Entrepreneur Dominique McClain Barteet pitched her shoe company during
If you’re short on time, here’s a quick overview of what happened to One Sole after
Dominique McClain Barteet appeared on
|Daymond John||Accepted deal for $500,000 for 35% equity|
|Kevin Harrington & Robert Herjavec||$250,000 each for 50% equity|
|Kevin O’Leary||$500,000 for 51% equity|
|Barbara Cocoran||No offer|
Shark Tank One Sole Update
- Entrepreneur: Dominique McClain Barteet
- Business: Interchangeable shoe soles
- Ask: $500,000 for 20% equity
- Result: $500,000 for 35% equity
- Shark: Daymond John
Founder of One Sole, Dominique McClain Barteet, talks in detail about her shoe business, demonstrating how the product works. She also asks Barbara Corcoran to sample the product, and the shark loves the immediate comfort.
Dominique says that one day she went to the mall and found a pair of shoes that she loved so much, that she bought it in three shades. That’s when the idea for her company hit her.
It occurred to her that the soles of the shoes were all the same, and that she could come up with a way to just change the tops. In fact, her product, allows women to quickly, and easily change the look of their shoe.
One Sole offers many different kinds of looks, from casual to dressy. Additionally, Dominique says that their main feature is comfort.
The solid top retails for $70 to $85, while the separate tops reach from $12 to $30. In terms of manufacturing, her 3-in-1 travel kit costs $18 to produce, which then wholesale for $35. The stores then sell them for $85 to $95.
The shoe molds are made in Italy, and the tops are made in Palm Beach. Kevin O. says she could do better if she sourced her products in China.
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However, she says that’s why she is looking for investors, as she isn’t good at sourcing. At the time of filming, she’s on track to do $4 million in sales, with a 30% profit.
Overall, she’s made a whopping $20 million in gross sales, over a four year period. Further, she has a presence in over two thousand stores, in thirty countries. Additionally, she’s appeared on QVC six times.
She also has two utility, and two design patents, with more pending, plus trademarks in numerous countries. That said, she feels that she is ultimately in over her head, and needs a partner.
An investment will basically be used toward filling big orders, which she’s having a hard time achieving on her own.
At this point, Kevin O’Leary asks Dominique if she would sell the whole business, but she is unsure.
Robert Herjavec offers $100,000 for 10% equity, and suggests she get the other four sharks in on the deal for the $500,000.
Daymond John is also interested, but he doesn’t want other partners. He offers $500,000 for 35% equity.
Just then, Barbara drops out, because she’d have to spend too much time on the company.
Kevin O. offers $500,000 for 51% equity, and Dominique immediately refuses.
Kevin Harrington and Robert then team up, to go in for $250,000 each for 50% equity.
Dominique takes a moment to consider the options on the table, and accepts Daymond’s offer of $500,000 for 35% equity.
What do you think happened next following
Research for our One Sole update revealed that the company is still in business. Dominique continues to enjoy significant success after the
Diane Sawyer, named One Sole as the Best Product Made in America on ABC World News Tonight. Additionally, the shoes are available in over 80 countries now.
With over 3000 ways to style the One Sole shoes, there is no shortage of options for women to choose from. The products can be found on the One Sole website.
The company now enjoys around $6 million in annual revenue. If we learn anything new about One Sole, we’ll be sure to let you know.
In the meantime, check out our other company updates from Season 2 Episode 9 here:
For even more on companies and products, be sure to stop by our Season 2 Products Page!
Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!