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Baubles and Soles Shark Tank Update

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Baubles and Soles is a customizable, interchangeable, machine washable, slip-resistance, totally recyclable, and made in America shoe brand that creates various kinds of shoe baubles that get attached to single shoes and gives them different looks according to the need of little ones.

The idea behind this product is to give a single pair of shoe tons of various looks and styles according to the outfits of children. These shoes are designed and developed for babies of the age group of 3 to 10 years approx. As children have various outfits and required a dozen pairs of shoes that they wear only once or twice and lefts aside that and then they’ve already outgrown them that keeps their wardrobe always full. To solve this problem, they think to develop one shoe that could be styled with every single outfit in the wardrobe, they researched that and developed “Baubles and Soles”.

Baubles and Soles at a glance

SeasonSeason-11, Episode-9
Business IdeaCustomizable Shoes for Children.
FoundersLisa and Luke Nguyen.
Asked For$100,000 for 15% of equity.
Accepted Deal$100,000 for 25% of equity.
SharksDaymond John.
Business StatusIn Business.
WebsiteBaubles and Soles
Buy on AmazonBuy Now!

Index:

Founder Story:

Baubles and Soles is founded and developed by a young entrepreneur and a Mom Lisa Nguyen with the help of their Husband called Luke Nguyen. A lot of business that is owned by Mom it was inspired by their children. Lisa was also inspired by their daughter when she was 10 months old they have a pair of shoes that someone gifted him and it had a Red Heart on it and they knows that they have to buy a new pair when they grew up, but they want to keep that Red Heart and want to fix them in their new pairs, they keep their interest in it and they obsessed, studied and founded a mold maker to make a shoe and tolling them, that’s how they invented their company.

Luke Nguyen was born in Montreal, Canada. They came to America when they were about 20 years old to peruse their “Film Degree”, 10 years ago they founded their “Wedding Video Production” company.

Lisa Nguyen and her mother left Vietnam on a Fishing Boat and lived in a Refugee Camp for 3 years, they are a few of those lucky people who lived as many of them died at sea, then they resettled to Australia, where they grew up they went into a Law School and worked in Banking and Finance for a short while and lefts them then they went in the Philippines as a pro-bono legal work to help refugees like them, after a year they have offered a full-time job as “Executive Director” of an NPO and they moved to Washington DC.

Did Baubles and Soles get a deal on Shark Tank?

Baubles and Soles are introduced as a customizable and interchangeable shoe brand that gives different looks to a single shoe in ABC’s famous reality show Shark Tank in Season-11 and Episode-9, owner’s represented their product and explained their feature and specifications and the story behind it to sharks as they have a sweet little daughter that has a dozen of pairs of shoes that they wears only once or twice and it fills their wardrobe and they have to buy them a new pair according to their outfits all the time, to solve this problem they researched on that and invented customizable shoes and various baubles to attach with them.

They have about 20 different shades of baubles to attach to a shoe as:-

  • Piggies for playdates.
  • Pom-Poms for the party, etc.

With baubles and soles, there are endless possibilities to wear a shoe many times. Their functional and fashionable shoes are machine washable, slip-resistant, totally recyclable, and made in America. Sharks love their products and asked for their cost and their sales as the cost of manufacturing a packet is approx. $11, that sold at $49.95 in retails and $25 in wholesales. They individually sold between $12.95 to $16.95 depending upon what they are in size and design.

In the last 12 months they made $150,000 in sales from that 80% of them are from wholesalers and 20% from their company’s website, this year they projected $300,000 in sales and they have projected a profit of $170,000. Sharks love their product and their story and their valuations as they presented the correct valuation for their company but they can’t find any relevant business in it as they are in a very competitive market that requires various marketing and inventory support and huge capital investment, therefore, all Sharks backed themselves.

But Lisa is not in the mood of giving up they offer them that they give their investment back in 2 years from the profits and revenues they made, later Daymond is impressed with them and offers him an investment of $100,000 for 25% of equity and they accepted their offer. Here is how they can get a deal on Shark Tank.

What happened to Baubles and Soles after Shark Tank?

After the show, it receives a massive hike in its sales as they started selling them in various other parts of the country. The idea of interchangeable shoes is loved by many peoples. Daymond’s deal also helped them to grow their business. Currently, they are in business and selling their products throughout America with annual revenue of over $207,672.

Competitors of Baubles and Soles

Baubles and Soles is one of its kinds of the product that is available in the market but they are in a very common and highly competitive shoe market as they have to face some rivals in the market as: –

  • The Darien Sports Shop Incorporated.
  • Everything is Rosey LLC.
  • Darien News Store, INC.
  • Wiggles and Giggles, etc.

Net Worth of Baubles and Soles

The net worth of the company at the time of the appearance of the show is valued at $400,000 having a revenue of $150,000. Currently, the revenue of Baubles and Soles is valued at approx. $207,672. However, their current valuation is still unknown but it is estimated to be increased up to 2 times when they appeared in the show.

Is Baubles and Soles still in Business?

Yes, the company is still in business and doing great in their area as they are the only interchangeable shoe brand for children, they have fully captured their market in the country.

Baubles and Soles social links:

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FAQs:

What is Baubles and Soles?

Baubles and Soles is a customizable, interchangeable, machine washable, slip-resistance, totally recyclable, and made in America shoe brand that creates various kinds of shoe baubles that get attached to single shoes and gives them different looks according to the need of little ones.

Who founded Baubles and Soles?

Baubles and Soles is founded and developed by a young entrepreneur and a Mom Lisa Nguyen with the help of their Husband called Luke Nguyen.

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