Pashion Footwear is a California-based company that manufactures innovative women’s shoes. This is not a simple women’s shoe, the shoes that Pashion footwear provides can be converted into heels to flats, and flats to heels.
It is a one-of-a-kind all-in-one shoe that offers the fun of both flats and heels. There are many people who do not know why this Pashion footwear company was formed. So let’s know the story behind the formation of this company.
The founder and CEO of this footwear company are Haley Pavone. When she was in her junior year of Cal Poly, she had gone to the date event.
Many women had come to this event. But Haley slowly started getting hurt in both the legs due to her high heel shoes.
Because of this, she removed her high heels shoes. Meanwhile, a woman’s high heels hurt her legs, which gave her terrible pain.
Due to this accident, she got the idea to make a shoe that does not sacrifice fashion and gives the facility of both flats and heels.
A woman in heels looks fashionable but it also creates a lot of drawbacks.
many women keep two types of shoes, one is for walking and the other for going to the office, weddings, special occasions, etc.
It is difficult to carry different types of shoes together.
What Is Pashion Footwear?
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.
There are many women who 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
Pashion Footwear Shark Tank Update
|Company Name||Pashion Footwear|
|Product||Fashionable Convertible High Heels that Turn Into Flats|
|Asked For||$500,000 for 5% Equity|
|Final Deal||No Deals|
|Episode (Shark Tank USA)||Season 12 Episode 14|
|Air Date||February 19, 2021|
|Business Status||In Business|
|Net Worth||$2.6 Million *estimated|
|Address||San Luis Obispo, California, United States|
|Go To Amazon||Buy Now|
Who Is The Founder Of Pashion Footwear?
Haley Pavone is the founder and CEO of Pashion Footwear. She hails from California, she studied business in 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, 2020 Rising Star Business of the Year Award, and Forbes Next 1000 2021.
In 2020, when the covid pandemic came, the supply chain got shut down, and Haley got 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, Like $500,000 for 5% equity plus they need $5 royalty per sale till they recoup $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 in this that if she takes this royalty deal, then this business will not be able to run.
Haley made another counter offer 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.
What Happened To Pashion Footwear After Shark Tank?
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 has 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 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?
Talking about Pashion Footwear’s net worth, we think it can be $2.6 million.
Is Pashion Footwear Still In Business?
Yes’ this Pashion footwear is running its business live in July 2022 so far they have soldered many shoe units.
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.
Content Photo Credit: Amazon.com & pashionfootwear.com