Baubles & Soles Looks To Make Good On Big ‘Shark Tank’ Gamble

The owners of Baubles & Soles made a big gamble on Shark Tank last year, offering a unique deal to the skittish investors to buy back the original investment after a few years.

The unlikely pitch was a success, ultimately leading to an infusion of funds for the growing shoe company, but also put some big pressure on them to perform. While it’s not clear exactly how much Baubles & Soles has made in the eight months since its original November 2019 appearance, it seems clear that there’s growth on the horizon for the outfit.

As Inc. noted in a follow-up report, founders Duc and Lisa Nguyen originally weren’t getting much interest in adjustable kids shoes that change as they grow. They had found some success and $150,000 in sales through the first 12 months — and an expectation to make another $300,000 in 2019 — but the sharks were concerned about the long-term prospects of a competitive shoe industry.

It was then that Lisa made what was seen as a brilliant counter-pitch, sharing her own personal story of escaping with her family from Vietnam on a boat and making her way as a refugee. After building up some confidence in her ability to grow a business, Lisa made her own offer — buying back the $100,000 investment she was seeking with two years of profits.

Daymond John ultimately bit, taking a 25 percent equity in the Baubles & Soles.

“Listen, you’re not going to fail,” he told the couple. “I’ve got to be in business with you.”

There have been some good signs for Baubles & Soles since their time on Shark Tank. The company saw a surge in interest across social media after the original Shark Tank episode aired, and that has turned into some great reviews that Baubles & Soles has shared on their website.

Many came from grateful parents who were pleased with the versatility of the shoes and how they can adjust to their kids’ growing feet.

“Daily Ritual – My daughter won’t keep anything in her feet other than Baubles + Soles,” one review noted. “They fit perfectly on her, comfortable and stylish. She loves the baubles. [Simply] changing them gives us a sense of a new shoe. We have a blast picking out the wide range of baubles, it’s our daily routine. They’re so stylish and colorful, makes for a fun experience.”

While John’s reservations about the industry may still remain, the time since Baubles & Soles was originally featured seems to show that the company is poised for success and growth.