Pashion Footwear Shark Tank Update | Pashion Footwear after Shark Tank
What is Pashion Footwear?
Pashion Footwear has stylish high heels that convert to comfy flats in less than 5 seconds. It is suitable for a variety of occasions; including bridal, workplace, and daily wear, and comes with a selection of accessories such as block heel kits and heel caps.
Haley Pavone, the creator and CEO of Pashion Footwear, came up with the concept of convertible high heels while still a student at Polytechnic State University in California.
Exclusively available on Pashion’s official website, the patent-pending SteloTM support system offers necessary strength for the heel, while the polyurethane sole adds comfort.
Who is the Founder of Pashion Footwear?
Haley Pavone, 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.
Pavone had aspired to be an entrepreneur since a young age, but getting stomped on (literally!) at a party during her sophomore year of college provided the impetus she required.
Haley Pavone spent a few more months developing the prototype, which she then entered in the annual Innovation Quest competition, where she won the hefty first-place cash award of $15,000.
After founding the firm from her dorm room in 2016, she raised $420,000 in the first round of investment via Crunch base.
Pavone received $1.7 million in initial investment over the next two years with the assistance of its two main investors: private angel investor Forrest Fleming and venture capital firm Entrada Ventures.
What Happened to Pashion Footwear at Shark Tank pitch?
Hayley Pavone, the creator of Pashion Footwear, entered the tank with the same aspirations as any other entrepreneur that appears on ‘Shark Tank’ to pitch their business and raise some money.
Hayley’s brilliant business concept of convertible heels that change to flats attracted sharks’ interest instantly.
Hayley requested $500,000 in return for 5% interest in the firm, which was valued at $10 million. When she disclosed that she spends $90,000 per month on marketing, the sharks raised multiple red flags and were hesitant to invest in Pashion Footwear.
The one shark, however, who seemed unfazed by the young entrepreneur’s costs and business approach was Kevin O’Leary.
Kevin countered with a $500,000 offer for a 5% ownership and a $5 royalty on each unit sold until the $1 million is paid off.
When Hayley originally heard Kevin’s offer, she was hesitant to accept it owing to the royalty condition.
However, she persuaded Kevin to reduce the royalty by sweetening the offer by increasing the equity stake from 5% to 8%. Kevin refused to bend, and Hayley opted to listen to other sharks’ offers before deciding on Kevin’s.
Regrettably, because none of the sharks made an offer, the entrepreneur was forced to return to Kevin.
Hayley attempted and failed once more to convince Kevin to waive his royalty’s agreement.
Finally, Hayley decides to join the royalty bandwagon and inquires as to whether Kevin would be content with a lesser royalty rate per unit sold than his $5 request.
Kevin was not prepared to tinker with the offer at all, knowing he was in the driver’s seat, as no other sharks made an offer to her.
However, Hayley chose to play it safe and respectfully declined Kevin’s offer, opting to leave the tank without a deal rather than pay royalties to a shark.
What Happened to Pashion Footwear after Shark Tank?
Haley Pavone, the founder, did not obtain a deal during the pitch. Pashion Footwear was able to get $1.5 million in investment shortly after its Shark Tank episode aired.
Following an extraordinarily good reaction, it has expanded to include a variety of other colors and designs, ranging from pumps to stilettos to blocks.
While the global pandemic hindered the brand’s expansion by causing a three-month delay in summer orders, it had no effect on the brand’s growing popularity. The season concluded with a more than 300 percent increase in their monthly earnings.
In August 2020, the brand introduced two new convertible heels, the Knit Pump in Mocha and Coal. Along with sharing user feedback, Pashion Footwear frequently offers discounts and special promotions on its website.
Given the endless range of styles that may be launched in women’s shoes, the firm is certain to expand exponentially in the next years.
Due to its outstanding functionality, it is the type of notion that will never go out of style. In 2021, the firm expects to earn a total of $1 million in revenue.
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?
Pashion Footwear is a Los Angeles-based footwear company that sells high heels that convert to comfy flats in less than five seconds.
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.
The 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 the trusted security certificate.
The website also guarantees customers that their personal information are 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, 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.