4.3 Ugg Boots

Ugg boots are popular with women all around the world. This brand is such a hit that it is worth nearly $1 billion a year.

 The idea originated in Australia in 1973, where Shane Stedman made them from sheepskin. The first pairs often still had bits of meat attached, and they would smell and look awful when wet. No wonder they were called “Ugg” — they looked ugly! At that time, the boots were worth only a few dollars each. 

10 years later, a US manufacturer saw some promise in the boots and bought the rights. In return, Stedman got some free boots each year and just enough money to pay for his children’s education. But, nowadays, the shoes sell for around $200 a pair!

Nevertheless, Stedman is not angry about it. In fact, he still wears the boots most days: “I’m not upset. I’m proud that my invention is so popular and it has become an Australian icon!”