While we are dressed in formal attire, we put on our best shoes to wear. What happens when you are at a leisure place or need to stay at home in comfortable slippers?
We are all used to wearing slip-on or slippers with thongs in them. They can be uncomfortable as thongs hurt which led to the design of a single flap slip-on. These slip-on are comfortable to slide your legs in them and stay for long hours at home or indoors in the comfort of a Gel sole. Justin brought this idea to life to all of us.
The most interesting aspect is ISlide slippers come with various customizable options to design your footwear the way you want to.
ISlide at a glance:
|EPISODE NO||Season 8 Episode 1|
|BUSINESS IDEA||Fashionable And Customizable Athletic Slide Sandals.|
|ASKED FOR||$500,000 For 5%|
|BUSINESS STATUS||In Business|
Justin Kittredge, an expert with two decades of footwear experience began his journey of ISlides in 2013. Prior to the new business venture, Justin was serving at Reebok in the footwear division of basketball products. Justin was keen to address the core need for casual slippers which were most comfortable. With a single slip-on flap and sole made up of “Waves Gel” as a unique proposition that makes you feel as if you are walking on water.
The best part of this experience, you can customize the design and add logos, personal quotes on the flip-on top side. The Website allows you as a user to design your own quote, style, images that are cool and awesome the give the very “You” feel.
How was the ISlide Shark Tank Pitch?
Justin explains their venture, started in 2013, and how they developed a scalable production model to allow customization at a personal level. Established as a leader with already great sports teams – Minnesota Vikings, Boston Celtics using them and available on local outlets to the public. ISlides was now a household name known across for the comfort it brought to its users.
Justin enters the shark tank episode to pitch for $500,000 at a 5% stake in the business. He shares ISlides to all the sharks as samples to try them, Robert is quick to express they are the best he has tried till now. The guest shark Antonio Brown also strolls with the slides, who himself has been promoting ISlides on his own website.
Daymond knew this business well and was not happy with Justin’s valuation as he was in basketball sports himself and knew the industry well. Justin explains they have achieved $1.5 million in sales in the first 3 years already with a 70% margin per product sale. Most sharks felt the case of high valuation and few that the model can be copied by others, which led Lori, Kevin, Barbara, and Daymond out of the deal.
Robert liked the product and offered $500,000 for a 20% stake in the business. Justin made a counteroffer to Robert on 10% but both stayed head-on and were unable to reach a conclusion. Justin had to walk away without a deal from the shark tank episode.
What happened to ISlide after Shark Tank?
Justin had to walk out without a deal but his enthusiasm and expertise in the footwear industry were strong. ISlides did only 15% as Custom business rest was with famous sports teams and drop shippers. DJ Khalid was their drop shipper who used his words to customize and drive ISlides sales.
ISlide had now reached the NBA locker rooms too. Now they decided to move to the next level from basketball courts to a larger audience base. Reaching out to the colleges in the country with customizable versions to allow “Stand in for what you Stand For”. Introduced two new models of Nubucks and Cozy Fur ISlides into the market.
ISlide had the right mix as they know how to conduct mass production of the slippers and maintain a huge margin. The cost of the product was only $15 and was sold at $50 per pair. Islide has grown from its humble beginning of $1.5 million in 2016, before the shark tank pitch. ISlides revenue is rocking at $9.6 million per year.
Valuation of ISlides has hit a $10 Million valuation, starting with initial investments from three key investors Peter Feigin, President of Milwaukee Bucks, Jae Crowder our Memphis forward, and David Baxter the earlier president at Adidas Sports division.
OLD PRODUCTS and NEW PRODUCTS
- ISlides commenced their journey of Single Flap Slip-Ons, with wonderful customizable options and designer tools on their website to create your custom designs.
- ISlides have been famous now with multitudes of BasketBall Sports lovers and spread to NHL, MLB, NFL teams also.
- ISlides are available in – Customizable version – Using Motto, Mantra Slides, In Bundle for Groups. Expanded their product range from normal slides into Fur Slides, Socks, Apparels, and Hats market now. Now comes with Gift Card options too for buying your favorite goodies.
Other competitors in the footwear business of slip-on are
- The converse – Largest player in the market with more than $1400 million revenues.
- NIC+ZOE – Approx. 50 million revenues.
- Sara Campbell – Approx. 16 million revenues.
What is ISlide worth?
At the time of the shark tank appearance, Islide was valued at around $10 million by the founders. Valuation of ISlides has hit a $10 Million valuation, starting with initial investments from three key investors Peter Feigin, President of Milwaukee Bucks, Jae Crowder our Memphis forward, and David Baxter the earlier president at Adidas Sports division.
The company has been profitable with a growth of 25% revenue per year in the pre-COVID era. The last two years of COVID have been tough on the business as most of the sports events were shut down and demand came to standstill. ISlide had to let go of employees and get a government protection plan. Slowly they are reviving as sports businesses are opening up now and expect to regain their previous revenues mark of $9 million.
Interesting facts on ISlide:
- ISlide – Composition is a mix of Rubber, Synthetic, and Fabric.
- Unique Wave-shaped sole with soft RPL Footbed to provide massaging and relief.
- Grip-strap is flexible and has a spandex lining to avoid any skin abrasion while locking the strap.
- Lightweight and durable EVA midsole for comfort and stability.
- Custom options of top and sides with Images, Quotes, Mantras, Names, etc.
ISlide has tied with multiple sports teams, retail outlets, and a new range of product lines in the market with customizable features. Refer to the below-attached Video:
ISlide offers Gift Coupons too. Pairs with purpose is another initiative the company has triggered to share a percentage of profits to the multiple organizations working for the benefits of communities. Are you ready to slide …on the ISlides …Stand in what you Stand for?
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What is ISlide?
ISlide is a customizable And Fashionable Athletic Slide sandal.
Who founded ISlide?
Justin Kittredge, an expert with two decades of footwear experience began his journey of ISlides in 2013. Prior to the new business venture, Justin was serving at Reebok in the footwear division of basketball products.