Tired of going to the store to buy socks? Bryan DeLuca and Matt McClard’s sock subscription service may fix your problem. This subscription brings a random, small-batch pair of socks to your mailbox each month, with multiple different subscription options. Keep reading our Foot Cardigan update and recap to find out which sharks were eager to dip their toes into this business from the S
Shark Tank Foot Cardigan Update
- Entrepreneurs: Bryan DeLuca and Matt McClard
- Business: Small batch subscription socks
- Ask: $250,000 for 10% equity
- Result: $250,000 for 20% equity
- Shark: Mark Cuban and Troy Carter
Bryan and Matt gave a wonderful pitch about how boring sock shopping is, and how exciting it is to see what the sock fairy has brought every month. Their service offered random socks on a subscription basis. At the time of filming, Foot Cardigan made $1.36 million in sales with 6,000 sock subscriptions. The sharks are very impressed with these numbers.
- HIGH QUALITY: Your men’s subscription box socks will be made from high-quality combed cotton, knitted with 200 needles, and offer extra arch support. Basically, they’re the best socks you’ve ever worn. It’s the coziest, best subscription box ever.
Customer acquisition costs were about $11, and it was only $1.35 landed to produce each pair. Each pair sold for $9 (shipping not included). Sales in the year before were $900,000. Daymond John wanted to know if they could make the socks domestically, and Bryan and Matt confirm that they wanted to try.
Lori Greiner was the first to go out. The socks were cute, but they’re doing the same thing as other sock companies in a different way. Daymond offered $250,000 for 22.5% equity if his company Bombas partnered up. Kevin O’Leary, on the other hand, offered $250,000 for 15% equity with quarterly distributions.
Guest shark Troy Carter thought that distributions wouldn’t make sense, as the company was mainly a tech company. He offered $250,000 for 15% and wanted to give the company a strong narrative.
Mark Cuban also wanted in, so he offered $250,000 for 20% equity. He asked Troy to go in together and split the equity. Everyone agreed to this deal. Let’s see how things turned out for this sock subscription company in our Foot Cardigan update.
It’s all good news for Foot Cardigan! While the deal with Mark and Troy never closed, the company is still doing fine. Bryan stayed on for a while as CEO, before leaving in 2018 for another company.
Our Foot Cardigan update research revealed that the company was purchased by a significant Dallas-based holding company and currently pulls in about $4 million annually. You can get your subscription on the Foot Cardigan website.
Before you go, don’t forget to check out our company updates for the other products featured in Season 7 Episode 3.
For more on companies and products, stop by our Season 7 Products Page.