Forus Athletic Shoes Shark Tank Update

Forus Athletic Shoes used to sell lightweight running shoes. Running shoes are usually very bulky and heavy but Forus Athletic Shoes introduced lightweight, flexible, and comfortable running shoes in the market. These shoes also provided support and shock absorption. These shoes helped alleviate muscle and joint pain. They weighed less than 10 ounces.

Forus was known for its strong social values. They have 10% of their profit to children’s charities and granted scholarships to students. Joel Vinocur and Arsene Millogo- the two founders pitched the company on Shark Tank in 2015.

Forus at a glance:

• Lightweight running shoes.
• Founder: Arsene Millogo with Joel Vinocur
• Asked For $200,000 for 15% at a $1.33 million valuation on Shark Tank.
• Currently out of business.

Index:

Who are the Founders of Forus?

Arsene is from West Africa. He came to the USA after the war broke out in his country. His father passed away in his arms. Arsene came to the United States on a track and field scholarship for law school.

Every time he ran track, the shoes that they were given were of awful quality and the shoes were not durable at all. When Arsene went to China with the law school he attended, he met all the right people who helped him start the company. Arsene Millogo with Joel Vinocur started Forus Athletic shoes in 2010.

Did Forus get a deal on Shark Tank?

Both founders pitched their products on Shark Tank in 2015 seeking $200,000 for 15% equity. They appeared in the 629th episode.

Robert Herjavec was interested in investing but only if fellow Shark Daymond John joins him. But John refused to invest so Herjavec didn’t invest either. Lori said she isn’t sure if she will be able to recover her money in this timely fashion. So Lori refused to make the deal.

Mark and Daymond thought that Forus is attempting to gain an endorsement through odd means when the entrepreneurs told that they are hoping to work into a partnership with NASCAR for endorsement. So, Mark is out too. That’s why Forus Athletic Shoes was left without a deal.

How much is Forus’ net worth?

The shoes ranged from $11 to $13 to make. They sold the shoes wholesale for $35 to $50 depending upon the region where it is being sold. Forus Athletic Shoes had distributors in Taiwan, Holland, and independent sales agents in Africa. They focused on e-commerce and gorilla marketing campaigns. They received a positive response from customers.

Arsene explained in the Shark Tank episode that their sales had total up to $500,000 in 6 months. Based on the estimate their forecast for sales was 2.5 million dollars. In 2015, at the time of Shark Tank’s appearance, Forus was valued at $1.33 million.

Investors and funding details of Forus:

In Shark Tank, Forus Athletic Shoes was left without a deal. None of the sharks invested in the company. They also had a pending deal with NASCAR. Forus also had connections with Millogo’s side company email plugin Attlo.

Competitors of Forus:

There are many big competitors in the market who are already selling athletic shoes like-

Nike:

Founded in 1964, Nike is a multinational American footwear company. They have been selling athletic shoes for a long time. The brand and its products are very famous not just in America but in many countries.

In 2020, the Nike brand was valued at approximately 34.8 billion U.S. dollars. Their annual revenue is 37.4 billion dollars.

Adidas:

Founded in 1949. Adidas is a German multinational corporation. They design and manufacture shoes, clothing, and accessories. Adidas has valued over 16.48 billion dollars in 2020. Adidas is the second-largest sportswear company in not just the Us but the world.

Puma:

Puma is also a German multinational corporation that produces athletic and casual footwear. Puma is the third-largest sportswear manufacturer in the world. Puma’s brand value is around 4 billion dollars. In 2019, generated global revenue of roughly 5.5 billion euros.

Is Forus Shoes still in business?

The company went out of business in 2015. Vinocur started working as a sales manager at Oracle. He was also studying entrepreneurship at Harvard Business School. Millogo had a side company – email plugin Attlo.

Interesting facts about Forus:

• Arsene came to the USA from West Africa when war broke out in his country. He wanted to avoid war and bloodshed that’s why he made a decision to come to the US.
• Arsene went to China with his law school and established connections with Chinese manufacturers. So the products were made in China.
• Forus Athletics had offered a statement to the Better Business Bureau which read in part they only had 10 days’ notice before the episode aired, due to which they received many orders but so many people experienced delays when placing their order and the shipping of products.
• Forus had strong social values. They gave 10% of their profits to children’s charities all over the world.

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Is Forus athletic shoes still in business?

In the Shark Tank episode, Arsene revealed that in 6 months their sales had totaled up to $500,000. However, the company went out of Business in 2015.

Who are the Founders of Forus?

Arsene is from West Africa. He came to the USA after the war broke out in his country. His father passed away in his arms. Arsene came to the United States on a track and field scholarship for law school.