Boot Illusion
DEAL
EPISODE SUMMARY
🕓 Air Date: May 4, 2012
Asking For:
$100,000 for 30%
Investor:
Barbara Corcoran
Deal:
$100,000 for 55%
PRODUCT SUMMARY
Boot Illusions offers innovative footwear accessories that allow users to seamlessly transition between boots and shoes, offering versatility and style at an affordable price point.
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Background Story
Queenie Davis and Andrew Goodrum, the brains behind Boot Illusions, stumbled upon their entrepreneurial journey through a serendipitous dream experienced by Queenie. This dream planted the seed for an innovative footwear concept, prompting them to embark on a mission to bring their vision to life. Despite initial setbacks and doubts from skeptics, the duo’s unwavering determination led them to establish manufacturing partnerships in Turkey, where they transformed their dream into a tangible product.
Their journey to success began with a successful appearance at a trade show, where they sold $130,000 worth of their initial product line, which included rain boots and interchangeable sandals. However, it was Boot Illusions that truly captured their imagination and fueled their entrepreneurial spirit.
The Product
Boot Illusions revolutionizes women’s footwear by offering versatile accessories that transform boots into shoes and vice versa. Designed with convenience and style in mind, Boot Illusions come in a variety of styles, colors, fabrics, and lengths, catering to diverse fashion preferences.
The product’s interchangeability allows users to mix and match with their existing shoe collection, offering endless possibilities for outfit coordination.
Made from durable materials, Boot Illusions promise longevity and cost-efficiency compared to traditional boots. Priced competitively at $79.99 for online customers, Boot Illusions provides an affordable alternative to expensive footwear options.
How It Went
The company’s position before Shark Tank
Boot Illusions has made significant strides in establishing its brand presence, particularly through successful sales at trade shows. Despite facing initial challenges, including limited retail distribution and profitability concerns, the company has demonstrated resilience and potential for growth. With a 50/50 ownership split between the co-founders and an initial investment of $40,000 of their own capital, Boot Illusions is poised for expansion and market penetration.
The Negotiations:
The Sharks scrutinized Boot Illusions’ financials and business model, expressing concerns over the company’s lack of sales and profitability. However, Barbara Corcoran recognized the product’s potential and offered a strategic partnership that would provide the necessary capital and expertise to propel Boot Illusions to success. While Daymond John presented a competing offer with a higher equity stake, Queenie and Andrew ultimately chose to align with Barbara, valuing her experience and vision for the company’s future.
