Refugee camp survivor refuses to take no for an answer, turns simple shoe idea into $100K ‘Shark Tank’ deal
A 'Shark Tank' contestant managed to seal a deal after initially being turned down by all five judges. During an episode of 'Shark Tank' Season 11, married couple Duc and Lisa Nguyen presented their kids' shoe company Baubles + Soles in front of the Sharks. In the episode, Lisa candidly spoke about her status as a Vietnamese refugee and shared, "My mother and I left Vietnam on a fishing boat. We ended up in a refugee camp for three years. We were one of the lucky few—25% of people who did this died at sea. We resettled in Australia, where I grew up and got into law school. I worked in banking and finance for a short while, and then just realized life has to be more extraordinary than this."
The Sharks were quite impressed by Lisa's emotional story. According to CNBC, Daymond John quipped, "We’ve had a lot of people who went through tough situations, but I don’t think we ever heard of someone who went through a refugee camp and lived there. So you know that she’s gonna be a hard worker.” Soon after, Kevin O'Leary said, “It’s an amazing story." On the other hand, Mark Cuban shared, "Immigrants get it done!" In the episode, Duc and Lisa were seeking $100,000 in exchange for 15% of their company.
During the pitch, Lisa said, "Sharks, if you have kids like us, then you know one of the biggest challenges of keeping up with their wardrobe is that they are constantly growing. You find that perfect pair of shoes, they wear it out once or twice, and then, just like that... they've already outgrown them. So we thought, what if we could invent one shoe that could be styled with every single outfit in the wardrobe? Sharks, that's exactly what we did. Introducing Baubles + Soles. Our patent-pending interchangeable shoes allow your little one to customize that perfect pair, whether it's adorable piggies for playdates or pom poms for that perfect party. With Baubles + Soles, one shoe equals endless possibilities. Our functional and fashionable shoes are machine washable, slip-resistant, totally recyclable, and best of all, they are made right here in America."
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Soon after, Duc and Lisa handed over some stylish samples to the Sharks. Then, the pair mentioned that they were projecting $300,000 in sales for 2019. Following that, the judges came down to business. John told the Nguyens, “You’re gonna have a nightmare with that because you have to stock up on so many sizes, colors, and accessories. In my business, the thing that has killed more people than the plague has been inventory. I really love your story, but I’m out.”
Following that, Robert Herjavec, O'Leary, Lori Greiner, and Cuban also refused to invest in Baubles + Soles. However, Lisa didn't give up and asked the Sharks, "Can I de-risk this investment for you? How about if we pay you back [the $100,000 investment] in two years from the revenues and profits that we make? I know this company is gonna work, and we’re here for a Shark. This has been our biggest dream, and we’re here.” Then, John jumped in again and went on to say, “You’re not gonna bail. I’ll give you $100,000 for 25%. I gotta be in business with you. You’re amazing.” At last, Duc and Lisa accepted John's deal. Unfortunately, they have since shut down their business.
