What Happened to Pashion Footwear After Shark Tank?
What is Pashion Footwear?
Pashion Footwear offers fashionable high heels that transform to comfortable flats in less than 5 seconds. It is suited for a range of settings; including bridal, office, and daily use, and comes with a selection of accessories such as block heel kits and heel caps.
Haley Pavone, the founder and CEO of Pashion Footwear, invented convertible high heels while a student at Polytechnic State University in California.
The patent-pending SteloTM support system, which is only available on Pashion’s official website, provides vital heel strength, while the polyurethane sole adds comfort.
Pashion Footwear was founded by whom?
While still a student at Polytechnic State University in California, Haley Pavone, the creator and CEO of Pashion Footwear, came up with the notion of convertible high heels.
Pavone had wanted to be an entrepreneur since she was a child, but being stepped on (literally!) at a party during her sophomore year of college gave her the push she needed.
Haley Pavone worked on the prototype for a few more months before entering it in the annual Innovation Quest competition, where she received the substantial first-place cash prize of $15,000.
In 2016, she founded the company from her dorm room and earned $420,000 in the first round of funding through Crunchbase. Pavone secured an initial $1.7 million investment over the following two years from its two key investors: private angel investor Forrest Fleming and venture capital firm Entrada Ventures.
What Happened to Pashion Footwear During The Shark Tank Pitch?
Hayley Pavone, the founder of Pashion Footwear, entered the tank with the same goals as every other entrepreneur who participates on ‘Shark Tank’: to pitch their company and raise some money.
Hayley’s excellent business concept of convertible heels that convert to flats immediately piqued sharks’ interest.
Hayley entered the Shark Tank seeking $500,000 in exchange for a 5% stake in the corporation, which was valued at $10 million.
The sharks raised several red flags when she revealed that she spends $90,000 per month on marketing and were hesitant to invest in Pashion Footwear.
Kevin O’Leary, on the other hand, seems unimpressed by the young entrepreneur’s costs and business style.
Kevin reacted with a $500,000 offer in exchange for a 5% stake and a $5 royalty on each unit sold until the $1 million was paid off. Hayley was hesitant to accept Kevin’s offer at first because of the royalty clause.
She convinced Kevin, however, to cut the royalty by sweetening the offer by raising the ownership share from 5% to 8%. Kevin refused to budge, and Hayley chose to consider other sharks’ offers before accepting Kevin’s.
Regrettably, the entrepreneur was obliged to return to Kevin since none of the sharks made an offer.
Hayley tried and failed again to persuade Kevin to forgo his royalties’ agreement. Finally, Hayley decides to get on the royalty bandwagon and asks Kevin whether he would be OK with a lower royalty rate per unit sold than his $5 request.
Kevin was unwilling to fiddle with the offer since he knew he was in the driver’s seat because no other sharks made an offer to her.
Hayley, on the other hand, elected to play it safe and politely refused Kevin’s offer, preferring to exit the tank without a deal rather than pay royalties to a shark.
What Happened to Pashion Footwear Following the Shark Tank?
During the pitch, the founder, Haley Pavone, did not get a deal. Pashion Footwear received $1.5 million in funding immediately after its Shark Tank segment aired.
Following an overwhelming positive response, it has been expanded to encompass a wide range of additional colors and patterns, ranging from pumps to stilettos to blocks.
While the global pandemic hampered the brand’s development by delaying summer orders by three months, it had no effect on the brand’s rising popularity. Their monthly revenues increased by more than 300 percent when the season came to a close.
The company will release two new convertible heels, the Knit Pump in Mocha and Coal, in August 2020. Pashion Footwear routinely offers discounts and special promotions on their website in addition to providing consumer comments.
Given the almost limitless number of styles that might be released in women’s shoes in the next years, the company is bound to grow rapidly in the coming years.
It is the sort of idea that will never go out of style because of its exceptional practicality. The company hopes to earn $1 million in sales in 2021.
Pashion Footwear’s net worth
The firm was valued at $5 million during and after the pitch, since then the company has an estimate net worth of $3 million.
Pashion Footwear FAQs
Does Pashion Footwear offer store discounts?
Yes. Pashion Footwear offers discounts for both new and existing customers.
Is there any Sharks’ Discount in Pashion Footwear’s website?
Yes, there are some Shark’s Discounts offered by the company on the website to its customers, who can avail the discount during those days of running specials and deals.
What are Pashion Footwear products?
Pashion Footwear’s products are its convertible high-heeled shoes that turn into flats.
Does Pashion Footwear offers free shipping?
Yes. All purchases made by Pashion customers at its website are eligible for free shipping.
What is Pashion Footwear made of?
Pashion Footwear is made from high-grade leather, rubber soles and polyurethane heels.
What is the price of Pashion Footwear?
Pashion Footwear’s prices for its products range from $29 to $180.
What does Pashion Footwear’s shipping policy is?
Pashion Footwear provides free shipping and returns on all purchases made by its customers.
What is Pashion Footwear’ payment options?
Pashion Footwear offers COD, ATM, Credit Card and Bank Transfer as the payment options to its online customers.
How long will Pashion Footwear last?
Pashion Footwear’s products will last for as long as its customers. The company uses high-grade leather, rubber soles and polyurethane heels, which means that its products are durable and reliable.
How often will Pashion Footwear release new styles?
Pashion Footwear plans to release one new style every 3 months. The company has been working on launching two new styles with no sign of slowing the pace.
How many Pashion Footwear styles are there?
Pashion Footwear has developed more than eleven styles of its convertible heels. The company hopes to release another two styles soon after it decides to expand its product line.
Can Pashion Footwear be found on Amazon?
Yes. Pashion Footwear’s products can be found on Amazon.com website.
Is Pashion Footwear expensive?
No, in fact, most of Pashion Footwear’s products are affordable and cost less than $100.
What is Pashion Footwear?
Pashion Footwear is a company that sells convertible heels. Their convertible heel turns into flats. Pashion Footwear’s products cost less than $100 and are sold on the internet. The company was started by Haley Pavone and her husband, Mark Pavone, in 2008. The couple got their start making high-heeled flip-flops for themselves after their children grew out of them.
What is the delivery period of Pashion Footwear?
Pashion Footwear ships its products very quickly. The delivery period is shorter than the norm for a similar type of experiment. Pashion Footwear ships its products within 24 hours from the time of payment.