Remyxx Shark Tank Net Worth 2023
Remyxx Shark Tank Net Worth
The net worth of Remyxx/ReKixx is unknown as of 2023. The company was founded by Gary Gagnon and appeared on ABC’s Shark Tank in 2019, where they received a $200,000 investment from investor Mark Cuban. Its valuation was $500,000 when it appeared on Shark Tank.
During the episode, Daymond John proposed an offer to invest $50,000 for an 80% stake in Remyxx/Rekixx, which Gary accepted.
However, the transaction fell apart during due diligence and the company has since struggled to sustain itself. In 2017, Gary posted that he had sold 2800 pairs of sneakers over four years but this was not enough to keep the business afloat.
What is Remyxx? Who is the Founder of Remyxx?
Remyxx offers a line of stylish, fashionable, and comfortable shoes made from a proprietary blend of recyclable materials that mimic the appearance and texture of canvas and rubber.
These shoes are designed to be comfortable as they naturally wear out after six to eight months of use.
With a unique and durable design, Remyxx sneakers are available in a range of bright colors and innovative styles that cater to a wide range of preferences, ages, and genders.
Gary Gagnon, a former athlete from Louisiana and experienced shoe designer, founded the company in 2011 after encountering numerous athletes with foot problems and a desire for more comfortable shoes.
Remyxx shoes feature a textile/rubber blend that is made of high-quality and durable recycled materials. This blend offers the appearance and feel of canvas but is even stronger than canvas, resembling rubber.
Gary Gagnon, who currently serves as the owner and operator of Remyxx Shoes, stumbled upon the idea of using recycled sneakers as shoe material when he noticed how many old pairs of sneakers were discarded and never used again.
He recognized the opportunity to turn waste into something useful and eco-friendly.
Remyxx Shark Tank Pitch
Gagnon appeared on Shark Tank seeking a $50,000 investment in exchange for a 10% stake in his company. During his pitch, Gagnon explained that his company was only three weeks old and had not made any sales.
Robert Herjavec was the first Shark to bow out of the deal, citing a low valuation of the company. Kevin, Mark, and Barbara followed suit, as they did not see enough uniqueness in the product to make an investment.
Daymond John made an offer of $50,000 for 80% ownership of the company, but Gagnon countered with an offer of $100,000 for 50% ownership.
Daymond then countered with an offer of $50,000 for 50% ownership, which was ultimately accepted.
However, after further negotiations, Daymond and Gagnon decided not to proceed with the transaction.
Instead of acquiring a controlling interest in Gagnon’s company, Daymond chose to help him rebrand the business independently as “ReKixx” (formerly “Remyxx”).
They launched a Kickstarter campaign and raised over $40,000, and the company’s website and social media pages remained active after the episode aired.
The business began to expand gradually, but it eventually closed its doors in 2017 despite high expectations.
Competitors of Remyxx
Remyxx has been compared to another shoe brand named Loomstate.
Loomstate is a line of sneakers that uses the same material as the Remyxx.
The company’s mission is to take pressure off the global waste stream and climate by using extremely durable hemp and recycled polyester in all their products.
The net worth of Remyxx
The company valuation was netted to $500,000 during the Shark Tank pitch but since the company had closed the door the net worth remains unknown.
Remyxx Shark Tank Update
Remyxx, now known as ReKixx, appeared on Shark Tank in 2019, seeking a $50,000 investment in exchange for a 10% stake in the company. During the pitch, Gary Gagnon, the founder of ReKixx, explained that the company makes 100% recycled tennis shoes.
Mark Cuban invested $200,000 in the company, and since then, ReKixx has become a hit with customers who seek fashionable and sustainable products.
After the Shark Tank episode aired, Daymond John offered Gagnon $50,000 for an 80% stake in the company, but they decided not to pursue the deal. Instead, John decided to help Gagnon build ReKixx independently.
In 2022, Gagnon started a Kickstarter campaign to raise funding to make tennis shoes, needing less than $40,000 to run the operation.
It is unclear what happened to ReKixx after the Kickstarter campaign, but a Shark Tank Success article from December 2022 reported that Daymond and Gary decided not to complete the deal.
However, the article also stated that Gagnon decided to help Gary build the ReKixx business on his own. A more recent article from SEOAves in January 2023 reported that ReKixx’s eco-friendly shoes have become a hit with customers who seek fashionable and sustainable products.
Remyxx Shark Tank Net Worth 2023
|Company Name||Remyxx (now known as ReKixx)|
|Product||100% recyclable sneakers made from a proprietary blend of materials|
|Shark Tank Appearance||2012 and 2019|
|Shark Tank Investment||$200,000 from Mark Cuban in 2019|
|Valuation of Shark Tank||$500,000|
|Offer from Daymond John||$50,000 for an 80% stake|
|Offer Accepted||$50,000 for a 50% stake|
|Deal Outcome||Fell apart during due diligence|
|Current Net Worth||Unknown|
|Recent Updates||Gary started a Kickstarter campaign in 2022, and the company’s eco-friendly shoes have become popular with customers seeking sustainable products.|
What Happens To Remyxx After Shark Tank?
ReMyxx, a company that produces 100% recyclable sneakers, appeared on Shark Tank in 2012. The founder, Gary Gagnon, asked for a $50,000 investment in exchange for 10% equity in the company.
Daymond John offered the investment but wanted 80% of the business in return. Gagnon declined the offer, and the deal did not go through. However, John continued to mentor Gagnon after the show.
Despite not getting a deal on Shark Tank, ReMyxx gained popularity and increased sales. In 2019, the company received a $200,000 investment from Mark Cuban. However, ReMyxx now renamed ReKixx is no longer in business. The company closed its doors in 2017.
What Was The Outcome Of Remyxx’s Pitch On Shark Tank?
Remyxx, a company that produces eco-friendly sneakers made from recycled materials, appeared on Shark Tank in 2013. The founder, Gary Gagnon, asked for $50,000 for a 25% stake in the company.
Four out of the five sharks made offers, and Gagnon ultimately accepted a deal from Barbara Corcoran and Robert Herjavec for $250,000 in exchange for a 75% stake in the company.
However, the deal fell through after the show, and Remyxx did not receive any investment from the sharks.
It is important to note that Shark Tank deals are not always finalized after the show. In fact, some of the most successful companies that appeared on Shark Tank did not receive any investment from the sharks.
While Remyxx did not receive any investment from the sharks, the exposure from appearing on the show likely helped the company gain publicity and attract customers.
What Was The Sharks’ Feedback On Remyxx Shoes During The Pitch?
During the pitch of Remyxx Shoes on Shark Tank, the sharks had mixed feedback on the product. One shark said that the business was a cash suck and that the entrepreneur did not ask for enough money.
Another shark said that the entrepreneur would need millions to build inventory. A third shark told the entrepreneur to take the shoes and burn them. All three sharks decided not to invest in the product and went out.
However, in a later update on Shark Tank Success, it was revealed that Daymond John offered the entrepreneur $50,000 for 80% of the Remyxx business. Although the entrepreneur did not accept the deal, Daymond John decided to help the entrepreneur build the business.
What Is The Story Behind The Creation Of Remyxx Shoes?
ReKixx, formerly known as Remyxx Shoes, is a company that produces sustainable footwear made from recycled materials. The founder, Gary Gagnon, came up with the idea in 2009 after seeing old shoes sitting in the trash next to recyclable bins.
His vision was to create fashionable, comfortable, and environmentally-friendly shoes. ReKixx sneakers are entirely recyclable, and made from recycled materials such as plastic bottles and fishing nets.
The company collects old and unused footwear that would otherwise be thrown away by users and repurposes them into new, stylish, and comfortable shoes.
ReKixx launched a successful crowdfunding campaign in 2012 that raised over $44,000 to kickstart the business. The company received a $200,000 investment from investor Mark Cuban after appearing on Shark Tank in 2019. Despite the high hopes, ReKixx shut down in 2017.
However, Gagnon continues to run the company on a part-time basis while working in corporate sales. ReKixx is a socially conscious brand that donates 10% of its profits to charity organizations and recycles old pairs of shoes for those in need.
How Has Remyxx’s Business Grown Since Appearing On Shark Tank?
Remyxx is a company that was featured on Shark Tank seeking a $50,000 investment in exchange for 10% equity in the company. Even though the deal fell through, the company was able to gain free national publicity from the show.
The founder, Gary Gagnon, received advice and support from Daymond John after the show. The company’s initial Kickstarter campaign resulted in over $40,000 in sales, and the website and social media pages received a boost in traffic.
Unfortunately, despite initial success, the company ultimately closed its doors in 2017. There is no information available on the company’s revenue or customer base after the show, so it is unclear how much the company grew.
It is possible that appear on Shark Tank helped the company gain initial traction and publicity, but ultimately, the company was not able to sustain its growth.
Overall, appearing on Shark Tank can provide entrepreneurs with free national publicity and an opportunity to improve their pitching skills.
However, the success of a company after appearing on the show depends on various factors, including the quality of the product, the strength of the business model, and the ability to execute the company’s vision.
What is Remyxx?
Remyxx is a new and innovative form of footwear made from recycled materials.
Who is the Founder?
Remyxx is founded by Gary Gagnon, who is a former athlete from Louisiana.
What is their offer on Shark Tank?
Gagnon asking for $50,000 for 10% equity shares in his company.
Did they get the deal?
Yes. He made deal with Daymond John for $50,000, but they do not proceed to the transaction.
Is still in business?
No, the company ceased operations in 2017.
Was it successful?
The company was not profitable, although it reached over $40,000 in Kickstarter campaign.
Where to buy?
Customers can purchase Remyxx through their website or through Amazon.
Does Remyxx Shoe Really Shark Tank Scam Review?
No scam here. The founder appeared on Shark Tank and got the deal but not proceed further.
What is the source of innovation?
The source of innovation is by combining recycled materials and rubber-canvas fabric.
Where can I order Remyxx?
Unfortunately, there is no direct place where one can order these shoes. One must go to a retailer or a boutique to buy the sneakers.
Where can I buy Remyxx?
Remyxx was sold online on Amazon and also in different retail stores in Louisiana. However, since the company has been closed the product is unavailable.
What does Remyxx do?
Remyxx shoes are created from a proprietary blend of recycled materials that resemble canvas and rubber in appearance and feel. They are designed to become comfortable as they wear out, because they fall apart naturally after only six to eight months of use.
What makes Remyxx better than traditional shoes?
Traditional canvas/rubber shoes can be uncomfortable for many people, especially if they have flat feet.
How is the business model?
The business model is by recycling natural materials, which prevents it from attracting negative environmental impacts.
How is the business sustainable?
The company is highly sustainable, since the waste generated by numerous shoes can be used to create many new products.
What are the weaknesses?
The main weakness of the company is the scarce exposure. Remyxx needs to have more exposure to have a better exposure in the market.
What are the strengths?
The strength of the company is that it helps people by creating new shoes for them. It also helps reduce waste, which takes a toll on the environment.
How about competitive advantage?
The competitive advantage of Remyxx is that its product is unique in terms of materials, design and uses recycled material wherever possible.
Why was closed?
The company was closed mainly because of the lack of business sense. Opportunities will always be there, but if you are not prepared, you will not be able to grab it.
It is advisable to check out Remyxx Products Reviews before buying.
How many employees Remyxx had?
It is difficult to tell how many employees Remyxx had since the company was closed. However, it has been stated that the company employed about 20 employees at its peak.