Pashion Footwear Shark Tank Update (Season 12)

Pashion Footwear is a company that makes fashionable convertible high heels turned into flats. Due to this, there is no need for any woman to keep two types of shoes right now.

Many women own two types of shoes, flats, and heels which can be worn in different places and occasions.

There is an extra cost to take two pairs of shoes for different work. If this is the case, then you can use one shoe for different types of work.

Through this Pashion footwear, you can convert heels to flats, and flats to heels.

This company was started on October 4, 2016, in California. It is made of Numerous Styles & Colors of shoes.

The material used in their shoes is leather and patent leather. These shoes have been tested Professionally and they last up to 2 years.

Why was this women’s shoe company named Pashion Footwear? The founder says about this that it is Practical + Fashion = Pashion

Who Is The Founder Of Pashion Footwear?

Haley Pavone is the founder and CEO of Pashion Footwear. She hails from California, she studied business for her Bachelor of Arts from California Polytechnic State University.

During her studies, she started this Pashion footwear company. In December 2021, she was included in the Forbes 30 under 30.

Appeared in Pashion Project, 2020 TedX Talk. Haley has been running this business for more than 5 years.

Pashion Footwear Before Shark Tank

This Footwear company was started in Haley on October 4, 2016. To build this company, they had to face many challenges.

She talked about this product with many footwear experts for two years. She applied for patents in 30 countries and arranged to manufacture, after which she made her first sample shoes.

In November 2016, the company became the first winner in the Cal Poly Elevator Pitch Competition and won $1,500.

In April 2017, she became the 1st winner of the Cal Poly Innovation Quest Competition 2017 in which she won $15,000 in equity-free funding.

After that he continued to win different awards, this includes “Startup Superstar” People’s Choice Award, the 2020 Rising Star Business of the Year Award, and the Forbes Next 1000 2021.

In 2020, when the COVID pandemic came, the supply chain was shut down, and Haley was three months late in fulfilling the orders that came in the summer.

Her sales rate started growing when she switched to online shopping, due to which she got a revenue increase of 300% in the month.

At the beginning of this footwear company, she had sales of $800,000. She spent $1.7 million for the 30 patents she had taken. Before Shark Tank, she sold a total of 3000 units of shoes.

Did Pashion Footwear Get a Deal on Shark Tank?

The founder of Pashion Footwear, Haley Pavone, after appearing on Shark Tank, showed her company’s valuation of $10 million and asked for $500,000 for 5% Equity.

He had total sales of $800,000, of which the return and exchange is 24%, in which his net sales are $500,000. This was her all-net sales online. The sales they got were through digital marketing and word of mouth.

At the beginning of the company, she pitched in many events, in which she got the first raise of $26,500.

This Footwear company has raised $2.5 million in funding so far. At present, Haley is the 83% shareholder of this company.

The $2.5 million in funding she received was received in the form of convertible notes. If she is not able to finalize the deal in Shark Tank, then she will have 45% shares of her company.

Haley has $250,000 in cash in her bank. They currently have inventory worth $150,000.

It spends $90,000 on marketing every month, if this continues, it will run out of cash in 3 months.

Kevin says in this that if I make an offer, it will be like this, $500,000 for 5% equity plus he needs $5 royalty per sale till he recoups $1 million.

The cost of this product is $36 and its landing cost is $47. It is sold in the market for $150 to $190.

Barbara Corcoran has to tell the founder that you are the type of person who does not know what you want. Barbara took a lot of faults regarding the founder and her footwear business, after which she is out of this offer.

4 sharks got out of this business offer but Kevin is still in it. Haley counteroffers Kevin $500,000 for 8%. But Kevin had to say no.

Kevin wants a royalty deal. Mark had to tell the founder that if she took this royalty deal, then this business would not be able to run.

Haley made another counteroffer to Kevin for $500k for 5% Equity + a royalty of $1 per unit sales until $1 Million is paid.

After a lot of negotiations between Haley and Kevin, Kevin did not make any changes to his offer, so Haley rejected the offer.

Pashion Footwear Shark Tank Update (Season 12)

After Shark Tank, Most Women had a very positive response to Pashion footwear. This was a common problem for most women, so women accepted this product.

Founder Haley raised $1 million a few months after the episode aired. If we talk about their sales, then in July 2022, their annual revenue reached $3 million. At present, it is exporting to Asia along with Europe countries.

According to the report of CrunchBase, this company has raised a total funding of $ 3.2 million till July 2022.

She had raised $1.5 million from Entrada Ventures on the last funding on February 12, 2020.

This footwear company has raised a lot of funding, yet we do not know how many shares the founder Haley Pavone has.

How is the Pashion Footwear going?

This Pashion footwear company is doing quite well right now. Despite not getting funding from Shark Tank, it is doing very well.

When Haley pitched with the Sharks, this company, due to the Sharks, talked about the problem of why it was not profitable.

After Haley was guided by the shark, she started trying to improve her work. It seems to us that maybe they have done the right thing because after analyzing their website we feel like this.

Every month 150k visitors come to their website, 38% of them come from direct and 49% from organic searches.

Her website has been optimized very well, while talking about her social media, she currently has 112k followers on her Instagram.

What Is The Pashion Footwear Net Worth?

Pashion Footwear’s Net Worth is estimated at $2.3 million.

It has been able to expand internationally as well. There are many women worldwide who are buying this product.

It is difficult to say whether founder Haley Pavone will be able to hold on to a good position in her company.