Entrepreneurs Queenie Davis and Andrew Goodrum pitched their footwear company during
If you’re short on time, here’s a quick overview of what happened to Boot Illusions after
Queenie Davis and Andrew Goodrum appeared on
|Accepted deal for $100,000 for 55% equity
|$100,000 for 75% equity for the technology only, plus payments of $0.25 per unit sold by Daymond
Shark Tank Boot Illusions Update
- Entrepreneur: Queenie Davis and Andrew Goodrum
- Business: Heels to boots converter
- Ask: $100,000 for 30% equity
- Result: $100,000 for 55% equity
- Shark: Barbara Corcoran
Queenie and Andrew walked into the tank, and introduced their premium, interchangeable shoe line, Boot Illusions. Their products ultimately allow customers to grow their shoe possibilities, without having a massive collection of shoes to store.
With the top section of the shoe attached, the shoe is a boot, but then when you unzip and remove it, it’s a heel. Additionally, you can purchase upper parts of the shoes, which are interchangeable with shoes that you already have in your closet.
The options are endless, and highly flexible. This is especially great for those who are low on storage space.
Further, it’s the most economical way to collect boots, it can be a much more affordable option to just buy an upper boot piece, than it is to keep buying more boots.
Barbara Corcoran immediately wanted to look at the product. Queenie and Andrew also talked about their other products.
Kevin O’Leary wanted to know if they would only be investing in Boot Illusions, or in the whole company. Queenie was quick to assure them that they would be investing in the company, not just the product.
The Boot Illusions product was just a prototype at the time of airing, however, they recently sold $130,000 of their other product at a trade show. Their other products are interchangeable rain boots and sandals.
Robert Herjavec wanted to know if it was comfortable to wear, because the design looked clunky, but Barbara said the design looked great. Daymond John asked about the price range, and was told they were between $25 to $32 to manufacture.
The business duo was planning to retail them for between $129 to $179 and to direct customers for $79.99. Daymond asked Barbara what she thought, and she said the product was ingenious.
Robert said he didn’t know anything about women’s shoes and fashion, so he went out because he couldn’t add value to the business.
Mark Cuban followed out for the same reason.
Kevin didn’t believe in the valuation and went out.
Daymond had an offer of $100,000 for 75% equity, for just the technology used for Boot Illusions. He wanted to license it, then pay them a royalty of 25 cents per unit sold.
Queenie and Andrew weren’t ready to relinquish that much control. Barbara made an offer of $100,000 for 55% equity, saying that she knew it was going to require more money and that she was offering her experience.
pressed them for a decision, while Barbara appealed to them. Queenie said she believed in Barbara, so she accepted the deal.
What do you think came next for the company? Keep reading our Boot Illusions update to see what happened after the appearance.
Our Boot Illusions update reveals that the deal with Barbara never materialized, and the company experienced setback after setback due to manufacturing and production issues.
Queenie ultimately had to close the business soon after that. This will be our final Boot Illusions update.
Would you like to get all the details on the other companies appearing on Season 3 Episode 13? Follow the links below to read all about them.
For even more on companies and products, be sure to stop by our Season 3 Products Page before you go!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!