Snox will be supported in its international expansion by the private equity company Cathay Capital with a double-digit million amount, the Mannheim start-up announced on Monday.
It is the first time that the sock label has raised outside capital – before that the company grew with its own funds. The fresh capital should help with international growth: “We want to expand our business to France this year and open an office in Paris. We plan to be able to generate sales of around one million euros there within a year – significantly more is also conceivable,” says co-founder Johannes Kliesch. This is followed by expansion to Spain, Italy and Scandinavian countries.
Snocks had fiscal year 2021 a sales record in the amount of 32 million euros. In the future, the two founders would like to strengthen their own “community” and invest in brand building. In addition, Kliesch would like to invest in stock to increase the ability to deliver. An expansion of the range, which currently consists of socks and underwear, is also possible.
“The company has a differentiated business model and a strong team that has been able to demonstrate its first-class online expertise and excellent marketing know-how in recent years,” says Fabian Wesse, Managing Partner at Cathay Capital.
Kliesch and co-founder Felix Bauer will continue to hold a majority stake in the company. The two cousins founded Snocks in 2016 as students – and initially sold sneaker socks on Amazon. Today the company has 60 employees and, in addition to the Amazon shop, also has its own online shop with over 5 million users.