Reality shows usually turn ordinary people into stars, but some can change their lives 360 degrees. ABC’s “Shark Tank” is one such business series that gives budding entrepreneurs the chance to receive millions of investments in return for a certain percentage of shares. Powerful businessmen such as Mark Cuban, Barbara Corcoran, Lori Greiner, etc. form the jury of the show that has won multiple Emmy Awards.
The founder of Pashion Footwear, the “fashiontech” brand, got the same one-of-a-kind opportunity to present her innovative idea “Sharks”. Ever since their appearance on the show, we’ve been curious about its development and learning more about it. Like us, if you’re looking for a brand update, we’ve got you covered.
Pashion Footwear: who are they and what do they do?
Pashion Footwear founder and CEO Haley Pavone came up with the idea of interchangeable high heels at the age of 20 while still a student at Polytechnic State University in California. She aspired to be an entrepreneur from an early age, but being stepped on (literally!) At a party during her sophomore year gave Pavone the kick she needed.
A revolutionary idea danced all night in her six-inch heels until her feet could no longer bear the pain. Pavone had to take them off to make some more gouging, and unfortunately another woman’s pin pierced her bare foot. The painful moment also led her to realize that about 80% of the women at the party were dirty and risked getting hurt, just like her. Together with her team, Pavone presented the concept for the first time at Cal Poly’s annual Elevator Pitch competition and won both first and second place.
It took Haley Pavone a few months to create a prototype, which she then brought to the annual Innovation Quest contest and won a massive $ 15,000 first-place prize money. After starting the business from her dorm room in 2016, she got funding through Crunchbase, bringing home $ 420,000 in the first round. Over the next two years, Pavone raised $ 1.7 million in seed funding with the help of two of the world’s largest investors: private angel investor Forrest Fleming and Entrada Ventures.
Derived from the concept of “practical fashion”, Pashion Footwear are fashionable stilettos that transform into comfortable flat-heeled shoes in less than 5 seconds. It is available for a variety of purposes such as weddings, workwear, casual wear, etc with several accessories such as heel kits and heel caps. Sold exclusively on the official Pashion website, the patented Stelo ™ support system provides the heel structure you need, while the polyurethane sole provides extra comfort.
Pashion Footwear: Where are they now?
Headquartered in San Luis Obispo, California, Pashion Footwear has partnered with Heeluxe, a California testing facility, to test the shoe’s durability, strength and comfort. The company started with two distinctive styles: “Pashionista” and “Girl Boss” in coal black. Its spectacular concept made pre-launch sales revenue of $ 26,000.
After an overwhelmingly positive response, she grew larger and added a few other colors and patterns, ranging from pumps to stilettos and pads. While the global pandemic has slowed the brand’s growth, causing a 3-month delay in summer orders, this has not prevented its steadily growing popularity. The season ended with an increase in monthly revenues of over 300%.
In August 2020, the company launched two new high-heeled convertibles, including Mocha-colored Knit Pump and Coal. In addition to sharing customer reviews, Pashion Footwear regularly gives discounts and offers on its website. Given the simple fact that the variety of styles that can be incorporated into women’s shoes is endless, the company is sure to grow forever in the coming years. It’s an idea that will never go out of style thanks to its impressive usability.