Pashion Footwear appeared on Shark Tank Season 12 Episode 14, but was unable to land a deal with the sharks. During the pitch, founder Haley Pavone mentioned that the company may only make it a few more months if she didn’t secure a deal. So, you might be looking for a Pashion Footwear update to see how it survived after its pitch on Shark Tank.
Shark Tank Pashion Footwear Update
- Entrepreneur: Haley Pavone
- Business: High heels that can be turned into flats
- Ask: $500,000 for 5% equity
- Result: No Deal
- Shark: None
Pashion Footwear is an innovative shoe company founded by Haley Pavone. Starting the company while in college, Haley has created a shoe that can go from a high heel into a flat in a matter of seconds. She shared that the idea came to her when she was at a sorority party in college and a friend stepped on her foot in a pair of stilettos while dancing. After the heel went completely through her foot, she decided there had to be a better way, and Pashion Footwear was born.
After graduating college, Haley was able to continue to grow the company into $800,000 in sales in just over a year. However, due to a 24% return rate, the company only netted $500,000 in sales during that time. However, Haley shared that the average return rate in the footwear industry is around 20% due to sizing issues.
Further, during the Pashion Footwear Shark tank pitch, Haley shared that all of the sales are online and that they don’t have a retail store presence. With only a few hundred thousand dollars left in the bank and a $90,000 a month burn rate, Haley said that Pashion Footwear would only make it a few more months if she didn’t leave with a deal.
However, due to the high burn rate and competitive space, only Kevin O’Leary was interested. He offered her $500,000 for 50% equity with a $5 royalty until $1 million was repaid. Despite a few negotiation attempts, Kevin was unwilling to budge and Pashion Footwear left the tank without a deal.
In terms of a Pashion Footwear update after Shark Tank, at the time of writing the company is still in business. In fact, according to Crunchbase, Pashion Footwear was able to raise $1.5 million in funding around the time its episode of Shark Tank aired. Hopefully, the new found funding will help keep Haley and her shoewear company in business for years to come.
If you’d like to purchase a pair of shoes or learn more about the company, you can do so on the Pashion Footwear website.
Additionally, be sure to check out updates from the other companies that appeared on Season 12 Episode 14 below!
Further, for more Season 12 company updates, be sure to check out our Season 12 products page.