Pashion Footwear Shark Tank Net Worth 2023
Pashion Footwear appeared on Shark Tank in 2021 and was estimated to be worth $5 million. The company did not receive a deal during the pitch, but it was able to raise $1.5 million in funding shortly after its episode aired.
As of 2021, Pashion Footwear’s net worth is estimated at $3.5 million. It is unclear what the company’s net worth will be in 2023 or if it will still be in business.
What is Pashion Footwear? Who is the Founder of Pashion Footwear?
Pashion Footwear offers a versatile footwear option with its stylish high heels that can be converted into comfortable flats in under 5 seconds.
These shoes are suitable for a variety of occasions, including bridal, workplace, and daily wear, and come with a selection of accessories such as block heel kits and heel caps.
The innovative concept of convertible high heels was created by Haley Pavone, the founder, and CEO of Pashion Footwear, while she was still a student at Polytechnic State University in California.
Aspiring to be an entrepreneur since a young age, Pavone’s experience of being stepped on at a party during her sophomore year of college inspired her to develop a solution to uncomfortable high heels.
The patent-pending SteloTM support system, available exclusively on Pashion’s official website, provides the necessary strength for the heel, while the polyurethane sole adds comfort.
After spending a few months developing the prototype, Pavone entered the annual Innovation Quest competition and won the first-place cash award of $15,000.
She then founded the company from her dorm room in 2016 and raised $420,000 in the first round of investment through Crunchbase.
Over the next two years, Pavone received $1.7 million in initial investment, with the assistance of two main investors: private angel investor Forrest Fleming and venture capital firm Entrada Ventures.
Pashion Footwear Shark Tank Pitch
Hayley Pavone, the mastermind behind Pashion Footwear, entered the Shark Tank with the same aspirations as any other entrepreneur hoping to pitch their business and secure funding.
Her unique business idea of convertible heels that transform into flats immediately caught the sharks’ attention.
Hayley asked for $500,000 for a 5% stake in the company, which was valued at $10 million. However, when she revealed that she spends $90,000 per month on marketing, the sharks became hesitant to invest in Pashion Footwear.
The only shark who wasn’t deterred by Hayley’s high costs was Kevin O’Leary. He made a counteroffer of $500,000 for a 5% ownership and a $5 royalty on each unit sold until $1 million is paid off.
Although initially hesitant to accept Kevin’s offer because of the royalty condition, Hayley persuaded him to increase his equity stake from 5% to 8%. Kevin refused to budge, so Hayley decided to consider other offers before making a final decision.
Unfortunately, none of the other sharks made an offer, so Hayley was forced to return to Kevin’s offer. She attempted to negotiate a lower royalty rate, but Kevin refused to change the terms.
In the end, Hayley respectfully declined Kevin’s offer, choosing to leave the tank without a deal rather than pay royalties to a shark.
However, shortly after the episode aired, Pashion Footwear received $1.5 million in investment. The brand has since expanded its range of colors and designs, including pumps, stilettos, and blocks.
Although the global pandemic caused a delay in summer orders, Pashion Footwear still experienced a 300% increase in monthly earnings.
The brand introduced two new convertible heels, the Knit Pump in Mocha and Coal, and frequently offers discounts and promotions on its website.
With endless possibilities for new shoe styles, Pashion Footwear is poised for exponential growth in the coming years. Its innovative concept of convertible heels is a timeless idea that will never go out of style. The company is expected to earn $1 million in revenue in 2021.
Table Summarizing: Pashion Footwear Shark Tank:
| INFORMATION | DETAILS |
| Company Name | Pashion Footwear |
| Founder and CEO | Haley Pavone |
| Year Founded | 2016 |
| Headquarters | California, United States |
| Shark Tank Pitch Air Date | Season 12 Episode 14 |
| Shark Tank Pitch Valuation | $10 million for a 5% stake in the company |
| Shark Tank Offer | $500,000 for a 5% ownership and a $5 royalty per unit |
| Additional Funding | $1.5 million shortly after Shark Tank episode aired |
| Net Worth (2021) | $3.5 million |
| Convertible High Heel Description | Stylish high heels that can be converted into flats |
| Patent-Pending Technology | SteloTM support system and polyurethane sole |
| Target Market | Women’s footwear for bridal, workplace, and daily wear |
| Recent Developments | Expanded range of colors and designs, new convertible heels, and customizable shoes |
| Team Composition | 83% female team members |
Pashion Footwear Shark Tank Updates
Pashion Footwear is a California-based company that manufactures innovative women’s shoes that can be converted into heels to flats, and flats to heels.
The founder and CEO of this footwear company are Haley Pavone, who started the company as a sophomore out of her Cal Poly San Luis Obispo dorm room in 2016. She got the idea while out dancing in her heels.
When her feet started to hurt, she took her shoes off and immediately got her toes stepped on. The next day she got to work figuring out how to make a heel that converts to a flat.
Pashion Footwear appeared on Shark Tank Season 12 Episode 14 but was unable to land a deal with the sharks. During the pitch, founder Haley Pavone mentioned that the company may only make it a few more months if she didn’t secure a deal.
However, just a few weeks after the original air date, Haley raised an additional $1 million, bringing the total raised to $3.5 million.
Pashion Footwear was able to raise $1.5 million in funding around the time its episode of Shark Tank aired. Pashion’s current fundraising round is still open.
Pashion Footwear is still in business and has been able to expand. The shoes will be customizable by the summer of 2021. The company is a small business with an 83% female team.
Net Worth of Pashion Footwear
The company was valued at $5 million during the pitch and in 2021 the company net worth is estimated at $3.5 million.
Pashion Footwear FAQs
What Is Pashion Footwear Shark Tank?
Pashion Footwear is a company that produces convertible high heels that can be turned into flats. The company was founded by Haley Pavone, who got the idea while out dancing in her heels and took her shoes off when her feet started to hurt, only to get her toes stepped on.
She started the company as a sophomore out of her Cal Poly San Luis Obispo dorm room in 2016. Pashion Footwear was featured on Season 12 of Shark Tank, where Pavone sought a fit for her product. The appearance on Shark Tank gave the company a boost.
How Does Pashion Footwear Shark Tank Work?
Pashion Footwear is a California-based company that manufactures innovative women’s shoes that can be converted into heels to flats, and flats to heels.
The founder and CEO of the company is Haley Pavone, who started the company as a sophomore out of her Cal Poly San Luis Obispo dorm room in 2016. She got the idea while out dancing in her heels and her feet started to hurt.
She took her shoes off and immediately got her toes stepped on. The next day she got to work figuring out how to make a heel that converts to a flat.
Pashion Footwear appeared on Shark Tank Season 12 Episode 14 but was unable to land a deal with the sharks. During the pitch, Haley Pavone mentioned that the company may only make it a few more months if she didn’t secure a deal.
However, the appearance on Shark Tank gave the company a lift. Pashion Footwear was able to raise $1.5 million in funding around the time its episode of Shark Tank aired.
Just a few weeks after the original air date, Haley raised an additional $1 million, bringing the total raised to $3.5 million. She also announced that the shoes will be customizable by the summer of 2021.
Pashion Footwear’s shoes are designed with a patented removable Stelo sole support that provides the stability needed to walk in heels with confidence. The heel button keeps the heels locked securely in place until the wearer is ready to convert or customize.
The cushioned sole absorbs impact like an athletic shoe, making Pashions exceptionally comfortable as both heels and flats. The flexible sole adapts to fit and support the arch for all-day comfort as a heel or a flat.
What Happened To Pashion Footwear After Shark Tank?
Pashion Footwear is a California-based company that manufactures innovative women’s shoes that can be converted into heels to flats, and flats to heels.
The founder and CEO of the company is Haley Pavone, who started the company as a sophomore out of her Cal Poly San Luis Obispo dorm room in 2016. Pavone got the idea while out dancing in her heels and experiencing foot pain.
She won Cal Poly’s Annual Elevator Pitch Competition and $15,000 at the annual Innovation Quest competition, which helped her get started.
Pashion Footwear appeared on Shark Tank Season 12 Episode 14 but was unable to land a deal with the sharks. During the pitch, Pavone mentioned that the company may only make it a few more months if she didn’t secure a deal.
However, just a few weeks after the original air date, Pavone raised an additional $1 million, bringing the total raised to $3.5 million.
She also announced that the shoes would be customizable by the summer of 2021. As of July 2022, Pashion Footwear is still running its business and has been able to expand.
Is Pashion Footwear Shark Tank Still In Business?
Yes, Pashion Footwear is still in business. The company was founded by Haley Pavone, who got the idea for convertible heels while out dancing in her heels.
She found that high heels are the number one cause of foot pain in the USA and wanted to create a shoe that could convert from heels to flats. Pashion Footwear appeared on Shark Tank in Season 12, Episode 14, but was unable to land a deal with the sharks.
However, just a few weeks after the original air date, Haley raised an additional $1 million, bringing the total raised to $3.5 million. The shoes will be customizable by the summer of 2021.
Pashion Footwear is a small company with just eight employees. The company’s unique convertible heel design has gained popularity, and the company has raised over $1 million in funding.
The company’s current fundraising round is still open. Pashion Footwear is still in business and continues to offer its innovative women’s shoes that can be converted from heels to flats and flats to heels.
What Is The Current Valuation Of Pashion Footwear After Shark Tank?
Pashion Footwear appeared on Shark Tank in 2021 and was estimated to be worth $5 million. The company did not receive a deal during the pitch, but it was able to raise $1.5 million in funding shortly after its episode aired.
Since then, Pashion Footwear has raised over $1 million, putting the company’s total amount raised to date at over $3.5 million.
It is important to note that there are conflicting reports on the current valuation of Pashion Footwear.
One source estimates the company’s net worth to be over $5 million, while another source reports that the founder of Pashion Footwear showed the company’s valuation of $10 million after appearing on Shark Tank.
However, it is unclear if this valuation is accurate or if the company’s valuation has changed since then.
Who is the Founder of Pashion Footwear?
Haley Pavone, who is also the founder and CEO of Pashion Footwear, came up with the concept of convertible high heels while still a student at Polytechnic State University in California.
What is her offer on Shark Tank?
Haley was seeking for $500,000 for a 5 percent equity stake in her convertible high heels business.
Did she get a deal?
No, she did not get a deal from any other sharks as Kevin O’Leary was her last offer.
Did she accept the offer?
No, she refused the offer due to the royalty condition.
How much money has Haley Pavone raised for the company?
Haley rose over $1.5 million from private investors, including Forrest Fleming and Entrada Ventures.
How much is the company worth now?
In 2021, the firm expects to earn a total of $1 million in revenue and is valued at $3.5 million.
How many employees does Pashion have?
Pashion has 10 employees based in Los Angeles, CA.
How was the business marketed?
Pashion Footwear is marketed online and in department stores across the United States.
How Pashion Footwear was likely developed?
Pavone founded Pashion as a sophomore in college following an injury caused by a high heel. The entrepreneur in me felt compelled to develop a more practical solution: totally convertible high heels. Haley Pavone founded Pashion Footwear in June to provide shoes with removable heels.
How do you use Pashion Footwear shoes?
Pashion shoes are easily removed from the bottom of the shoe using a zipper. They can be used as a high heel or turned up to change to a flat.
Is Pashion Footwear in business?
Pashion is a small firm with a female-dominated workforce of 83 percent. In 2021, Pashion Footwear will release seasonal product launches with new shoe shapes and heel kit alternatives, as well as a fully customizable platform.
Season 12 Episode 14 of Pashion’s ‘Shark Tank’ is now available to view on demand and on Hulu.
Is safe to buy online?
Yes, all transaction is secured. The payment system of the website is encrypted and certified with a trusted security certificate.
The website also guarantees customers that their personal information is secured and protected at all costs.
Is Pashion Footwear a franchise business?
No, it is not a franchise business. It was founded by one entrepreneur who has successfully licensed its products to many countries around the world, including Canada, Mexico, Australia, New Zealand, the United Kingdom, and Ireland.
How do I pay?
There are three options to pay Pashion Footwear: debit, credit, or gift cards.
How much time does it take to get the product?
Usually, the deliveries usually take about 10 business days depending on where customers are located in the United States.
What is the net worth of Haley Pavone?
The net worth of Haley Pavone is unknown.
