Canadian shoe brand Vessi is ready for the next stage of growth.
The direct-to-consumer waterproof sneaker brand, which launched in 2018 on Kickstarter, has opened several stores across Canada in the last year and has added two new members to its board of advisors: Jennifer Olsen, former Caleres chief marketing officer, and Eric Patel, former board chair at Daiya, Galvanize and other companies. Vessi is also plotting a U.S expansion as it looks to grow its presence in the region throughout 2025.
“Vessi is at an inflection point,” the brand’s cofounder and chief executive officer Andy Wang told FN in an interview. “We’ve done it just by ourselves and I think there is a lot of knowledge and things to learn from people who have been there and done that and we thought surrounding ourselves with some of those people would be much better for the next stage of growth.”
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FN reported in April that Vessi had met with potential investors. Wang confirmed this, but noted that Vessi had not yet formally engaged with anyone.
“I think it’s [best] to be prepared for good timing and set up the business just to be able to perform and to meet expectations,” Wang said.
Vessi opened its first retail store in Vancouver in late 2022, followed by its second store opening in Toronto in 2023. Last month, the brand opened its third location — a pop-up store in Toronto — and plans to open its fourth store near Vancouver in the next month. The rest of Vessi’s sales occur via the brand’s website and through a limited wholesale presence in Canada.
“It’s about our ability to meet where customers are,” Wang said regarding the brand’s retail expansion. “Our products are quite visual and tactile. You need to see it, feel it and try it on to experience a bit of the ‘Wow.'”
Vessi also sells waterproof apparel and accessories to complement its main footwear offering.
In 2023, Vessi’s annual revenue totaled $100 million, which represented growth in the high teens from the prior year. The results were driven by strong e-commerce sales as well as positive results from the brand’s first full year at retail with its first Vancouver store, which accounted for 7 to 10 percent of revenue for the year.
“The unit economics of the store were very efficient,” Wang said. For 2024, the revenue of all four stores combined is projected to be close to $12 million.
Vessi is also looking to grow its presence in the U.S., which currently accounts for 60 percent of total sales. Sales in the region are currently entirely e-commerce but Vessi scouting coastal cities for retail opportunities and exploring wholesale partnerships, which should come together closer to Q1. As the year comes to a close, Wang is aiming for double digit growth overall and maintained profitability as the brand refreshes older styles and comes out with new products.
“Our vision is pretty simple,” Wang said. “We just want to inspire happiness in wet weather and transform how people experience wet weather and be the brand that’s known for waterproof comfort.”
