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.
