Onesole – The Original Interchangeable Shoes
DEAL
EPISODE SUMMARY
🕓 Air Date: May 13, 2011
Asking For:
$500,000 for 20%
Investor:
Daymond John
Deal:
$500,000 for 35%
PRODUCT SUMMARY
OneSole offers the original interchangeable shoe, allowing users to easily change the tops of their shoes to create different looks in seconds, saving space and luggage fees while offering comfort and style.
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Background Story
Dominique McClain Bartee, the founder of OneSole, hails from Palm Beach, Florida. With a background as a pharmacist, Dominique’s journey into entrepreneurship began as a hobby, crafting an innovative solution to a common problem faced by shoe enthusiasts worldwide. During a routine shopping trip, Dominique purchased a pair of shoes in multiple colors, sparking the idea for an interchangeable footwear concept.
Driven by her entrepreneurial spirit and a keen eye for innovation, Dominique recognized the untapped potential in offering customizable shoes that could cater to diverse style preferences while addressing practical concerns such as luggage space and versatility. Drawing upon her expertise in pharmacy operations, she transitioned her pharmacy into a shoe factory, dedicating herself to the development and production of her revolutionary product.
The concept behind OneSole was simple yet ingenious: design shoes with interchangeable tops, allowing wearers to effortlessly switch between different looks in seconds. This not only provided consumers with unparalleled convenience but also offered a sustainable solution to the perennial problem of accumulating numerous pairs of shoes for various occasions. Dominique’s vision for OneSole was shaped by her commitment to quality, comfort, and style. Despite lacking formal training in business or design, her passion and determination propelled the company to international success.
The Product
OneSole offers a groundbreaking solution to footwear customization with its original interchangeable shoe design. The product comprises shoes with interchangeable tops, allowing wearers to easily switch between different looks to suit various occasions and preferences.
Using OneSole is simple and convenient; wearers can quickly detach and replace the tops of their shoes, transforming their style in a matter of seconds. The product offers unparalleled versatility, enabling users to create countless combinations from casual to dressy, ensuring they always have the perfect footwear for any situation.
Aside from its aesthetic appeal, OneSole boasts practical benefits as well. Its interchangeable design saves space, making it ideal for travel, and reduces the need to own multiple pairs of shoes. Additionally, the shoes are renowned for their comfort, providing wearers with a comfortable and supportive fit throughout the day.
OneSole shoes and additional tops can be purchased through various channels, including department stores, online platforms, and specialty retailers. Prices for the shoes range from $70 to $85, while additional tops are priced between $12 to $30, making it an affordable option for fashion-conscious consumers seeking versatility and comfort in their footwear choices.
How It Went
The company’s position before Shark Tank
OneSole has established itself as a leader in the footwear industry, boasting a robust performance and a strong position in the market. With headquarters in Palm Beach, Florida, the company has experienced significant growth and success under the leadership of founder Dominique McClain Bartee. The company has cultivated strategic partnerships with various retailers and distributors, including department stores, online platforms, and specialty shops, enabling widespread distribution of its innovative products. These partners play a crucial role in expanding OneSole’s reach and accessibility to consumers globally.
OneSole’s customer base comprises fashion-conscious individuals seeking versatile and comfortable footwear options. The brand appeals to a diverse demographic, spanning different age groups and style preferences, with its customizable and interchangeable shoe designs. In terms of funding, OneSole initially relied on founder Dominique’s personal investment and revenue generated from sales to fuel its growth.
Financially, OneSole has demonstrated consistent profitability, with profits exceeding $1 million in the previous year. The company’s sound financial health and steady revenue streams have positioned it for sustained growth and success in the competitive footwear market. The company’s current structure likely involves key departments such as design, production, sales, marketing, and operations, each playing a crucial role in driving the business forward. With a solid foundation and a clear vision for the future, OneSole is poised to continue its upward trajectory and remain a prominent player in the fashion industry.
The Negotiations:
During the negotiations on “Shark Tank,” founder Dominique McClain Bartee showcased the impressive success of OneSole, sparking keen interest from the sharks. Initially seeking $500,000 for 20% equity, Dominique received multiple offers as the sharks recognized the potential of her innovative product. Daymond John made the winning offer, proposing $500,000 for 35% equity, which Dominique ultimately accepted.
Despite other sharks making offers, including Robert Herjavec’s proposal of $500,000 for 50% equity, Dominique chose Daymond’s offer due to his understanding of her vision and willingness to support her growth plans. Throughout the negotiation process, Dominique demonstrated confidence in her product and business acumen, leveraging her strong sales figures and international distribution network to secure a favorable deal.
Despite facing tough questions about her valuation and funding needs, Dominique remained composed and focused on finding the right partner to propel OneSole to the next level. Ultimately, Daymond’s offer aligned with Dominique’s goals, providing the necessary funding for expansion while allowing her to retain a significant ownership stake in the company. With the deal secured, OneSole is well-positioned to capitalize on its international appeal and continue its trajectory of success in the fashion industry.
