It’s always a little heartbreaking when kids grow out of their stylish shoes. Since they grow so quickly, finding shoes that fit and go with anything can be a challenge. This was the idea that fueled Lisa Nguyen’s idea, interchangeable baubles for kid’s shoes, allowing them to remain stylish as kids grow. Will the sharks find value in this Season 11 pitch? Find out in our pitch recap and Baubles + Soles update!
Shark Tank Baubles + Soles Update
- Entrepreneur: Lisa and Duc Nguyen
- Business: Stylish, interchangeable kid’s shoes
- Ask: $150,000 for 15% equity
- Result: $150,000 for 25% equity
- Shark: Daymond John
Lisa Nguyen faced the same problem that many moms face. When her daughter outgrew the most adorable pair of shoes, she wished there was some way to make sure they fit. The idea for Baubles + Soles was born—a basic shoe with attachable, interchangeable ‘baubles’ that could grow with your child.
Lisa herself has an amazing backstory. She and her mother left Vietnam on a fishing boat when she was a child and spent three years in a refugee camp. After, she grew up in Australia and began helping refugees pro bono.
The sharks are impressed with her tenacious backstory, but they are somewhat less impressed by her sales. Baubles + Soles had done $150,000 in sales in the last year, and they sell most of the shoes and baubles wholesale.
Daymond John was the first to doubt the product, stating that inventory will be a nightmare, and was the first to drop out. Robert was concerned about online sales, so he dropped out as well. Throughout the sharks’ critique of the product, Lisa kept interjecting stats and information about the company, hoping to entice them back.
Mark was out because he thought it was too similar to other products on the market. Kevin appreciated the company’s valuation (which is a rare treat), but he didn’t want to be in the shoe business. He dropped out as well, leaving the ball in Lori’s court.
Lori loved the product and loved Lisa and her family, but she was not up for the tough journey the company would have. Even with all of the sharks out, Lisa still kept pitching and offered to de-risk the offer and take the investment as a loan.
It was this tenacity that drew Daymond back in. He said she wasn’t going to fail, and offered her $100,000 for a 25% stake. He felt compelled to be in business with Lisa, and she accepted the offer. Was this a good investment for Daymond? Find out in our Baubles + Soles update!
Baubles + Soles hasn’t failed, just as Daymond predicted. In our Baubles + Soles update, we found that the company is still in business with an active website and social media presence. While there haven’t been any sales numbers shared, it seems that Daymond, Lisa, and Duc are doing just fine.
You can find the other company updates from Season 11 Episode 7 below:
Don’t forget to take a look at our Season 11 products page! We’ve got more company updates from