Entrepreneur Gary Gagnon pitched his footwear during
If you’re short on time, here’s a quick overview of what happened to Remyxx ReKixx after
Gary Gagnon appeared on
|Accepted deal for $50,000 for 80% equity
Shark Tank Remyxx ReKixx Update
- Entrepreneur: Gary Gagnon
- Business: Fully recyclable shoes
- Ask: $50,000 for 10% equity
- Result: $50,000 for 80% equity
- Shark: Daymond John
Gary walked into the tank, and did a peppy presentation on his eco-conscious, Remyxx ReKixx sneakers. His sneakers are fully recyclable, which he says, ultimately makes them stand out from competitors.
Kevin O’Leary immediately wanted to know about sales. However, Gary said he’d launched the business three weeks previous to filming, so he currently had zero sales.
Although he just launched, the company has been in the works for two years.
Regardless, Robert Herjavec wanted to know about his plan for growing the business. Gary said he wanted to eventually focus on bringing his unique business model to wholesale.
Barbara Corcoran wanted to see the product, and Gary passed out samples to all the sharks. Robert said he loved the recyclable logo that marked the shoes.
However, even with the logo, Robert wondered if the people processing recycling, would actually know that the shoes were recyclable. Gary said he could guarantee they would be recycled if mailed back to him, which Robert liked.
Mark Cuban asked how much Gary had invested in the business, and was told that it came up to $30,000 and that it was just his family and him.
Daymond John asked why Gary wanted to get into this business. Gary said it wasn’t just the fashion, but he wanted to help the world through selling sneakers.
Robert thought the business would need much more than $50,000. He wanted to know the next step that Gary had in mind.
Gary needed to spend the money on molds, especially so that he could create more inventory. Although, the fashion expert of the group, Daymond, questioned this plan.
At this point, Kevin wanted to know if there was anything proprietary about the business that he could take to the big footwear companies. Nevertheless,Gary begrudgingly admitted that there was nothing unique about it.
Mark thought he should have asked for much more money. He ultimately felt that the business would take a lot, and Robert added that it would cost millions to become successful.
Daymond used his experience to tell Gary why he wasn’t being realistic about the industry.
Robert eventually went out, followed by Kevin, who ultimately saw no profit in the business.
Mark also went out, because he didn’t really think Gary was ready to understand what the business needed.
Then Barbara went out, because she didn’t see the unique factor.
Only Daymond, the fashion guy, was left in play. He asked Gary if he owned the name, and Gary confirmed that it was trademarked.
Daymond finally offered $50,000 for 80% equity. However, Gary countered for $50,000 for 50%.
Although, Daymond didn’t budge. Therefore,Gary ultimately accepted the offer, and left the tank with a deal.
What do you think happened following
Our Remyxx ReKixx Sneakers update shows that the deal with Daymond never happened, but he did advise Gary. It turns out, that Daymond didn’t want Gary to have to give up so much of the company afterall.
With Daymond’s advice, Gary raised money through Kickstarter. Because of that, the business continued for awhile, and he enjoyed $40,000 in sales. However, he ultimately had to close it down in 2019. This will be our final Remyxx ReKixx update.
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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!