It can be burdensome to own several different pairs of shoes. Not only is it costly, but it can be hard on closet space too. Husband and wife team, Ben and Liz Bohannan set out to provide a different type of shoe experience. Their interchangeable sandals give the customer the option of several different looks, for the price of one! Will the sharks give them a deal on
Shark Tank Sseko Designs Update
- Entrepreneurs: Ben Bohannon and Liz Bohannon
- Business: Interchangeable sandals
- Ask: $300,000 for 10% equity
- Result: No deal
- Sharks: None
Liz and Ben shared with the sharks, their passion and mission behind their sandal company, Sseko Designs. All of their sandals are handmade by young women in Uganda who have backgrounds of poverty. They created a work study program there to employ these women so they can afford to go to college and pursue their dreams. The sharks were touched by the powerful impact they were creating.
A single pair of sandals costs $65.00 which includes a base and 2 pairs of ribbons. Some of the sharks expressed initial concerns about the extensive price point. The company had already reached more than $1.1 million in gross revenue sales. Ben told the sharks that they had to raise about $250,000 in company debt in order to hire more sales people for the company.
The larger concern for the sharks was the fact that the company was projecting $1.9 million in sales in the next calendar year and still expected to lose money. Barbara Corcoran was the first shark to drop out, because she had concerns with the long-term potential of the company. Mark Cuban also had profitability concerns, and dropped out next.
Kevin O’Leary told Ben and Liz that they were not worth their high imputed valuation, so he dropped out. Robert Herjavec loved their cause but didn’t see how they would succeed, so he was next to go out. Last but not least, Lori Greiner told the couple that while their mission was wonderful, she didn’t think the sandals were comfortable when she tried them out, so for that reason she too went out.
Sadly, Ben and Liz had to leave the tank without a deal. So what happened to their company? Keep reading our Sseko Designs update to find out!
You might be surprised to find out, we have great news to share! Research for our Sseko Designs update revealed that despite failing to receive a deal on the show, the company is still in business with a whopping $20 million in sales annually. The company is very much alive and still growing with new types of products, including women’s handbags and even jewelry. Products are available for purchase on the Sseko Designs website.
Are you interested to find out about the other companies featured on Season 6 Episode 19? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!
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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!