Wise Pocket Socks Shark Tank Update – Net Worth, Pitch & Deal

The functionality of women’s and kid’s clothing is not up to the mark. Having this in mind, 13-year-old Sofia Overton introduced her product “Wise Pocket Socks” on Shark Tank Season 11 Episode 11. It is a clothing business that addresses the problem of less pocket space in clothes.

The product was not only unique but also innovative and practical, providing a greater amount of space. You can even get your mobile phone inside these socks and should not care about it falling out. She managed to get a deal on the Shark Tank, which gave her more exposure and boosted her business.

In this article, we will provide an update on the company “Wise Pocket Socks” after it aired on Shark Tank. Let’s dive into the update.

Wise Pocket Products Socks Net Worth

The net worth of the Wise Pocket Socks is estimated to be $350,000. When Sofia first appeared on Shark Tank, her company was worth over $140,000.

Did Wise Pocket Socks get a deal on Shark Tank?

Shark(s) nameOfferDemandCounterofferAccepted?
Barbara CorcoranOutN/AN/AN/A
Lori Greiner and Daymond John$30,000 for 33.33% equity$30,000 for 15% equity$35,000 for 25% equityYes. The counteroffer was accepted
Kevin O’LearyOutN/AN/AN/A
Mark CubanOutN/AN/AN/A

Wise Pocket Socks Shark Tank Update

did wise pocket socks get a deal on shark tank

Sofia Overton appeared on Shark Tank, making a deal with Lori Greiner and Daymond John for $35,000 for 25% equity. Sharks were impressed by her, as she was doing so well at such a young age. Her product, Wise Pocket Socks, sparked the debate on the functionality of women’s and kid’s clothing. She managed to grow her business, making more sales than ever before.

Wise Pocket Socks Founder and Backstory

Sofia Overton is now pursuing education at a local school in Bentonville, Arkansas. She is fond of Shark Tank and has been watching it since she was six. She always wanted to be in the show and ultimately achieved her dream.

Sofia got the inspiration from Wise Pocket Socks when she was 11. She observed her cousin placing the phone in her boots, as her clothes did not have any pockets. The phone would constantly slip and would be uncomfortable. She made a prototype of the Wise Pocket Sock and then made a product she thought would do well on the market.

Initial Presentation

wise pocket products socks net worth

Wise pocket product socks fall into the category of stylish and functional accessories. Sarah introduced herself and demanded $30,000 for 15% equity in her company, Wise Pocket Product Socks. Sarah initiated her presentation with a light-hearted joke that she is 13 and has a PhD in “Sockology”. She introduced her product-wise sockets, which showcased several leggings and socks that have pockets in them.

She mentioned that it was big enough to hold the most important items that kids use, like phones. She then mentioned that there are several other socks with pockets in them, but they can only hold smaller items. These socks can be used while you’re playing soccer, rock climbing, or spontaneously breaking out to dance with your friends.

Then, her group of friends started with their dance to show the efficiency of these socks. They had several items, like cell phones, in their socks, but they did not fall off even after doing the most extensive steps. The sharks were impressed by her dancing friends.

Kevin jokingly mentioned that they are all going to have arthritis when they go back home. She mentions that for every pair of socks that they sell, they donate a pair to the kids. She ended her presentation by saying that in 5 years, she would be sitting in the same chairs and asking who was going to make the wise decision to join her. She thanked the sharks and her friends at the end.

Barbara asked for some samples to see. Sophia gave the sock samples to each shark. Lori asked Sophia about herself and how she got into the business. Sophia said that she got into this business when she was 11. Her cousin put her phone in the boot because she did not have pockets in her clothing.

Sophia thought it would be an excellent idea to make socks that could00 hold these items. In her prototype, she cut the top of another sock and stuck it inside another sock, and that is how she made these socks.

Barbara then asked how she got the money for the business. Sophia said she was saving the majority of the amount she was earning and put in $10,000 in her business. She spent $5,000 from her own pocket money and $5,000 from the business pitches and more. Lori and Mark were amazed by her. Barbara asked if she had been watching Shark Tank for very long.

She said that she has been watching Shark Tank since she was six years old. She expressed her thoughts of becoming a part of the shark tank while she was in the living room watching it. Joining Shark Tank was her goal even before she came up with an idea for the business.

Kevin asked Sophia about the sales. She said she had made $16,000 in sales. Mark Cuban told Sophia that she is a perfect example of a kidpreneur as she got a job, saved up the money, made the prototype and then the product, and sold them for $16,000.

Mark said that the only question left was whether she had earned a profit on these. He inquired about the manufacturing price and what she was selling these socks for. Sophia told the sharks the manufacturing cost of the sock is $5.47, and she sells it for $15 in retail and $11 in wholesale.

 Challenges and Motivations

Kevin asked him what she would do with the $30,000. Sophia told them that she wanted to streamline the production because the production was quite low at that point—nearly 100 units per month. Lori asked about her competitors. Sophia mentioned that she did have competitors, but all of them had pockets that could hold only smaller items.

Kevin appreciated Sophia for what she was doing, but he did not want a sock company to be added to his portfolio. He was out for this reason. Mark Cuban appreciated Sophia for the idea. He said that he would love to buy the product for his own kids. However, he does not have expertise in this product, so he cannot invest in her company.

Final Negotiation and Deal

Lori asked her if it was stressful for her to work on school and business simultaneously. She said that going to high school is stressful on its own, but doing her own business gives her more energy. She believes that she can manage both things at the same time. Lori was proud to see Sophia hustling and creating stuff on her own. Lori and Daymond put in an offer for Sophia.

Daymond has expertise in clothing, so he can help Sophia with it. Both of them made an offer where they would be the third partner in the company. They will invest $30,000 in the business for 33.33% equity in the company.

Their goal will be to find someone who could license the business, and after getting to that point, they will discover more about the licensing deal. Sophia made a counteroffer of $35,000 for 25% of the equity in her company. Lori and Daymond accepted the counteroffer. Sophia was really glad to have the deal closed with Daymond and Lori.

Wise Pocket Socks Availability

Wise Pocket Socks is a sock startup that provides more functionality than being a mere fashionable accessory. It could be beneficial to anyone, especially women and kids. The product was recognized more after it appeared on Shark Tank. The customer base for the product has grown significantly. They have a pocket on the side to hold items like cell phones, keys, and more.

The socks are gender-neutral while being comfortable and cool. They come in different styles with different color options. The best part about the product is that the socks are charitable. With every single purchase, a pair of socks is donated to children in shelter homes.

Wise Pocket Products is still in business, with the company estimated to be worth around $300,000. The online presence of Wise Pocket Socks has, however, significantly decreased. Their Instagram is not active, and the products on the company’s website are sold out. She is doing well in the local market.

Conclusion

The Wise Pocket Socks is a great and innovative idea given by a young entrepreneur. Sofia Overton is socially conscious and donates socks to children in shelter homes. She closed a deal with Daymond Johna and Lori Greiner in Shark Tank and has been active ever since. Sofia Overton is a true inspiration to all young entrepreneurs out there who are pursuing their dreams.

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