Remyxx Recyclable Sneakers
DEAL
EPISODE SUMMARY
🕓 Air Date: May 18, 2012
Asking For:
$50,000 for 10%
Investor:
Daymond John
Deal:
$50,000 for 80%
PRODUCT SUMMARY
Remyxx offers stylish sneakers made entirely from recyclable materials, aiming to reduce environmental impact while providing fashionable footwear options.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
Gary Gagnon, the founder of Remyxx, hails from North Carolina and has a background in entrepreneurship. He conceived the idea for Remyxx after observing the environmental impact of discarded sneakers. With a passion for sustainability and a desire to make a difference, Gary embarked on a journey to create a sneaker brand that not only looked good but also prioritized eco-friendliness. He invested $30,000 of his own money into the venture and enlisted the support of his family, including his two young sons, who share his enthusiasm for the project.
The Product
Remyxx sneakers are not just stylish footwear but a statement of environmental responsibility. Made entirely from recyclable materials, including the soles and uppers, these sneakers are designed to be returned to the recycling system after use, eliminating landfill waste.
Each pair comes with a unique recycling symbol embedded in the design, signifying its commitment to sustainability. Customers can purchase Remyxx sneakers online through the company’s website or through retail partners.
The sneakers are competitively priced compared to other fashion sneakers on the market, making eco-conscious fashion accessible to a wide range of consumers.
How It Went
The company’s position before Shark Tank
At the time of the pitch, Remyxx had just launched, with zero sales to date. Gary’s plan was to enter the wholesale market, targeting big-box retailers to distribute his sneakers alongside major brands. However, he faced challenges in securing funding, with only his initial investment and support from his family. Despite the lack of sales, Gary was determined to make Remyxx a success and was seeking investment to fund the production of molds and initial inventory.
The Negotiations:
During the negotiations, Gary faced skepticism from the Sharks regarding his business model and the viability of his product in a competitive market dominated by major sneaker brands. While impressed with the eco-friendly concept, the Sharks raised concerns about the scalability and profitability of the venture.
Ultimately, Daymond John made an offer of $50,000 for 80% of the company, which Gary accepted, viewing it as an opportunity to realize his vision for Remyxx and secure funding for future growth. Despite concerns about the high equity stake, Gary saw Daymond as a valuable partner who could provide the resources and expertise needed to take Remyxx to the next level.
