13. Paire
Paire experimented with a pop-up retail store in Melbourne before committing to a flagship retail destination. See their Smart50 rank.
Revenue: $5.9 million
Growth: 88%
Founders: Nathan Yun, Rex Zhang
Head office: South Melbourne, VIC
Year founded: 2020
Employees: 10
Industry: Retail
Website: paire.com
How Paire started
A research trip to India by Nathan Yun opened the Paire co-founder’s eyes to severe exploitation in the fashion industry in ways that affected both workers and the environment. Yun and fellow founder Rex Zhang share a strong commitment to sustainable practices, and so with Paire, the two wanted to revolutionise clothing production by merging traditional techniques and modern innovations, creating high-tech, sustainable gear that offers comfort and durability.
Growth
Sustainability comes at a cost, however, and Paire’s flagship item – its viral-sensation socks priced at $24 a pair – initially proved a tough sell to new customers.
To combat this, the founders made a bold move: giving away free socks to first-time customers. This approach paid off, as customers appreciated the product’s value, became repeat buyers and sparked positive word-of-mouth crucial in establishing Paire’s reputation and expanding its customer base.
After making the Smart50 list in November 2023, Paire experimented with a pop-up retail store in Melbourne before committing to a flagship retail destination.
Where to next
International expansion is in the pipeline, as is new product development using BioNylon, a plant-based nylon from corn stalks. In the next 12 months, Paire plans to introduce this sustainable material in leggings, sports bras, and activewear.
