. We were like, this is really sad and I wonder how we can help. And eventually we got to the idea that maybe there's a business here, right? You know, Tom's was at the time in their fifth year of business and doing really well with One for One. There were some other companies starting and, you know, we had known that their

You can build a business and try and give back at the same time at the core of it. And we thought, I think there's really like a fit here. And then we started to think about socks, the consumer side of it, especially athletic socks. It felt like they hadn't changed in 50 years.

So we started to tinker and we said, let's start a one for one sock business and let's try and solve a problem in our community through business. And that was the beginning of it. We had no experience. We hadn't grown up dreaming of being in the sock business. I mean, I don't think anybody has. You know, it's just it was just a very random thing that came across our desk. And I think we were at the right stage in our life and open minded and not just naive enough to dive into making socks.

Now, did you come from the apparel business? Did you have any insight into this industry at all?

Just from a branding perspective. So I worked at brand agencies and I was a copywriter and a consultant and I had worked for a lot of apparel companies, you know, so I would help companies that are old and sort of lost their way, find the spark and what made them great and what made them once, you know, just sort of writing copy and thinking through how to communicate internally and then build new versions of these companies from a brand perspective. And I'd also run a

sort of apparel, high end apparel flea market, like a pop-up shop called pop-up flea, um, with a different friend. Um,

And we had been doing this business, curating really interesting brands in one room and kind of opening a store for a weekend. So we got a lot of firsthand experience working with and partnering with brands that sold product that we loved and made things in an interesting way. And so I worked with a lot of small brands in that world and understood what I loved about a great product and worked with a lot of big brands that had lost their way

and help try and find the story there. And then putting all that experience together really helped with Bombas.

So the two of you decide to launch this business. How many SKUs did you actually launch with? What was the first step in actually launching the company? I mean, the first step is how do you make a sock, right? So we had a, we'd gotten connected to a factory that helped us for two years before we launched the business. So we just got obsessed with making the best version of this product. We felt like there wasn't something represented in the marketplace that

that had really amazing features and comfort that you could find here and there in high end niche, like athletic socks.

And then bringing that to an everyday product that people could put on every day. So we felt like it didn't exist. So we were cutting apart market samples and sending them to a factory and working on, you know, 150 iterations of the tension level and a cash stocks that would stay up and not fall down, but not leave a mark. Just being perfectionist about making a better version of something that we're all very familiar with. So yeah,

So it was our crash course in that. And we would do things in the factory. We'd say, well, you can't do that. That costs three cents. Say, all right. Like, I know socks are generally done, you know, pennies per dozen, but let's do it. Let's try. Let's go crazy here, you know. So it was just about finding that right product.

and then figuring out how to donate a product. It was the same idea that we had leading up to our launch. The day that we launched a year in, five years in, 10 years in is the foundation of this company. Make the best version of something of the things that you put on first in the morning, take off last night, the things that have the biggest impact on your comfort and then donate a product locally in all 50 states. Make an impact in the communities where all of our customers are buying the product locally

give people something that they're asking for and that they need, make the impact real. So the whole thing works together. And that's how it was in the beginning is just figuring out how to do it.

You launched your website. And so how many SKUs did you actually launch with? Yeah, we launched an Indiegogo campaign at first, actually, and then used the money from that to build our first website. And it was 16 SKUs. So we had ankle height, calf height in four different colors. And that's sort of the SKU we had for two years before we expanded. But

That was it. And they were black with neon accent colors or gray with neon accent colors. And that was it. We didn't have a solid sock. We didn't have anything simple. We didn't have the things that are the foundation of what we sell today. We had this one product, but people just loved how they felt and how they felt when they put them on. And they didn't like the feeling when they would open their drawer and the bombas that they had bought were in the wash. So we knew we had something when we were starting to get into that zone.

And did you partner with a homeless shelter that was kind of a nationwide brand or was it just local?

At first, our first giving partner was a organization in Ohio. So basically, we were flying blind on this as well. It's like, how do you donate? We were Googling it, right? And we found an organization that had been started by a young girl who had been volunteering on Thanksgiving and noticed that a man was wearing tinfoil around his feet and asked her mom about it. And then she started a company called Hannah Socks. They're still one of our giving partners today.

And they donate socks in Ohio. And we called them and we say, hey, we're starting this company and we're going to be selling socks. And for every pair we sell, we're donating it. Do you mind if we start sending you lots of donation socks? Hopefully. And they couldn't believe that we were just going to send them socks because they're raising money and buying them. And it was, you know, a big deal for them. So, yeah.

It was like a happy partnership from the beginning. And then from there, we branched out and we still let anybody sign up to be a giving partner for Bombas. You just go on our site, fill out a form. There's a wait list. And then we have now we have over 4000 partners across all 50 states. And some of them take a million pairs a year and some take as little as 250 pairs a year.

That's amazing. I mean, that must... I remember when you first launched and hearing about this. And I mean, that must have made you feel also really great. I mean, you're working really hard to launch a business, but you're also hearing that you're having impact immediately and that people are very, very excited about Bombas and all the great work that you're doing. Looking back at those first few years, what was it like?

What was the moment when you realized, okay, this is working? You know, there's always moments of doubt, as you know, when you're an entrepreneur, like every step along the way, right? You're just, you put a business plan together and you think, who's going to buy this plan that we're actually going to do this? And then you blow through it. But I do think for us,

When we hit a million pairs donated, that was a huge milestone moment for us, right? Because we set out to do that in 10 years and it took us just over two years to get there. And we put out a video to thank our customers

when we hit a million pairs donated. And that was like a big viral moment for us, that video. We had just expanded our product line and we had gotten some really good press at the time. And all those things kind of came together in one moment. And we were like, okay, this is really taking off in a way that we didn't expect and is amazing. And the impact that we're having is super real as well, which is always, always the thing that drove us in this business.

Yeah. So you were one of the early breakout brands on Shark Tank. So I guess, how did it come about? And also, what did that experience teach you? Shark Tank, it's a pretty wild experience. We got an email from a producer there who had seen our Indiegogo campaign. And, you know, we thought it was a bit of a prank. It was one of our friends because it wasn't like an official email address. It was just somebody's Gmail, you know.

But we tracked it down, turned out to be real. And then it's a kind of it was kind of a long process where you're speaking to them and feeling each other out. And, you know, there's a huge legal process that you go through. And eventually they say, OK, we need you in Los Angeles.

in three weeks on this date. And you say, okay. And you show up and you go through the process, you meet the producers, you work through your, it's just like a process, the whole thing. You're on set building your own set, right? There's no one to build. So you're doing, it's a little bit DIY. And eventually you find yourself walking down that hallway and you're looking around thinking, this looks like Shark Tank. And you're like, oh, I'm on Shark Tank.

And you stand there and, you know, for us, we were had the conversation in the room was over an hour and then they cut it into like an eight minute segment. So it's a very real conversation with these very loud investors who are all, you know, trying to be the one to say the right thing, you know? So it's a, it's a TV show, but it's also very much a real thing. And we did a deal with Damon John, who's been wonderful and,

And, you know, also a New Yorker. So we were able to meet with him and that's been a really great relationship. Yeah. It's been, it was a very cool experience. We said, if nothing else, it's a great experience, you know, but I'll say this, it is a very good relationship.

uh, if you have a young business like we did at the time, it was, we were a year in, you know, when you're preparing to be on national television where somebody can ask you anything about your business, there's a lot of things that you have to talk about out loud that maybe you weren't talking about because if they can ask you anything, you have to have an answer. So we did so much prep work and that prep work made us a better business. So even if we hadn't made it to air to taping and even, even if our,

taping hadn't made it to air, the experience was very good for our business in sort of helping us focus our story, make sure we had answers to tough questions and talk about things that maybe as the four of us, the four founders, we weren't talking about. So very positive experience for us.

That's awesome. So let's talk about branding. You came from the creative side and the branding and copyright. And what was your vision for Bombas as a brand? And how has that evolved?

We started our company to help solve a problem in our community. The mission came before the product, and then the product had to be great, right? We always say to solve the problem we want to solve, we have to make the best product in the world, right? So we have to make a great product. We have to

like follow through on our commitment to the community. And those two elements are the pillars of our brand. They have been since day one and they still are to this day. How you tell the story and what you say and the products that we make, right? We now make slippers, t-shirts and underwear as well as socks. And all of those things get donation products associated with them. But the core idea and the essence of our brand stayed the same. And we wanted to make sure that if we were launching a mission-based brand, that it wasn't

always going to be a depressing communication with our customers, right? We still have an exciting product and a lot of people come to our brand, don't know about the mission, learn about it through the purchase process. And it's just an extra bonus. And then some people come to us because they know that our mission is authentic because we spend a lot of money and a lot of time trying to communicate around it and to be transparent and to give our close that feedback loop with our customers. So they know where the donation that their sale is generating is going.

So you moved into underwear and t-shirts. You went, I should say, beyond socks. What was the point when you decided we're going to do more than what we initially thought? And when do brands do that? When do you expand, especially into other categories?

Yeah, this is something that we were excited about since the beginning. And it's the kind of thing where I think if you launch a brand like ours, you get very excited about all the different possibilities and what it could be. The discipline and where you get really good is earning the right to expand before you expand, right? So before you launch t-shirts and underwear, have you done enough with socks? Have you won enough? Are you in a position where you've earned that right?

And, you know, you can make the argument for us. Did we expand too soon or not soon enough? These are debates that we have all the time. You know, you sort of move on. We launch amazing products that we love. But I think it's the idea of focus for entrepreneur is a huge thing. There's a lot of different shiny objects out there that can distract you. There are a lot of ways that you could spend your time chasing down new things that seem fun to you. But.

If you want to cut through in today's world, you've got to be great at something and you've got to do that over and over again. And it's the same with branding, right? I talk about how our brand has stayed the same since the beginning. If you're not sick of saying the same lines and hammering the same point over and over again, if you're not sick of saying the same thing, you're not saying it enough is how I tend to feel about these things. And it's the same with the product. We have so much runway and still do.

in socks that you have to really, I think, establish yourself before you expand. And, you know, the, there's lots of case studies out there of companies who have expanded too quickly and, you know, those other products don't work as well and nobody wants that from them. And, you know, you have to be really smart and strategic about this. Not that I have the roadmap or the answers. Yeah.

We launched a couple of products beyond water at Hint a few years ago that were totally outside of Hint and totally outside of food and beverage just to really see how far we could carry the Hint brand into other categories. And it was fantastic.

Really interesting. Didn't always make sense to everybody, but we launched sunscreen and also launched a deodorant that were cleaner versions of these kind of industry leaders in both deodorant as well as sunscreen. And the interesting thing that we found was that we actually ended up gaining consumers who didn't necessarily want a Hint water that

didn't have sweeteners, didn't have sugar in it. They might have been drinking soda. And then all of a sudden they tried these other products and fell in love with it. And then they came in and tried Hint water at that point, which I thought was really, really fascinating. And I would guess that that would be the same because your other products that you've launched, I know are terrific. I've got a few guys in my house that have really, really loved them. So it's great.

Yeah, it's very hard to, you know, do you want to be the kind of company that responds to what your customer is telling you they want? Or do you want to be the kind of company that's showing your customers something based on what you think they might want? And like, they may not know how to ask for it if you don't show it to them. So I think that's a tough balance for us. Fortunately, the mission side of our business is a really strong guideline for our product roadmap, right? Socks are the most requested clothing item in homeless shelters, right?

underwear is number two t-shirts and number three we make socks t-shirts and underwear and slippers we think of as kind of sock adjacent so it all makes sense for the mission story and for the problem that we're trying to solve and that's our first check and our first idea of where where we go with our product and i think those four categories for us that's where we need to live for a long time there's a lot a lot that we can do a lot that we can show people there

Definitely. So you start off as a DTC business and you moved into retail. What have been the biggest differences for you and the biggest learnings, I guess, in expanding and how you show up in each channel? Yeah, we have amazing wholesale partners that we work with and we've worked with for years now and we're expanding that part of our world because it's working and we want to meet people where they are. We were born as a direct-to-consumer company. So for us,

the story and having that conversation with our customers is super important, right? When you have a website that you're sending people through and different places where you're connecting with them, you have so much opportunity to share a story or to, you know,

messaging that you know helps make your product more top of mind or stickier, get someone to purchase. When you're in a store, you're relying on that store sales associates to sell your product. You're relying on the merchandising there. There's a lot you can do to help control that. And a lot of the partners that we've picked are super bought into our mission, which is really helpful for us. But it's definitely a new world, right? All of a sudden your packaging becomes more important for us on when you're selling a product online. But

By the time it shows up to someone's door, they've already made their decision, right? The packaging is an unboxing experience, which is important, but it's totally secondary to the experience of going through our site and our advertising and marketing in that world. When you're in the store, the packaging is your only, that's your product detail page. That's your category page, right? So you have to think about that differently. So those are the kinds of things that we think about, you know, the difference between direct consumer and being like a wholesale brand.

That's a really interesting point because I think it's also when you're at D2C, I know when I get D2C products and they're almost over-packaged, I have a different opinion than maybe if I went into a store and saw that. And it's all packaging, but it just depends on how it shows up to me and how I think about it.

Yeah, as a consumer, I have the same reaction. Now I think of it and I'm like, okay, this company is in stores because this packaging was built for stores. They're just sending it to you as a consumer. And I think that's a tough, I think a lot of companies have to deal with that. Do we do separate packaging for in-store versus direct-to-consumer? I mean, that's a pretty specific challenge, though.

It's so interesting. So we all have failures and sort of misses along the way. And for any maybe new entrepreneur or existing entrepreneur that thinks that it's just a walk in the park to be an entrepreneur, so easy, right? Those guys at Bombas, they never screw up. Nothing ever. Nothing's all right every year. Yeah.

What's one launch that didn't go the way you expected and what'd you learn? Yeah, I mean, where do I even start? There's so many to pick from. But okay, when we launched t-shirts for the first time, we launched t-shirts second. That was our second product category launch after socks.

We should have launched underwear before T-shirts. It was a natural next product, the thing that we heard about the most, the number two most requested item in shelters. But T-shirts, we had more internal expertise on how to make people who had worked in that before and who had made T-shirts. And underwear seemed like a different type of challenge that was going to take longer. So we said, let's work on both and launch T-shirts first.

First, we made a mistake in our production. And fortunately, we caught the error around the production of the shirts. And before we could launch, we pulled the entire launch and it cost our company tons of money. But it was a big teaching moment for the company that we stood up there. We owned the mistakes that we made. We took the financial hit. We knew we'd be able to survive it. And we said, we're going to get this product right and we're not going to launch it until it's perfect. And thankfully, we did that. And I think

You know, when you do something like that, it's challenging, but it also shows your company that, you know, take some risks, try something, push yourself. But if something isn't right, own it and be accountable. And then we'll figure it out. You know, we'll make it work. And I think it was a great lesson for our company. We were a pretty young company at the time for the people that work there, but also for us that we can stand behind our, you know.

our promise to make the best versions of the products that we make. So we had a problem with the production. And then I also just think timing wise, if I was going to do it again, I would have launched underwear next and then, and then t-shirts and, you know, slippers has come out of nowhere and it's our second biggest category now. But yeah, I think you don't, you can make a lot of small mistakes and paper them over with success, but every now and again, you're going to run into something where you have to stop,

And step back and say, OK, we've got to fix this with our customers or internally or with our production and take the time to do it the first time. Admit the mistakes that you make and then move on or else just going to keep haunting you as you go on.

Yeah, I think those misses too, they're great for team building, right? For sure. And owning it, right? Along the way, I think that every great business has it. So biggest kind of holy shit moment where you stepped back and realized how far Bombas had come. I mean...

Listen, the million pair moment was big for us. And we tend to measure milestones of Bombas in donation milestones, right? When you hit a million pairs, 5 million, 10 million, 50, and then getting to 100 million items donated across socks, tees, underwear. Incredible.

It's a very hard number to process. So we hope we take those moments to step back and kind of translate that into communications for our customers. So we did a campaign for 100 million items donated when we hit that milestone where we spoke to people who had experienced homelessness, who were currently unhoused. And we had conversations with them that we videoed. And we put up a site around this and a campaign around compassion. And it wasn't about product. It wasn't about

selling Bombas. It was about spotlighting voices of people because we feel like sometimes the issue of homelessness gets politicized. People have a lot of experience with it in terms of how they live their life, how it shows up in their neighborhood, what they think of as somebody who is homeless. But I think there's a lot of truths and myths that get conflated. People think it's one thing when it's something

often very different. You know, there's just some stats that we felt were important to share in this campaign and some firsthand accounts that we thought were important. So I don't know, that was a holy shit moment, hitting 100 million items donated, and then using that moment to use our microphone and to use the power of our brand to tell some stories that I don't think would otherwise have been heard.

I love that. So when you think about the build and maybe something that you believed early in your journey that you've completely changed your mind about as you've been in the trenches building and seen a lot. I mean, I think when I know that as a founder and

And it's definitely, you know, it's hard. The longer you stay alive, right, the more challenges there are. And I think you have to be willing to take those on and get back up again and do all of that. But maybe there's something that you believed early on that, you know,

I don't know, that you should only be focused on socks or you shouldn't start...

You shouldn't start a company with your friends because I know that you have co-founders beyond Dave. You have four total co-founders and I really admire and I know a lot of people admire how you guys have been able to stick together and build what you have. That's pretty awesome. Yeah, I mean, having four co-founders, a lot of people think...

That's a little bit crazy, but for us, it was a huge benefit from day one. We prioritized our friendship and our relationship. You kind of treat it like a marriage, right? Where you say, don't go to bed angry, you solve problems in the room. And we had pretty broad shoulders and aligned outlook on the world, but did different things. And that allowed us in the early days to spend less money or the four of us could really focus on building and solve problems together.

I'm sure you know a lot of people who start a business on their own. It can be lonely, right? Like that's really challenging. I mean, that's tough. I don't know. I mean, yeah, you hear it all the time, right?

Yeah, definitely. So last question, what keeps you inspired? You're the chief brand officer beyond the co-founder, but how do you personally stay inspired to not only show up every day, but also create and keep your vision moving forward? Very interesting question.

to think about that 12 years into this business. And previously I'd worked for multiple brands at one time and always was thinking about a lot of different things and to be focused on one company and one brand for so long,

You wonder if you have the stamina or the desire to do it, but I feel more motivated than ever around the creative. I feel like there's stories within our brand that I want to continue to tell. I feel like there are swings I want to take. I'm constantly inspired by other companies who are doing great things in the world and the way things look and feel, great shopping experiences. I travel to stay inspired. I think you look to worlds that are outside of commerce,

You look to sort of art, literature and writing and these things. You know, we want people at this company, at Bombas, to go out into the world and live their life and have interesting experiences. And I think that they tend to bring those back to the company. And that makes for a really rich dialogue and a really rich conversation.

creative environment where people can say, okay, I saw this thing or I saw these guys were doing this or what if we did this? And, you know, ideas can come from anywhere in a company. And I'm inspired by the people who work here and the people who we've hired on our amazing team by interesting brands, doing other things. And then mostly by things completely outside of the world of business and commerce, where it's just people who are putting ideas to play in, you know, art and literature and places like that. So, yeah.

Lots of places to find inspiration out in the world.

Very, very cool. Well, Randy, thank you so much for joining us today. Bombas is such a real story and you guys are doing lots of great stuff. So beyond socks and continuing to grow. So what a great, great thing that you've done to really start this company, scale this company really, really terrific. So everyone needs to check out bombas.com, buy a pair and know that it's

The second pair is going to an incredible initiative. And thank you always for joining us and also for listening. So thanks again, Randy. Thank you for having me, Cara. Really appreciate it. Thanks again for listening to The Cara Golden Show. If you would, please give us a review and feel free to share this podcast with others who would benefit. And of course, feel free to subscribe so you don't miss a single episode of our podcast.

Just a reminder that I can be found on all platforms at Kara Golden. I would love to hear from you too. So feel free to DM me. And if you want to hear more about my journey, I hope you will have a listen or pick up a copy of my Wall Street Journal bestselling book, Undaunted, where I share more about my journey, including founding and building Hint.com.

We are here every Monday, Wednesday, and Friday. Thanks for listening and goodbye for now.