38. Paire

Revenue: $2.15 million
Founders: Nathan Yun, Rex Zhang
Head office: South Melbourne, VIC
Year founded: 2021
Employees: 8
Industry: Retail
Website: paire.com.au

How Paire started

Paire started life with big ambitions: to revolutionise consumer behaviour in fashion shopping by offering sustainable products that people genuinely desire. Its goal isn’t merely to introduce another pretty logo on generic products – it’s to enhance functionality, usability and quality.

Co-founders Nathan Yun and Rex Zhang were initially inspired by the quest for better socks. Zhang’s background in the textile industry and Yun always being on his feet led to their first textile innovation, the Supreme CoolBlend socks. Today, Paire’s core business centres on fabric technology, and it wants consumers to prioritise wellbeing over superficial perceptions.

Growth

For any burgeoning business, acquiring new customers is a key stumbling block to growth – but even more so for niche products. With socks priced at $24 per pair, Paire faced scepticism in the early days from those accustomed to lower-cost options. So Yun and Zhang decided to give away free socks to first-time customers, which immediately fostered exciting word-of-mouth marketing.

Building trust and word-of-mouth recommendations proved instrumental in Paire’s success, and the co-founders say that continuous learning, creativity and resilience in the face of failure, as well as a genuine passion for their work, are all responsible for where Paire is today.

Where to next

In terms of future endeavours, Paire plans on opening an offline retail store, expanding wholesale accounts and launching a broader range of apparel. Its next significant milestone involves expanding into the UK and US markets, with a revenue target of doubling year-on-year.

With a commitment to redefining sustainable fashion while fostering a community that values quality and comfort, this consumer-driven business is excited about what the future might bring.

Paire was shortlisted for the Rising Star Award at The Smart50 Awards 2023.