Case Studies

Versus Socks was founded in 2015 by Hanno Lategan and Jurgens Uys. Both enthusiastic entrepreneurs and sportsmen.

The idea for Versus Socks was born from a frustration with limited, what they felt were ‘boring socks, low-quality cycle socks available.

Versus Socks were born soon after as they jumped at an opportunity in the market for high-quality, fun & funky sports socks!

To date, from ideas to first samples. From first samples to over 1.5 million pairs sold. From a team of 2 to a team of 15. From 1 design to over 1000 designs. From Stellenbosch to the rest of South Africa, socks are being sold in the UK, Denmark, Norway, Switzerland, and New Zealand.

Business challenges

Versus Socks experienced decent growth year on year. Yet the owners felt increasingly concerned about potential risk accompanied by high growth, a ‘lightweight’ team often stretched beyond their skill, and uncertainty in decision-making. Both owners admitted that they had no clear plan or strategy for continued future growth.

Both owners were spending long hours on a daily basis being directly involved in all functional areas from sock designs, to manufacturing, marketing, sales, logistics & finances…literally having their ‘fingers in all the pies’!

During this time, at the beginning of 2021 following some exciting growth in sales during 2020,  Versus Socks found itself in the middle of a public ‘outcry’ and backlash following a brand ambassador debacle.  Treading uncertain ‘waters’ in a very public arena led to uncertainty and second-guessing. With pressure building, they reached out for a meeting to discuss business coaching as a possibility.

Both owners had big dreams about building a global footprint through multiple outlets including an online offering, owner shops as well as big retail outlets throughout South Africa.

Coaching Approach

Coaching started in March 2021 with a facilitated strategic alignment session with the two owners. The agenda was an open, transparent conversation between the two partners, individuals' core values, personality profiles, future goals, and common ground for a future growth strategy for Versus Socks.

A team alignment session with the whole team followed building on open honest conversations. The result of this was a better understanding of one another,  a clearly defined purpose for Versus Socks supported by specific core values to build a strong culture.

Versus Sock’s purpose: To be the most-loved performance brand in the world

A decision was made to recruit a highly skilled operational manager to oversee financial systems, stock planning, reporting, and logistics. This individual was appointed on 1 June 2021.

Regular team meetings were scheduled in a default week and month plan with regular review, planning, and a clear ‘line of sight’ on priorities for every individual and team.

A comprehensive marketing plan was developed with specific design launches planned throughout the following year. Additional design skill was recruited, resulting in great momentum with design, marketing, and subsequent sales.

Coaching also highlighted the critical importance of financial management, financial results analysis, and growth planning. A short, medium, and long-term game plan was defined with specific goals for revenue & profit.

Business Coaching Results

• Coaching resulted in a written strategic business plan with clearly defined future goals. This was communicated to the whole team with an overall buy-in and high levels of energy and engagement.
• Significant changes to the team with skilled staff everyone ‘doing their part’ and adding value.
• Both owners started developing their own identities on stronger management and leadership keeping themselves and their teams accountable for high performance outcomes. KPIs and ongoing performance management have become non-negotiable.
• A uniform, strong Versus Socks brand identity was established building a strong, loyal Versus Socks community of followers.
• Versus Socks were introduced to some prominent retail outlets throughout South Africa.
• A very specific team avatar profile was defined to support all future additions to the team. Desired characteristics include a sense of urgency, high levels of energy, a competitive spirit, curiosity, and a risk appetite.
• Regular review of the profitability of various sales channels.
• One year of business coaching and record levels of growth in sales were reported at 82%!
• Subsequent growth in sales of more than 100%.
• Record sales were supported by:
  ○ World-class focus on quality and consistency
  ○ Being client-centric with designs of sock
  ○ Sophisticated business information & accounting systems with accurate, detailed reports
  ○ A world-class A-Team on boar
• Versus Socks has since become a well-recognized brand with a global following. Regularly partnering with other significant brands the likes of Garmin and Assics
• Versus Socks is also a regular exhibitor at international sports events like the London Marathon and the Epic Cycle Event