Pashion Footwear: What Happened To The Brand After Shark Tank?
For women who lead busy lives or are used to wearing heels all day, switching to more comfortable shoes can be bothersome. Although high heels add a certain touch to a look, they're not typically the most comfortable shoe trend to follow and can even lead to multiple foot conditions. Haley Pavone, the founder of Pashion Footwear, set out to address this problem with her adjustable products.
Pashion Footwear was founded after Pavone suffered an accident from having to ditch her heels after a night of dancing. Another woman's heel managed to pierce through her foot, leading Pavone to search for a way to stop this type of situation from playing out for anyone else. Pashion Footwear offers shoes that can easily be adjusted from heels to flats, or vice versa. For those who wear heels to the office, a simple twist of the heel can turn your shoes into a pair of flats that are much more comfortable for the journey home.
Pavone presented this mission to the sharks on the show "Shark Tank." Like all the companies highlighted on the show, Pashion faced many questions and concerns before the sharks came to a difficult decision.
What happened to Pashion Footwear on Shark Tank?
Pavone's goal was to secure funding to scale her brand, but she chose to stay true to her vision of how her company should be financed. She initially asked the sharks for $500,000 in exchange for 5% equity in the company. With only a few months of funding left for Pashion, Pavone hoped to raise enough money to continue running the company and expanding its unique design.
Due to the high return rate and competitive market, only one shark was interested in striking a deal with Pavone. Canadian businessman Kevin O'Leary offered Pavone the desired $500,000, but with a 5% equity and a $5 royalty per sale until $1 million was paid. After the initial $1 million, the royalty fee would no longer apply.
Although O'Leary's offer would have provided Pavone with the necessary funding, she refused to give up the royalty fee and attempted to renegotiate. Unfortunately, Pavone and the sharks were unable to come to an agreement by the end of the episode. As a result, Pavone and Pashion Footwear left the show with no deal and an uncertain future.
Pashion after Shark Tank
Just one month after her appearance on "Shark Tank," Pavone shed light on the status of the company post-show. "I can't really express how the last 30 days have felt for me as a founder," she mentioned in an Instagram post. "Four years of blood, sweat, and tears went into getting @pashionfootwear ready for and on to a national stage. Now, in a month, we've grown daily revenues 350%, welcomed thousands of new Pashionistas to the family, hired 2 more full-time employees (and hunting down the 3rd), secured more investment, and put some CRAZY new things in the works I can't wait to share with you."
According to a press release, Pashion's success didn't stop there. A few weeks after the show aired, the company managed to raise $1 million in funding, pushing the total amount of funds raised over a whopping $3.5 million. Although Pavone didn't accept O'Leary's offer, it appears that her time on air was well spent. With increased visibility, sales skyrocketed, and Pashion is now looking to expand its reach with customers, as well as laying the foundation for a stable future.
The current state of Pashion Footwear
Pashion Footwear continues to grow and is looking to reach new horizons. In December 2021, Pavone announced via Instagram that she was inducted into Forbes' 30 Under 30 Class of 2022 list. "Starting @pashionfootwear at 20 years old has truly been the most exciting, terrifying, empowering & life-changing experience," she wrote. "To dive headfirst into an industry I knew nothing about, with an idea everyone thought was impossible, all with no resume and no network ... it's been a whirlwind, to say the least!" As the head of a woman-led company, Pavone is also working on establishing herself as an example for other future female investors and entrepreneurs interested in entering the space.
Just like Pavone's career, Pashion Footwear is also seeing major success. In June 2023, Pavone announced on Instagram that over 500 people had contributed to the company's crowdfunding campaign, leading to higher seed funding and more opportunities for growth. Additionally, earlier in the year, Pashion shared on social media that it would restart its shipping to Canada, expanding its market base.
What's in store for Pashion?
Although Pashion has largely been an online brand, it is now making strides in the brick-and-mortar market through pop-up shops and small inclusions in physical locations. Netsuite reported that the company is also taking steps to improve its customer service approach in order to decrease its high return rate and make customers feel more secure and confident in their purchases. During the month of December 2021, 45% of Pashion's customers had previously shopped with it, indicating a loyal customer base that is growing increasingly confident in the brand's products.
With strong crowdfunding results, increasing investment, and successful pop-ups in retail spaces, the future looks bright for Pashion Footwear. The company now has several years of cash flow to continue expanding its workforce and branching out into new markets. In March 2023, Pavone also announced on her social media account that Pashion Footwear had received an EU Utility Patent, which gives her "exclusive use of a technical invention" in the European Union, according to the European Commission.