Pashion Footwear Shark Tank Update (Season 12)

Pashion Footwear is a company that creates fashionable convertible high heels that can be transformed into flats, eliminating the need for women to carry two types of shoes. Many women typically own both flats and heels for various occasions, which can incur extra costs and inconvenience.

With Pashion Footwear, you can easily convert heels to flats and vice versa, allowing one pair of shoes to serve multiple purposes. The company, founded on October 4, 2016, in California, offers a variety of styles and colors.

Their shoes are made from leather and patent leather and have been professionally tested for durability, lasting up to two years. The name “Pashion Footwear” combines practicality and fashion, as the founder explains: Practical + Fashion = Pashion.

Who Is The Founder Of Pashion Footwear?

Haley Pavone is the founder and CEO of Pashion Footwear. Originally from California, she earned her Bachelor of Arts in Business from California Polytechnic State University.

While studying, she launched Pashion Footwear and has successfully run the business for over five years.

In December 2021, she was recognized in Forbes’ 30 Under 30 list. Additionally, she appeared in the Pashion Project and delivered a TEDx Talk in 2020.

Did Pashion Footwear Get a Deal on Shark Tank?

Haley Pavone, the founder of Pashion Footwear, entered the Shark Tank seeking $500,000 for 5% equity, valuing her company at $10 million.

With total sales of $800,000 and net sales of $500,000—after accounting for a 24% return and exchange rate—Haley leveraged digital marketing and word of mouth to achieve this growth.

Initially, she raised $26,500 through various pitching events, and Pashion Footwear has since raised a total of $2.5 million in funding, primarily through convertible notes. Currently, Haley holds an 83% stake in the company.

She has $250,000 in cash, with inventory valued at $150,000, but spends $90,000 monthly on marketing, risking running out of cash in three months if expenses continue at this rate.

Kevin O’Leary expressed interest, proposing a deal of $500,000 for 5% equity, plus a $5 royalty per sale until he recoups $1 million. However, Barbara Corcoran criticized Haley, suggesting she was unclear about her goals, leading to her withdrawal from the deal.

Despite countering Kevin with an offer of $500,000 for 8% equity, he declined, insisting on a royalty arrangement. Haley then made another counteroffer of $500,000 for 5% equity and a $1 royalty per unit until he recouped $1 million.

Ultimately, after further negotiations, Haley rejected Kevin’s final offer, opting not to take on the royalty structure.

Pashion Footwear Shark Tank Update (Season 12)

After appearing on Shark Tank, Pashion Footwear received a highly positive response from women, as the product addressed a common problem of needing both high heels and flats. This acceptance led founder Haley Pavone to successfully raise $1 million a few months post-show.

By July 2022, Pashion Footwear’s annual revenue had surged to $3 million, and the company expanded its market by exporting to Asian and European countries.

According to Crunchbase, Pashion Footwear has raised a total of $3.2 million in funding by July 2022, including a significant $1.5 million investment from Entrada Ventures in February 2020.

Despite the substantial funding raised, details regarding the exact number of shares held by Haley Pavone remain unclear.

What Is The Pashion Footwear Net Worth?

Pashion Footwear’s net worth is estimated at $2.3 million. The company has successfully expanded internationally, attracting many women worldwide who appreciate the practicality and style of its convertible shoes.