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.
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 remain unknown.
Remyxx FAQs
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.
