When Haley Pavone was dancing at a sorority party, her friend stepped on her toe, but that’s not the worst part. Her stiletto went through Haley’s foot! This accident led Haley to create a new kind of shoe, that transforms in seconds. Will she step into a deal on
If you’re short on time, here’s a quick overview of what happened to Pashion Footwear after
Pashion Footwear appeared on
|$500,000 for 50% equity and a $5 royalty until $1 million is repaid
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
Haley brought her company, Pashion Footwear, to
In just the first year of business, she amassed $800,000 in sales. However, due to a 24% return rate, the company only neted $500,000 in sales during that time.
Haley then shares that the average return rate in the footwear industry is around 20% due to sizing issues. Further, all of her sales are online, because they don’t have a retail store.
Unfortunately, funds are running out. With only around $300,000 left in the bank, and a $90,000 a month burn rate, Haley said that Pashion Footwear will only make it a few more months if she doesn’t leave with a deal.
Haley also shared that she has raised a total of $2.5 million for Pashion Footwear all on convertible notes. She shared that if those notes converted and she got a deal with the sharks for her 5% ask, she’d own 45% of the company.
Barbara Corcoran, Lori Greiner, and Mark Cuban felt like the business wasn’t in a great place for an investor right now, so they dropped out.
Guest shark Kendra Scott wasn’t sold on the product and decided that the deal wasn’t for her.
Even with the other shark’s concerns, 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 is unwilling to budge, and Pashion Footwear leaves the tank without a deal.
Does Haley’s business fall apart following her time on
We have great news to share in our Pashion Footwear update. The company is still in business, with an estimated annual revenue of $3 million!
Not bad for a company that failed to get a deal in the tank. In fact, according to Crunchbase, Pashion Footwear was able to raise $1.5 million in funding around the time its episode of
With several shoe styles available on the Pashion Footwear website, you’ll have to give them a look! They even offer a bridal ambassador program that offers amazing perks.
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.
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!