Welcoming Tecovas to the PLUS Collective
In our continued effort to back companies that appeal to the conscious consumer, our team at PLUS is excited to announce our newest partnership with Tecovas, the high-quality western-wear brand led by Paul Hedrick. Paul launched Austin-based Tecovas in 2015 to solve for a white space in the boot market, where legacy brands were overpriced and lacked differentiation, and newer brands cut corners on quality and comfort. Thus, Tecovas was born with four styles of boots that checked all the boxes — high-quality (handmade with premium leather in North America), comfortable, and sold at an accessible price-point — and has since expanded to a full-suite of men’s and women’s leather goods and apparel.
We were introduced to the Tecovas team in 2018 by Elephant Partners, the lead investor in Tecovas Series A round, just as the company seemed to be hitting their stride after a great deal of early success. While we were initially attracted to the brand’s value proposition and already dedicated audience, we developed even stronger conviction around Paul and his team given their knowledge of the market, authentic passion for shaping and growing it, and their ability to tackle it head-on.
By means of background, the U.S. western wear market may be bigger than you think (pegged at $7–8B today, and another $10–13B when you include workwear and work footwear), and that’s before we take into account the opportunity to attract customers outside of the traditional western vertical with items like leather duffels, wallets, and belts. With that said, the industry has lagged others with regards to upending incumbents by providing a higher-utility offering to the conscious consumer — one who is focused on value, quality, transparency, and mission. The space hasn’t seen founders and investors pour time and capital into direct-to-consumer offerings before Tecovas, despite the clear value proposition associated with cutting out the middleman legacy retailer and maintaining a direct relationship with the end customer. Further, boot-buying has traditionally been an intimidating experience with high prices, meaningful variance in fit, and endless design choices.
So, when we started reading Tecovas customer reviews, seeing shoppers’ genuine excitement for the brand, and tapping into the team’s vision for what’s next, we realized a real change had finally arrived with Tecovas — and this was just the beginning. Since the time we met management, Tecovas has successfully launched five retail stores in Texas and Oklahoma and is looking forward to increasing its physical footprint across the southern region of the United States. We believe consumer product companies still need to utilize a thoughtful brick and mortar strategy, and we’ve been continually impressed with Tecovas’ ability to successfully deliver on their retail offering.
All of PLUS Capital’s investments are made with conviction that our artists’ and athletes’ participation will be impactful far beyond the financial contribution at stake. Genuine passion for the mission and business at hand is integral to the success of such investments, and as such, several of our country musicians’ participation in this partnership was a no-brainer. We’re confident that their support in driving even stronger brand equity and reach will be fuel on the fire for Tecovas continued success!
