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‘Shark Tank’ contestant's high heels turned into flats in seconds — but none of the sharks took the bait

"With all due respect, I don't think we're going to make a deal today," Haley Pavone said.

'Shark Tank' judges carefully weigh the pros and cons before investing in a business. In a Season 12 episode of ‘Shark Tank’ that aired in February 2021, aspiring entrepreneur Haley Pavone presented Pashion Footwear, a company that designs convertible heels, in front of the esteemed Sharks Mark Cuban, Lori Greiner, Kevin O'Leary, Barbara Corcoran, and Kendra Scott. Pavone appeared on the ABC business program, seeking $500,000 for a 5% equity stake. After her pitch, Pavone received one offer, but she turned it down because she wasn't willing to give up any royalties and walked away from the show empty-handed. 

During her pitch, Pavone said, "It's a tale as old as time: a woman puts on her favorite pair of heels and heads out to work, out to a wedding, or out for the night. She is absolutely crushing her commute, tearing up that dance floor, and looking her absolute best for exactly 45 minutes. Suddenly, her feet are on fire, and she is regretting everything about her shoe choice, so I invented the ultimate solution to high heel pain and inconvenience, the world's best fully convertible high heels."

Pavone further added, "Now, not that I'm totally crushing this outfit, but let me slip into something a little more comfortable; with a quick twist of the wrist, our stylish high heels turn into comfortable and practical flats just like that. Here at Pashion, we are determined to make traditional high heels and all their ridiculous problems a thing of the past. Now, Sharks, who is ready to majorly disrupt the women's massive footwear market and take the next step of this journey in some awesome convertible high heels that are remarkable?"

Pavone then handed the Sharks samples of her convertible heels. When asked about the sales, Pavone said the company made $800,000 in its first year, but sales dropped to $500,000 due to a 24% return rate. O'Leary was the first Shark to make an offer to Pavone by saying, "I would like to make you an offer that looks like this: I give you the $500,000 for 5%; however, I get paid a royalty till I recoup a million bucks, then that royalty goes away, and then the only negotiation we have to have is how much that royalty should be. I would like it to be $5 a unit." In her response, Pavone quipped, "I'm not super interested in a royalty only because I want every single dollar to go into growing this way. Right now, the product cost is $36, and we sell them between $150 and $190." 

Following that, O'Leary told Pavone, "You have plenty of room for a $5 royalty; that's not a problem, to which the latter responded, "I do, but I'd rather have that five dollars go towards growing." Shortly afterward, O'Leary shared, "I don't know yet, Haley. Why don't you wait to see how many other offers you get?" In the end, Pavone didn't get any offer from the remaining four Sharks, but she tried to counter O'Leary's offer, asking for $500,000 for an 8% stake, which O'Leary declined. At last, Pavone rejected O'Leary's offer and said, "With all due respect, I don't think we're going to make a deal today." Ultimately, Pavone left the Tank without a deal.