Latest news with #LaRose
Yahoo
23-05-2025
- Politics
- Yahoo
State leaders still think it's too easy to amend the Ohio Constitution
COLUMBUS, Ohio (WCMH) — Should it become more difficult to amend the state's constitution? That's a question that has been debated at the statehouse for years and is now coming back up. Back in 2023, Ohio Republicans voted to create an August special election in order to ask voters one question: Should it take a simple majority or 60% of Ohioans to amend the state constitution? 57% of Ohio voters ultimately decided to keep the status quo, which is a simple majority. The question brought out hundreds of protesters, hours of debate, and millions of dollars were spent on the campaign on each side. Now, state leaders are bringing the conversation back up. Four inmates escape from minimum security facility in southeast Columbus The Ohio Ballot Board must certify that a proposed constitutional amendment is only about one topic before petitioners can start collecting signatures to get their question on the ballot. Since the start of the year, the board has met twice to discuss citizen-led constitutional amendments. At the most recent one, on May 14, Secretary of State Frank LaRose (R-Ohio) took a 'moment of chairman's privilege.' 'This brings to mind — the fact that we are meeting for the second time within the last month — a warning that I had a few years ago,' LaRose said. The warning, LaRose said, was that there would be 'a real uptick in people attempting to legislate by constitutional amendment.' LaRose said in his opinion, that is not a proper way to govern. 'Legislation should be done by the legislature and that's something to be discussed in this building going forward,' he said. Ohio Republican explains why he voted against Trump's 'big, beautiful bill' So, how do state leaders feel about trying to increase the threshold for a second time? 'I think it should be [increased],' Ohio House Speaker Matt Huffman (R-Lima) said. 'I vote yes.' 'We will remain opposed to that,' Ohio House Minority Leader Allison Russo (D-Upper Arlington) said. 'The petition process is already extremely difficult and burdensome for citizens to be able to exercise their right for direct democracy.' Right now, in order to get a constitutional amendment on the ballot, nearly half a million signatures must be collected by petitioners from 44 of Ohio's 88 counties. Russo said the process, while difficult, gives Ohioans recourse when they do not agree with what legislators are doing. '[Republicans] are not in line with where the public is on many issues and the public has pushed back,' Russo said. 'And [Republicans] don't like it when the public and the people use their power to push back.' 'As we have witnessed time after time, deep-pocketed dark money groups see the state constitution as an easy target for a constitutional amendment campaign because it can be changed with a simple majority vote,' spokesperson for Ohio Senate Republicans John Fortney said. 'Even the Ohio Democratic party had bylaws up until recently that required a 60% vote of its members to change its charter. Increasing the threshold is always a worthwhile discussion.' In order to make it more difficult to amend the state constitution, lawmakers will either need to pass a resolution to put on the ballot or Ohioans would need to petition their own amendment. Monte Carlo, longtime central Ohio Italian restaurant, to close last location Huffman said right now there are too many Ohioans looking to change the constitution, so that will create an uphill battle if they want to try and increase the passing threshold again. 'The folks who want to eliminate real estate tax in the state of Ohio, they don't want it raised to 60%, qualified immunity folks,' he said. 'I guess there may be good government folks who want it raised to 60%.' While Republicans and Democrats may be torn on the proper action to take here, they do agree that Ohioans likely will not change their minds just two years after voting the question down. 'People tend to think about what is important to them, short of everybody steps back and says, 'we really should raise the limit,' which I don't see that happening,' Huffman said. 'Undermining the ability of voters to have access to democracy through the ballot initiative process does undermine voters,' Russo said. 'The voters made it very clear back in August of 2023 that they want to protect their right to direct democracy.' A statehouse source told NBC4 there are not any current talks to increase the threshold but noted that the budget debate is taking up most of the air in the room right now. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
17-05-2025
- Business
- Yahoo
Bombas looks to keep growing beyond 'Shark Tank' with a new CEO
In a bold step forward — albeit in socked feet — Bombas is lacing up for its next phase of growth with a new leader at the helm. Per CNBC, David Heath, co-founder of the direct-to-consumer sock company, is stepping down as CEO, handing over the reins to Jason LaRose, the company's president and a retail veteran who previously led Under Armour's (UA) North America business. The leadership change, effective Thursday, marks a strategic shift as the brand known for its comfortable basics and one-for-one donation model matures beyond its 'Shark Tank (DIS)' roots. Bombas has created the TV show's best-selling product in history. 'We've reached a size and scale that is beyond my expertise,' Heath, who is staying on as executive chair, told CNBC (CMCSA). 'I found myself more so over the last 18 months saying, 'I don't know what to do next.'' 'So then, when I looked at someone with Jason's background … having that tried-and-true experience is what will set Bombas up to succeed for the next chapter, and I think I feel more comfortable having someone with Jason's experience in the driver's seat.' Bombas, largely a sock company, has topped $2 billion in lifetime revenue and boasts double-digit EBITDA margins, and the company grew sales 22% in its current fiscal year through April. Its fastest-growing category? Not socks, but slippers. Still, socks remain central to Bombas' identity, with sales in the segment up 17% year-over-year in April. But scaling a sock empire online only goes so far, and LaRose is now tasked with expanding the brand's reach in the physical world. 'More than 60% of socks in this country are sold in physical locations,' LaRose said to CNBC. 'The wholesale opportunity is big for us.' Right now, about 7% of Bombas' revenue comes from wholesale partnerships with retailers such as Nordstrom (JWN), Scheels, and Dick's Sporting Goods (DKS). LaRose wants to grow that to 10-20% over time. The company is also exploring its own stores, viewing retail not just as a sales channel, but as brand theater. For a brand like Bombas — its flagship socks retail for about $15 and promise 'soothing compression, seamless toes, and no blisters' — tactile experiences matter. The shift acknowledges a growing consensus in the DTC world: Digital-only brands eventually hit a ceiling. Between rising acquisition costs and the diminishing returns of online ads, physical retail — whether through partnerships or proprietary stores — can offer more efficient growth and better brand visibility. For the latest news, Facebook, Twitter and Instagram. Sign in to access your portfolio
NBC News
15-05-2025
- Business
- NBC News
'Shark Tank' alum Bombas taps former Under Armour exec as CEO as it looks beyond digital roots
Bombas founder David Heath is stepping down from his role as CEO as the socks and apparel company looks to expand beyond its direct-to-consumer roots. Bombas President Jason LaRose, a former Under Armour and Equinox executive, will take over as the company's next CEO effective Thursday. Heath said he realized it was necessary for a retail veteran to lead the company through its next phase of growth. 'We've reached a size and scale that is beyond my expertise. I didn't come from a big apparel company before … I found myself more so over the last 18 months saying, 'I don't know what to do next,'' Heath, who is staying at Bombas as its executive chair, told CNBC in an interview. 'So then, when I looked at someone with Jason's background … having that tried and true experience is what will set Bombas up to succeed for the next chapter and I think I feel more comfortable having someone with Jason's experience in the driver's seat.' LaRose, who spent six years at Under Armour and oversaw its North America business, takes the helm at a critical point in Bombas' growth story. Bombas' revenue has grown 22% in its current fiscal year through April, it's reached more than $2 billion in lifetime sales and its EBITDA is at a 'super healthy, double digit' margin, LaRose told CNBC. The company's footwear segment, such as its ultra-popular Sunday Slipper, is expanding the fastest. The company expects footwear revenue will soar more than 70% this year, but socks are still growing steadily, with sales up 17% in April compared to the prior year. But in order to reach its goal of growing from a 'Shark Tank' startup into a multibillion dollar company over the next five-to-10 years, Bombas needs to expand its wholesale presence. Retailers that primarily sell online like Bombas tend to reach a growth ceiling and need to turn to other channels to keep scaling profitably. Under LaRose's direction, Bombas is looking to grow its wholesale revenue from around 7% of sales to between 10% and 20%. The company also wants to test out physical stores. 'More than 60% of socks in this country are sold in physical locations, you know, whether that's stores we could open, or stores that we fill with our partners … the wholesale opportunity is big for us,' said LaRose. 'It's also a billboard for us, right? It's a chance to tell our story. When the customer walks by, we have a chance to tell them about the mission every time, why we're here, let them touch and feel the product, which is always important when you're introducing somebody to a new apparel brand.' Bombas currently sells in Nordstrom, Scheels and Dick's Sporting Goods, and unlike some of its peers, it isn't considering Amazon as a wholesale channel. Instead, it's looking to expand its assortment offered by its current partners, try out its own stores and perhaps bring on some new wholesalers — if they're the right fit. Digitally native brands that have long enjoyed the benefits of a direct model, such as customer data and the ability to stay close to customers, are often wary about expanding too deeply into wholesale because it's less profitable and it's harder for brands to tell their stories. For a company like Bombas, which spent years developing what it calls the 'most comfortable socks, underwear, and T-shirts' on the market, that storytelling is extremely important — especially at a price point of around $15 per pair of socks. However, it's that very attitude that has led some to criticize the direct selling model because of how it can stymie growth and lead to unsustainable business models. Many of the early direct-to-consumer darlings have seen their valuations shrivel up as they chase profitability years after they were founded. E-commerce has become harder to do profitably, and at a certain point, stores and wholesale are a more effective and profitable customer acquisition tool for some companies than marketing online. Selling goods through wholesale channels allows brands to scale and acquire customers more profitably than just selling online. Brands like Bombas that were early to move to wholesale — Heath joked that the company 'focused on profitability before it was cool' — understand the need for expansion but have looked to be strategic about who they partner with. Growth is important, but so is maintaining a brand, which is critical to staying ahead of rivals. 'As a DTC brand, we care so much about our brand and our story, it has to be somebody who's going to do an excellent job taking care of our brand. We're not out there to be out there,' said LaRose. 'We're looking at some other partners. We'll continue to always look for people who we think strategically give us access to the right customer, you know, nothing to announce yet on that front, but we'll keep looking.'
CNBC
15-05-2025
- Business
- CNBC
Shark Tank alum Bombas taps former Under Armour exec as CEO as it looks beyond digital roots
Bombas founder David Heath is stepping down from his role as CEO as the socks and T-shirt company looks to expand beyond its direct-to-consumer roots. Bombas President Jason LaRose, a former Under Armour and Equinox executive, will take over as the company's next CEO effective Thursday. Heath said he realized it was necessary for a retail veteran to lead the company through its next phase of growth. "We've reached a size and scale that is beyond my expertise. I didn't come from a big apparel company before … I found myself more so over the last 18 months saying, 'I don't know what to do next,'" Heath, who is staying at Bombas as its executive chair, told CNBC in an interview. "So then, when I looked at someone with Jason's background … having that tried and true experience is what will set Bombas up to succeed for the next chapter and I think I feel more comfortable having someone with Jason's experience in the driver's seat." LaRose, who spent six years at Under Armour and oversaw its North America business, takes the helm at a critical point in Bombas' growth story. Bombas' revenue has grown 22% in its current fiscal year through April, it's reached more than $2 billion in lifetime sales and its EBITDA is at a "super healthy, double digit" margin, LaRose told CNBC. The company's footwear segment, such as its ultra-popular Sunday Slipper, is expanding the fastest. The company expects footwear revenue will soar more than 70% this year, but socks are still growing steadily, with sales up 17% in April compared to the prior year. But in order to reach its goal of growing from a Shark Tank startup into a multibillion dollar company over the next five-to-10 years, Bombas needs to expand its wholesale presence. Retailers that primarily sell online like Bombas tend to reach a growth ceiling and need to turn to other channels to keep scaling profitably. Under LaRose's direction, Bombas is looking to grow its wholesale revenue from around 7% of sales to between 10% and 20%. The company also wants to test out physical stores. "More than 60% of socks in this country are sold in physical locations, you know, whether that's stores we could open, or stores that we fill with our partners … the wholesale opportunity is big for us," said LaRose. "It's also a billboard for us, right? It's a chance to tell our story. When the customer walks by, we have a chance to tell them about the mission every time, why we're here, let them touch and feel the product, which is always important when you're introducing somebody to a new apparel brand." Bombas currently sells in Nordstrom, Scheels and Dick's Sporting Goods, and unlike some of its peers, it isn't considering Amazon as a wholesale channel. Instead, it's looking to expand its assortment offered by its current partners, try out its own stores and perhaps bring on some new wholesalers – if they're the right fit. Digitally native brands that have long enjoyed the benefits of a direct model, such as customer data and the ability to stay close to customers, are often wary about expanding too deeply into wholesale because it's less profitable and it's harder for brands to tell their stories. For a company like Bombas, which spent years developing what it calls the "most comfortable socks, underwear, and T-shirts" on the market, that storytelling is extremely important – especially at a price point of around $15 per pair of socks. However, it's that very attitude that has led some to criticize the direct selling model because of how it can stymie growth and lead to unsustainable business models. Many of the early direct-to-consumer darlings have seen their valuations shrivel up as they chase profitability years after they were founded. E-commerce has become harder to do profitably, and at a certain point, stores and wholesale are a more effective and profitable customer acquisition tool for some companies than marketing online. Selling goods through wholesale channels allows brands to scale and acquire customers more profitably than just selling online. Brands like Bombas that were early to move to wholesale – Heath joked that the company "focused on profitability before it was cool" – understand the need for expansion but have looked to be strategic about who they partner with. Growth is important, but so is maintaining a brand, which is critical to staying ahead of rivals. "As a DTC brand, we care so much about our brand and our story, it has to be somebody who's going to do an excellent job taking care of our brand. We're not out there to be out there," said LaRose. "We're looking at some other partners. We'll continue to always look for people who we think strategically give us access to the right customer, you know, nothing to announce yet on that front, but we'll keep looking."
Yahoo
12-05-2025
- Politics
- Yahoo
Sec. LaRose urges lawmakers to keep but reform Ohio Elections Commission
Ohio Secretary of State Frank LaRose. (Photo by Graham Stokes for Ohio Capital Journal. Republish photo only with original story.) Ohio's Secretary of State is wading into the debate over the state elections commission. The independent agency tasked with campaign finance oversight gets axed in the budget proposal Ohio House lawmakers approved last month. The state Senate is currently mulling changes of its own. In a letter to Senate President Rob McColley, Secretary Frank LaRose echoed many of the criticisms leveled by House Republicans, but rather than abolishing the agency, LaRose argued forcefully for reform. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX The Ohio House has made no secret about its frustration with the Ohio Elections Commission. In a contentious hearing, lawmakers on the House Finance committee grilled the agency's executive director Phil Richter over perceived shortcomings. They argued cases drag on too long and the process is too tedious. In a Senate committee hearing last week, lawmakers were receptive to Richter's warnings that handing oversight to county boards of elections and a hearing officer in the Secretary of State's office would lead to a 'patchwork' of decisions. But they had critiques for Richter, too. The chairman, Sen. Tim Schaffer, R-Lancaster, didn't seem all that concerned about devolving campaign finance cases. 'What's the problem with that model?' he asked. Meanwhile, Sen. Kyle Koehler, R-Springfield, argued the commission needs to move more quickly and use 'more teeth.' Ohio Elections Commission urges state senators to restore funding in budget In his letter to McColley, LaRose argued the commission 'has become an increasingly toothless and inconsistent shell of what it was intended to be.' In particular he highlighted nearly $100 million in fines that have gone uncollected. In addition to 'sending a terrible message that you can break the law and get away with it,' LaRose argued, that money could be put to good use. 'The General Assembly could fund schools, repair aging infrastructure, upgrade election equipment, or even reduce taxes with that uncollected revenue,' LaRose wrote. 'Wrongdoing might actually be deterred if fines were treated as more than a suggestion.' But the secretary insisted it's a bad idea to decentralize campaign finance oversight — making the same argument about potentially scores of different enforcement decisions. 'These board members, hard-working as they are, often serve as local political party chairs,' LaRose added. 'They should not be placed in the awkward, unsolicited position of policing their own candidates, nor are they staffed, equipped, or trained to manage these complex cases.' LaRose noted his office has been talking with lawmakers about potential changes since at least last year. In those talks, the secretary proposed expanding the commission's purview to conservative fixations like ballot harvesting and noncitizen voting. His office also urged the commission to move cases more quickly and require members have relevant legal experience. The secretary warned if his office has to take over administration of OEC duties it would cost at least $800,000. The governor's initial proposal budgeted $812,600 and $885,100 for the agency in the next two years. And perhaps most important, LaRose argued the House plan to abolish the commission by July is too hasty. 'We likely need more time to facilitate that transition,' LaRose wrote. 'On this point, I can again find common ground with Mr. Richter in saying that any reform of the OEC should be done through a transition over the remainder of the current calendar year.' Asked about the Secretary's letter after the Senate session Wednesday, McColley said he'd yet to read it. On the topic of abolishing the Ohio Elections Commission more generally, he kept his powder dry. 'Obviously, we'll look at what the House sent over, and we'll talk with some of our members as to what they're ideas are,' McColley said. He put special emphasis on members like Sen. Theresa Gavarone, R-Bowling Green, who have worked on several pieces of elections-related legislation in recent years, but held off on taking any firm position until his caucus weighs in. Follow Ohio Capital Journal Reporter Nick Evans on X or on Bluesky. SUPPORT: YOU MAKE OUR WORK POSSIBLE
