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Vermont Socks Can Now Cover Feet Worldwide Due to EXIM Support

Exporter/Customer: 
Darn Tough Vermont (a Cabot Hosiery Mills, Inc. brand)
Export Destinations: 
United Kingdom and now worldwide with EXIM
EXIM Bank Product: 
Export Credit Insurance

Darn Tough

Darn Tough Vermont (a Cabot Hosiery Mills, Inc. brand) has been producing some of the world’s best quality socks for almost 40 years.  Because of their dedication to creating a quality product, they refuse to outsource.  What better place to create their product than the Sock Capital of the World – Northfield, Vermont!  They use ethically sourced Merino Wool for the best feel and fit, and maintain a single mill so they can quality check every step of their production process.  Their all-weather performance socks are put to the test by their team of professional runners, snowboarders, hikers, skiers, and adventurers all across the globe.  These socks are so tough, they are backed with an unconditional lifetime guarantee. 

EXPORT CHALLENGE

Although Darn Tough Vermont was already exporting their socks to the United Kingdom, they were limited on which retailers they were able to sell to.  Their retailers needed 30 day open account credit terms, but this could be risky with certain international buyers who could potentially not pay their invoices.  This insecurity meant Darn Tough Vermont had to be more selective with who they were able to export to, causing a potential loss in sales.

EXIM SOLUTION

In 2017, representatives from Darn Tough Vermont attended an ExportTech seminar hosted by the Vermont Economic Development Authority (VEDA).  Throughout the course of the day, attendees learned about state and federal government resources that are available from VEDA, the Small Business Administration (SBA), and EXIM to help small businesses grow their export revenues.  The company learned about EXIM credit insurance, which would allow them to more securely offer open account credit terms to new international distributors.

RESULTS

Secure in the knowledge that their receivables were insured against nonpayment and covered for commercial and political risks by EXIM, Darn Tough Vermont was able to grow their export sales by opening the doors to new international buyers.  Now, customers all over the world are able to enjoy these darn tough socks.

 

 

“Thanks to EXIM’s excellent export insurance program, Darn Tough Vermont is well on its way to achieving its goal of worldwide brand recognition and substantial growth in international markets.”
Steve Kelley, Chief Financial Office