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|Articles - August 2011|
|Wednesday, July 20, 2011|
Page 1 of 2
By Ben Jacklet
Carrie Atkinson was 26 and frustrated with the lack of job opportunities in Portland when she decided to start her own company selling fun, colorful socks. She found an importer by looking through the phone book (that’s right, the phone book), traveled to Korea with two big suitcases and filled them with her first 2,000 pairs of socks.
Now Atkinson is 32 and running a well-known business that grew by 90% in 2010. She’s got 6,000 Facebook fans, a far-flung team of creative designers, a solid group of wholesale customers, a growing portfolio of fashion photos in magazines and container after container of socks flowing from Korea to meet demand. She’s considering delving into a line of men’s socks in collaboration with Portland entrepreneur Nitin Khanna and making plans to delve into lingerie after making friends with a woman who runs a manufacturing plant in China.
Sock It to Me is known for its “cool girl” promotions and its fresh, bold styles that are “a little crazier than the other stuff out there,” in Atkinson’s words. But Atkinson’s approach has been far from crazy. She didn’t buy more socks until it was clear her first batch was selling at the Portland Saturday Market. She saved her pennies until she could afford a booth in the big Las Vegas apparel trade show, Magic. She got a $250,000 bank loan on her home and built up her credit for six years before taking out a second loan. She is not indebted to venture capitalists or angel investors. She owns 100% of the company.
“I felt like I was led by the customer, which is a little less risky in my eyes,” she says. “I never got too far ahead of the customers.”
Not only does Atkinson encourage her customers to lead the company, she also encourages them to design her socks. A few years ago she began running full-page ads in the Portland Mercury and Willamette Week that doubled as design-a-sock contest entries, to be colored in by local artists. Contest winners get $500 and the cachet of seeing their art turned into a commercial product. Non-winners with ideas good enough to go to design get $200.
“It was just an idea that made sense to me,” says Atkinson. Sock It to Me has found some of its top designers in this manner, and the local — and now international — contests bring in thousands of new design ideas while also building name recognition. Atkinson estimates that about 80% of the business’s design lines come from crowd sourcing. The most recent contest drew 2,500 submissions; winners come from Sweden, Britain and El Salvador.
The customer designs lead directly to new products. “We get those designs through the contests, we tweak them, we assign the colors and we email that image over to Korea,” says Atkinson. “I have a business partner there and he negotiates with the factory. He is our quality control and he gets all the shipping documents prepared, and he gets a commission per pair.”
Tuesday, August 18, 2015
BY JASON NORRIS | CFA
Earlier this month, the People’s Bank of China (PBoC) announced they were going to devalue their currency, the Renminbi. While the amount of the targeted change was to be roughly 2 percent, investors read a lot more into the move. The Renminbi had been gradually appreciating against the U.S. dollar (see chart) as to attempt to alleviate concerns of being labeled a currency manipulator.
Tuesday, September 15, 2015
BY LINDA BAKER
The 2016 presidential election is shaping up to be the year of the outsider, with Bernie Sanders and Donald Trump capturing leads in the polls and the headlines. In Portland, Wheeler vs. Hales is bucking the outlier trend.
Tuesday, October 06, 2015
BY CHRIS NOBLE
As we worked on the October cover, it became evident that Nick Symmonds is a hard man to catch — even when he’s not hotfooting it around a track.
Wednesday, September 16, 2015
BY GREGG LEWIS | OP-ED
The issue of green-washing remains a significant challenge to those of us who would like to see the building sector in this country do more than make unverifiable claims of sustainability. Transparency about the impacts of a given material is the only way to allow designers to make intelligent choices when selecting building products.
Thursday, October 01, 2015
PHOTOS BY JASON E. KAPLAN
Images from the big 2015 celebration of worker-friendly organizations that make a difference.
Thursday, September 24, 2015
BY JACOB PALMER | DIGITAL NEWS EDITOR
Oregon's population is booming, and so are rental costs.
Wednesday, August 19, 2015
BY AMY MILSHTEIN
Training, from the mundane to the sublime, bolsters companies and workers in an uncertain world.
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