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.
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 FAQS
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.