Forus Athletics Shoes Shark Tank Net Worth
Forus Athletics appeared on Shark Tank with a valuation of $1.33 million. According to one source, their net worth is $85,066,725, but another source states that the business is no longer in operation and its current net worth is unknown.
During the show, the founders reported sales of $500,000 in six months and forecasted sales of $2.5 million.
What was Forus Athletics and Who was the Forus Athletics founder?
Forus Athletics was a company that specialized in selling lightweight running shoes. They used an insole shock-absorbing technology called PolstarMax 6 to reduce back, calf, and spine problems. The shoes were so light that they felt like socks rather than shoes.
Forus had two models: the Nytro 90x and the Membrane Crypt. The latter could be returned to Forus for recycling and customers would receive a 25% discount on the next pair.
Forus running shoes provided the necessary comfort, support, and shock absorption while being the lightest and most breathable shoes on the market. They weighed up to ten ounces less than a standard running shoe and were priced similarly to other high-quality brands.
In addition to exceptional design and comfort, Forus also placed high importance on social responsibility. They donated 10% of their sales to children’s organizations worldwide and provided scholarships to those interested in working with children.
Forus Athletics was founded in 2010 by Joel Vinocur and Arsene Millogo. Vincour holds a bachelor’s degree in business administration from Robert Morris College and is now Proof Point’s Senior Manager of Channel Sales. Millogo, who is originally from West Africa, studied law.
The company was formed from Millogo’s personal track expertise and the need for long-lasting shoes. Many running shoes at the time were short-lived and offered little relief for foot, spinal, or calf discomfort. A unique idea was born from the lack of quality in most running shoes.
The company suffered a major setback by mistiming the product debut late in the season. Early spring is the ideal time to launch new footwear products for the upcoming running season, but Forus debuted near the end of the summer.
Despite this, all retail retailers reordered shoes since the first release, and Forus was able to acquire big sponsorship deals through NASCAR, which greatly aided the company.
Forus’s final downfall was a lack of inventory control, distribution, and investment resources. As a result, the company ended and Arsene Millogo’s future is uncertain.
Forus Athletics Shark Tank Pitch
During their appearance on Shark Tank season 6 episode 24, Joel and Arsene sought $200K for a 15% stake in Forus Athletics, valuing the company at $1.3 million. They showcased their product and distributed samples to the Sharks, encouraging them to try them on.
The shoes, which cost between $11 and $13 to produce, were sold wholesale for between $35 and $50, with a subsequent retail price of $75 to $80. Forus conducted most of its sales online and generated half a million dollars in revenue in just six months, with a projected $2.5 million in revenue the following year.
While all of the retailers who had ordered their shoes had reordered, Lori decided not to invest, citing too many strong competitors. Daymond inquired about Forus’s inventory, which was valued at $68,000, and expressed concern about their competition.
Kevin and Mark both backed out of the deal, while Robert expressed interest if Daymond joined him. However, Daymond ultimately decided not to invest, and Robert withdrew his offer due to inventory management concerns.
After their Shark Tank appearance, Forus Athletics encountered issues with customs, leading to unfulfilled orders and unhappy customers.
Despite continuing to receive orders, they were unable to fulfill them, and their social media profiles had not been updated since October 2015. Joel Vinocur, one of the co-founders, went on to become a sales manager for Oracle after the company’s closure. He is currently the Senior Manager, Channel Sales at Proof Point.
Summary Table: Athletics Shoes Shark Tank
|Net worth||$85,066,725 (source 1), unknown (source 2)|
|Valuation||$1.33 million (Shark Tank appearance)|
|Sales (during ST)||$500,000|
|Projected sales||$2.5 million|
|Founders||Joel Vinocur and Arsene Millogo|
|Products||Nytro 90x and Membrane Crypt|
|Retail price range||$75-$80|
|Competitors||Nike, Puma, New Balance, Adidas, Under Armour|
|Reasons for failure||Mistiming of product debut, inventory control, and distribution and investment resources|
|Social responsibility||Donated 10% of sales to children’s organizations worldwide and provided scholarships to those interested in working with children|
Note: While there are two conflicting sources regarding the net worth of Forus Athletics, it is important to include both in the table for accuracy.
Forus Athletics Net Worth
Joel and Arsene go on Shark Tank season 6 episode 24 in search of $200K for a 15% stake in their company. This translates to a $1.3 million valuation.
Forus Athletics Competitors
Forus Athletics has many competitors in the market space. These are; Nike, Puma, New Balance, Adidas and Under Armour.
Forus Athletics Shoes Updates
Forus Athletics is a footwear company that designs and manufactures high-quality athletic shoes. The company emphasizes creating comfortable, stylish, and durable shoes for various sports and activities.
Forus Athletics shoes are lightweight, flexible, and comfortable running shoes that provide support and shock absorption. The shoes have many innovations, including a comfort insole, and multiple patents issued and pending.
Forus Athletics weigh anywhere from 6-10 ounces lighter than other high-end running shoes and cost $90 per pair.
Forus Athletics appeared on Shark Tank in 2015, seeking $200,000 for 15% of their business. They did half a million in sales in six months and projected $2.5 million in sales for the year. However, the Sharks did not invest in the company, and Forus Athletics went out of business in 2015.
The company faced challenges in distribution and missed a great window of opportunity to launch their product. They were unable to compete with major players in the footwear industry.
As of 2023, Forus Athletics is no longer in business. The company ceased its operation in 2015, unable to compete with the major players in the footwear industry.
Despite their innovative shoe design and impressive performance on Shark Tank, Forus Athletics faced challenges in distribution and missed a great window of opportunity to launch their product.
Forus Athletics FAQS
What Is Forus Athletics Shoes?
Forus Athletics Shoes is a brand that produces lightweight and breathable athletic shoes that provide support, cushioning, and shock absorption for workouts and running.
The shoes weigh as much as 10 ounces less than typical running shoes and have a minimalist design that makes them more flexible and comfortable during intense physical activities. Forus Athletics has multiple patents issued and pending for their shoe innovations, including a comfort insole.
The company emphasizes creating comfortable, stylish, and durable shoes for various sports and activities.
Forus Athletics Shoes is also a company with strong social values. They give 10% of their profits to children’s charities all over the world and grant scholarships to students who want to work with children.
The company currently funds a nursery school in China for factory workers’ children and scholarships for students who want to help children in the USA. However, as of 2023, Forus Athletics Shoes is out of business.
Forus Athletics Shoes were pitched on the hit show Shark Tank and received positive feedback from the Sharks. The shoes are priced at $90 per pair, which is comparable to other high-quality running shoes.
The company also offers a recycling program for their Membrane Crypt shoes, where customers can send back their old shoes for recycling and receive a 25% discount on their next pair.
How Does Forus Athletics Shoes Works?
Forus Athletics Shoes are designed to provide comfort, support, and shock absorption while being lightweight and breathable. They are made with an unbreakable stability support that weighs a fraction of what conventional shoes do.
The shoes have multiple patents issued and pending, including a comfort insole. The PolarMax 6 insoles are designed to cushion impact and provide a comfortable fit throughout the foot.
Forus Athletics Shoes weigh anywhere from 6-10 ounces less than standard running shoes. They have two models: Nytro 90x and Membrane Crypt, the latter of which can be sent back to Forus for recycling and a 25% discount on the next pair.
The shoes are comparable in price to other high-end running shoes, costing $90 per pair. They were only available online as of the air date, but their website said they would be available to the mass market soon.
Forus Athletics Shoes were featured on Shark Tank, and Lori Greiner offered to invest in their company. However, Forus Athletics Shoes is now out of business.
What Happened To Forus Athletics Shoes After Shark Tank?
Forus Athletics Shoes appeared on Shark Tank seeking a $200,000 investment in exchange for 15% of their business. The company produced lightweight, flexible, and comfortable running shoes that provided support and shock absorption.
The shoes were designed to improve both gait and equilibrium and were made from a unique material that offered superior shock absorption, comfort, and durability. The Sharks were impressed with the product, but none of them invested in the company.
Unfortunately, Forus Athletics Shoes went out of business in 2015. The company was unable to compete with major players in the footwear industry. Despite taking orders, they were unable to fulfill them, and their social media pages have not been updated since October 2015.
The company had a pending deal with NASCAR and connections with Millogo’s side company email plugin Attlo.
In conclusion, Forus Athletics Shoes did not receive an investment from the Sharks and went out of business in 2015. Despite their impressive product, the company was unable to compete with major players in the footwear industry.
What Is The Current Valuation Of Forus Athletics Shoes?
Forus Athletics Shoes appeared on Shark Tank in 2015 with a valuation of $1.33 million. The company was founded in 2010 by Joel Vinocur and Arsene Millogo and used to sell lightweight running shoes.
The shoes were designed to be lightweight, flexible, and comfortable, and they provided support and shock absorption. Forus Athletics Shoes used an insole shock-absorbing technology called PolarMax 6 to reduce back, calf, and spine problems.
The shoes cost between $11 and $13 to produce and were sold wholesale for between $35 and $50, depending on the region.
Forus Athletics Shoes generated half a million sales in six months and forecasted sales of $2.5 million. However, it is unclear what the current net worth of the company is.
One source claims that the net worth of Forus Athletics Shoes is $85,066,725, while another source states that the current net worth of the company is unknown. It is possible that the company is no longer in operation, as one source suggests.
Is Forus Athletics Shoes Still In Business?
Forus Athletics Shoes went out of business in 2015. The company was unable to compete with established brands like Nike in the highly competitive athletic footwear market. Forus Athletics Shoes was featured on Shark Tank, but none of the sharks invested in the company.
The company missed a great window of opportunity when it launched its products towards the end of summer instead of in the spring, just before summer.
Despite going out of business, Forus Athletics Shoes continues to have a presence online. However, the company has many unfulfilled orders and unhappy customers. It is unclear whether the company is still taking orders or if it is simply unable to fulfill them.
What was Forus Athletics?
Forus Athletics was a firm that specialized in selling lightweight running shoes. The firm boasted about the use of an insole shock-absorbing technology (PolstarMax 6) that absorbs “the pressure of their body weight during a stroll or strenuous workout and reduces back, calf, and spine problems.”
Who was the founders of Forus Athletics?
Joel Vinocur and Arsene Millogo formed Forus Athletics in 2010.
How much were they seeking in the Shark Tank?
Millogo and Vinocur were asking for $200,000 for 15% of the company. This equated to a $1,300,000 valuation for Forus Athletics.
Did they get the deal from the Sharks?
No. Arsene and Vinocur walked out of the Tank with no deal in hand.
Is Forus Athletics still in business?
In 2015, Forus Athletics terminated operations. Vinocur began his career as a sales manager at Oracle.
In addition, he was a student at Harvard Business School, where he studied entrepreneurship. Millogo also had a side business called Attilio, which was an email plugin.
What was the qualifications of Joel Vinocur?
Joel Vinocur has a bachelor’s degree in business administration from Robert Morris College.
Where was Arsene Millogo from?
Arsene is a native of West Africa. He fled to the United States after his nation went to war. In his arms, his father died. Arsene came to the United States for law school on a track and field scholarship.
What episode was Forus Athletics featured?
Forus Athletics was featured in season 6 episode 24 of Shark Tank.
When was Forus Athletics featured on Shark Tank?
Forus Athletics was on April 10th, 2015.
Where was Forus Athletics located?
Forus Athletics was located in Indianapolis, Indiana.
When was Forus Athletics founded?
Forus Athletics was founded in 2010.
How much was Forus Athletics?
The shoes cost between $11 and $13 to produce and are sold wholesale for between $35 and $50, depending on the country. The sneakers will subsequently sell for between $75 and $80.