Foot Cardigan Shark Tank Net Worth 2023
Foot Cardigan, a sock subscription company, was valued at $2.5 million when it appeared on Shark Tank in 2014. Since then, Foot Cardigan has seen tremendous growth, with their net worth now standing at $4 million as of 2022.
This impressive feat is a testament to the diligence and commitment of the founders and the effectiveness of their business model.
The success of Foot Cardigan demonstrates that hard work and engaging marketing strategies can lead to significant returns for companies aspiring to become major players in their industry.
What is Foot Cardigan?
Foot Cardigan is a company that offers a monthly sock subscription service. They provide a variety of different socks each month, and their unique design allows them to be worn with any type of shoe or handmade sock without fear of them slipping off or getting stuck.
Their subscription service is available for men, women, and children worldwide. The company’s founders, Bryan DeLuca and Matt McClard, started the business in 2012 with just $6,000 in funding. They are based in Dallas, Texas.
The goal of Foot Cardigan is to transform a mundane task into an enjoyable monthly event. Customers can look forward to receiving their exclusive and one-of-a-kind socks in the mail every month. Additionally, the company provides two sizes of yarn so that customers can create a beautiful outfit without breaking the bank.
Who is the founder of Foot Cardigan?
Bryan DeLuca is the creative director, founder, and president of Foot Cardigan, and he is also one of the co-founders of Trendy Entertainment. Matt McClard is the second member of the team and currently serves as the vice president of operations at Trendy Entertainment.
In 2012, DeLuca, McClard, and two other fathers from Dallas, Tom Browning and Kelly Largent, invested $6,000 to launch Foot Cardigan.
The company’s main offering is a subscription-based service that delivers a new pair of whimsical and creatively patterned socks each month for $9. Children’s subscriptions come with two pairs, and individual socks can be purchased without subscribing.
During the 2012 presidential election, Foot Cardigan gained national recognition by designing socks with red and blue patterns representing Obama and Romney. Many of the company’s current employees were initially customers who appreciated the founders’ strong work ethics and personal touch in every aspect of their business.
Foot Cardigan has experienced significant growth since its inception, with almost 4,000 subscribers and six employees. Sales are projected to surpass $1.5 million in 2015, and the company has relocated to a 6,000-square-foot storage facility in Dallas’ design district to accommodate its expanding operations.
The company remains committed to providing exceptional customer service and increasing customer satisfaction.
What Happened to Foot Cardigan at Shark Tank pitch?
Bryan and Matt opted to present their company proposals to investors on Shark Tank with the goal of forming a partnership. During their appearance on the show, they sought $250,000 for a 10% stake in their company, Foot Cardigan, which had an estimated value of $2.5 million.
As they elaborated on their business, Bryan and Matt showcased their unique sock designs displayed on clotheslines. They even gifted a pair of socks to each of the investors. They revealed that they had over 6,000 subscribers and generated $1.36 million in revenue.
Their subscription model offered options for three, six, or nine-month subscriptions, and sales would typically increase around the holiday season.
Bryan and Matt shared that their customer acquisition cost was $11, with the cost of producing each pair of socks at $1.35, which they sold for $9 plus delivery. In 2014, their sales were $900,000, and they projected sales of $1.5 million for 2015. Their target audience was men, as they were the primary consumers of socks.
One of the investors, Daymond, suggested that they should manufacture their socks in the United States and asked if they were willing to do so. Bryan explained that they had many competitors, but their higher profit margins were due to producing and making their own products.
Lori acknowledged their unique style but noted that they were similar to other sock companies. Daymond proposed a deal for $250,000 in exchange for 22.5% ownership at a valuation of $562,500.
Kevin offered $250,000 for a 15% stake in the company at a $1.67 million valuation, but he requested quarterly payouts.
Another investor, Troy, pointed out that quarterly payouts did not make sense for their business model, so he revised his offer to $250,000 for 15% ownership with no payouts.
Mark made an offer of $250,000 for 20% ownership of the company at a valuation of $1.25 million. He claimed he could set up offices, warehouses, and a software team in Dallas.
Mark requested that Troy divide the $250,000 investment for a 20% stake in the company. Eventually, Troy and Mark Cuban agreed on a deal, closing a $250,000 investment for a 20% stake in the company.
What Happened to Foot Cardigan after Shark Tank?
After striking an on-air deal with Troy Carter and Mark Cuban, The Foot Cardigan found itself inundated with orders even as they basked in the sunshine.
Before the show, they had 90,000 pairs of socks in their warehouse, but in just five days since the episode aired, they have acquired over 7,000 new customers.
Although the partnership with Mark Cuban and Bryan never came to fruition, the company continues to prosper. Even in 2021, The Foot Cardigan is thriving with an annual revenue of $4 million.
Competitors of Feet Cardigan
The major competitors of the Foot Cardigan are the following: Sock Fancy, Sock Panda, Sock, Club, BLACKSOCKS, Wiesner Products, Bridgedale Outdoor and Walktall.
Net Worth of Foot Cardigan
During the pitch the company was valued at $2.5 million and they have makes tremendous sales through subscription which mean the company net worth had also increase.
Foot Cardigan FAQs
What is Foot Cardigan?
Foot Cardigan is a sock subscription company which ships you different varieties of socks every month.
Who is the founder?
The founder is Bryan Mahoney and Matt McClard.
What is the Headquarters of Foot Cardigan?
The headquarters of Foot Cardigan are located in Dallas, Texas.
What was their offer?
They were asking for $250,000 for a 10% equity stake at valuation of $2.5 million.
Did they get the offer?
Yes, Foot Cardigan received an offer of $250,000 for a 20% equity stake at valuation of $1.25 million from Mark Cuban. But they never close the deal.
How much does it cost to join?
The basic membership is $9/month or $2/pair for one month. If you want to skip a month, user can do so because it does not charge for skipping.
The premium membership costs $13/month or $8/pair for one month. User can choose the premium option if they want an added pair of socks per shipment or if they are ordering multiple pairs at one time.
How is the business model?
Foot Cardigan runs on a subscription model and each subscription is for 3, 6, or 12 months. Each shipment will offer a different range of socks for men and women at a cost of $9/pair.
On which Shark Tank episode was Foot Cardigan featured?
Foot Cardigan appeared on season 3 episode 3.
How does it make money?
The firm makes money through subscriptions.
How does Foot Cardigan ship their products?
Foot Cardigan uses USPS for shipping.
Is safe to buy online?
Yes, their website is secured with SSL.
How many pairs of socks you will get per shipment?
Foot Cardigan offers 5 different styles of socks per shipment, including one pair of opaque tights, three pairs of crew-neck t-shirts, and one pair of wool tuxedo socks.
How long does it take for the products to be delivered?
It takes about two weeks to receive the products.
How do I pay?
There are multiple ways to pay, including PayPal or credit card.
How does it work?
Once they ordered the product, the delivery company will deliver the products to their home. Foot Cardigan has sponsored this site.