13-year-old Sofi Overton pitched her clothing line during
If you’re short on time, here’s a quick overview of what happened to Wise Pocket Products after
Sofi Overton appeared on
|Daymond John and Lori Greiner
|Accepted deal of $35,000 for 25% equity
Shark Tank Wise Pocket Products Update
- Entrepreneur: Sofi Overton
- Business: Socks with secure pockets
- Ask: $30,000 for 15% equity
- Result: $35,000 for 25% equity
- Shark: Lori Greiner and Daymond John
Sofi, the young entrepreneur behind Wise Pocket Products, was tired of not having anywhere to put her phone. She tried sticking it down in her boots like her cousin did but found that the phone slid down to her ankle and was difficult to reach.
Because of this, she came up with a solution; socks with pockets that will hold a cell phone and other small items. It’s a surprisingly simple idea that still manages to be brilliant.
During her pitch, a dance troupe does an energetic hip-hop dance, to show that the socks securely hold their devices. This impresses the sharks, and they can’t wait to see some samples.
The numbers she presents aren’t large, but for a small company run by a 13-year-old, they aren’t bad either. She’s put in $10,000 of her own money and has done $16,000 in sales so far.
Further, it costs Sofie $5.47 to manufacture a pair of socks. They then retail for $15 and wholesale for $11.
Additionally, for every pair of socks that she sells, she also donates a pair to a kid in need.
Kevin O’Leary is out immediately because he doesn’t want to be in the sock business.
Meanwhile, Mark Cuban praises Sofi for being so intelligent with her money and doing exactly what any young entrepreneur should do. However, he doesn’t know anything about socks so he doesn’t think it’s the right deal for him.
Lori Greiner and Daymond John quickly make a combined offer of $30,000 for 33.3% of the business. However, they want to go into licensing and help boost her production.
Sofi counteroffers, asking for $35,000 for 25% of the business. Lori and Daymond agree, and Sofi accepts the deal before Barbara has a chance to pass or make an offer.
Did the company succeed? Keep reading for our
Research for our Wise Pocket Products update revealed that after the show aired, sales increased drastically. For a while, they were doing well, and production was having trouble keeping up with orders, however, Sofi managed to fill every order.
It appears that she even expanded her products from socks to leggings. However, in 2023 the company now appears to be out of business.
At the time of this writing, The Wise Pocket Products website is down, and social media accounts have not been updated since 2020. Hopefully, this young entrepreneur will be able to get back in the game someday, but this will be our final Wise Pocket Products update.
You can find the other company updates from Season 11 Episode 11 here:
For even more on companies and products, be sure to stop by our Season 11 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!