High heels are popular among ladies because of their elegant and fashionable appearance. But wearing high heels for extended periods of time can make them painful and uncomfortable. This discomfort can ruin a pleasant night out or a hectic workday by causing blisters, foot problems, and poor balance.
She was determined to find a solution and came up with a unique shoe that could quickly change from a high heel to a flat. At a sorority party, Haley Pavone, the creator of Pashion Footwear, had a first-hand encounter with this when a heel crushed her foot. Now, Women can enjoy the fashion of high heels without compromising comfort in this way.
Haley presented her innovative idea on Shark Tank, seeking $500,000 in exchange for 5% ownership. She wanted the Sharks’ guidance and support in order to grow her company and enhance its offering.
Pashion Footwear Net Worth
Haley Pavone asked for a $500,000 investment in exchange for 5% equity in her company, Pashion Footwear. This meant she valued her company at $10 million. She did not make a deal with any of the Sharks. After the show aired, Pashion Footwear secured $1.5 million in additional funding and saw continued growth in sales and product range expansion. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Pashion Footwear is about $15 million.
Pashion Footwear Shark Tank Update
What Happened To Pashion Footwear After Shark Tank?
After Shark Tank, even though Pashion Footwear did not win a deal on Shark Tank, the business kept expanding. Even though Haley left the tank without receiving any funding, her company is still doing well today. Following the event, Pashion Footwear was able to secure $1.5 million in finance, which allowed the business to grow and improve its range of products.
The business currently brings in an estimated $3 million a year. They are still selling their creative shoes online, with a variety of styles available. Additionally, Pashion Footwear has launched a bridal ambassador program that offers brides who promote their company exclusive benefits. This growth shows that Pashion Footwear has managed to sustain its operations and draw in clients even in the absence of a Shark’s investment.
Did Pashion Footwear Get A Deal On Shark Tank?
No, Shark Tank did not result in a deal for Pashion Footwear. Haley Pavone wanted to buy 5% of her company with $500,000 in exchange. Although Kevin O’Leary expressed interest, Haley was not at all satisfied with his offer. Kevin offered $500,000 in exchange for 50% ownership, $5 in royalties for each shoe, and repayment of $1 million.
Haley made an effort to negotiate, but Kevin stood by his offer. Along with guest shark Kendra Scott, the other Sharks, Barbara Corcoran, Mark Cuban, and Lori Greiner, made the decision not to invest. Haley departed the show without landing a deal as a result.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Kevin O’Leary | $500,000 for 5% equity and a $5 royalty per unit until $1M is paid | 1# $500,000 for 8% equity 2# $500,000 for 5% equity and a $1 royalty per unit until $1M is paid 3# $500,000 for 5% equity and a $2 royalty per unit until $1M is paid 4# $500,000 for 5% equity and a $3 royalty per unit until $1M is paid | No |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Haley Pavone Backstory
After suffering an awful mishap at a party when a heel wounded her foot, Haley Pavone founded Pashion Footwear. She became aware of the discomfort and annoyance of wearing high heels after this occurrence. Haley was determined to come up with a better solution, so she created a shoe that was simple to transform from a high heel to a flat.
The goal of this invention was to give women comfort and style at the same time. Haley experienced a number of challenges in the beginning, such as financial constraints and high return rates as a result of size-related problems. She remained dedicated to creating her original product and bringing it to market in spite of these challenges.
Initial Pitch
Haley went on Shark Tank to present Pashion Footwear, her brand. She introduced her convertible high heels, which instantly changed from being high heels to flats, eliminating the pain and discomfort that come with wearing standard high heels. Haley practically showed the sharks with the heels she was wearing and how these heels could convert into flats with just one twist.
Haley stated that she would use the money to expand her production and enhance her marketing efforts when she requested $500,000 in exchange for 5% ownership. She emphasized that the company experienced a 24% loss in returns because of sizing concerns, even though it had a great start with $800,000 in sales in the first year. Haley was open about the company’s financial situation and the requirement for additional funding to maintain operations.
Queries About The Product
Kevin O’Leary inquired about the money she had raised so far and the return rate.
Haley responded she had raised a total of $2.5 million, all from convertible shoes. The company experienced a 24% loss in returns.
The return rate is mainly due to sizing issues, which is common in the footwear industry, averaging around 20%.
During discussions with Mark, Haley revealed that she has $150,000 worth of inventory at cost, and the monthly expense is $90,000.
Lori asked about the cost and selling of the product. Haley responded that the product cost $47, and she sells it for $150 to $190
Shark’s Responses and Final Deal
Mark Cuban, Lori Greiner, and Barbara Corcoran all declined to extend an offer. They believed that the business was not financially secure to support an investment.
Kendra Scott decided against investing because she was unconvinced of the product’s potential.
Kevin O’Leary was the only one who showed interest and offered a deal. He offered $500,000 for 50% equity in the business and a $5 royalty per shoe sold until the $1 million loan was paid back. Haley made an effort to negotiate, but Kevin was firm about his offer, which she ultimately declined.
What Went Wrong With Pashion Footwear On Shark Tank?
On Shark Tank, Pashion Footwear experienced multiple challenges. The Sharks were concerned about the company’s high return rate because of size-related problems and its urgent need for money to operate. The majority of the Sharks believed that the company was too unstable and risky to be worth investing in. Haley refused to accept Kevin O’Leary’s offer because she felt it was too expensive and demanded a sizable stock stake in addition to additional royalties. The corporation was unable to get a deal on the show as a result of these reasons combined.
Product Availability
As of today, Passion Footwear is still going strong. Pashion Footwear offers a variety of styles and sizes for customers to choose from when making purchases directly from their website Pashion Footwear. Customers can easily explore and purchase the shoes on their website, even if they don’t have a physical store. Additionally, the business offers benefits to brides who promote their brand through its bridal ambassador program.
Conclusion
The experience of Pashion Footwear on Shark Tank was thrilling and challenging at the same time. The business has developed despite leaving the event without a sale, raising a sizable sum of money, and growing its product range.
The inspiring story of Pashion Footwear shows the determination and willpower required for commercial success, particularly when creative concepts are involved. They have the ability to grow and succeed even more in the future as long as they keep creating and promoting their innovative convertible shoes. As Pashion Footwear continues to advance in the footwear sector, keep a watch on them.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.