‘Shark Tank’ deal for $500k boosted her brand — but her next move stunned even the sharks
Season 2 of ‘Shark Tank’ introduced viewers to Dominique McClain Barteet. The entrepreneur introduced her shoe company, One Sole, which made interchangeable shoe soles, allowing its users to enjoy a number of styles. During her stint on the show, Barteet also asked Barbara Corcoran to use the product and share her experience. Interestingly, the shark instantly felt the comfort of One Sole and was impressed by its design.
“I love shoes,” that’s how the founder of One Sole started her pitch. The entrepreneur was seeking $500,000 for 20% equity in her company. Addressing the judges, Barteet went on to explain the process of interchanging the belts and looks of her shoes, while also shedding light on the background story. “One day I went to the mall, and I bought a pair of shoes, and I bought it in three different colors,” the contestant explained. Talking further, she mentioned, “I went home, and I went aha wouldn’t it be easier to change the top of the shoe?’ thinking the bottom is usually the same.”
View this post on Instagram
“I set out to create this idea, and I did. It's One Sole,” the contestant said, introducing the original interchangeable shoe. Demonstrating the product, Barteet showed how easy it was to detach the belt and put another on the sole. “In seconds, we made it so anybody can do it; you can even change the style of the top,” the contestant said. Next, she was seen changing a plain black top of the sandal to a trendy, colorful one. “You can even go for a dressy strappy or a slingback, or even a clog,” Barteet stated.
View this post on Instagram
During her pitch, the entrepreneur also explained how her product could solve one of the biggest problems for the ladies. Calling herself a traveler, she added that with the interchangeable straps, she didn’t have to carry a lot of shoes, just a “handful of straps.” With her numerous designs, the possibilities were endless, Barteet mentioned. According to the outlet, the solid top retails for $70 to $85. Meanwhile, separate tops are sold for $12 to $30. Coming to the manufacturing cost, One Sole’s 3-in-1 travel kit costs $18 to produce and then is sold for $35 in the wholesale market. The store sells it for $85 to $95. Barteet was looking for investors, as she was not good at sourcing. During filming, the company was on track, doing $4 million in sales, with a 30% profit.
View this post on Instagram
According to Shark Tank Recap, she had even made a whopping $20 million in gross sales in a period of just four years. On top of that, the company even had a presence in over 2,000 stores across 30 countries. During the bidding rounds, Robert Herjavec offered her $100,000 for 10% equity, suggesting getting the other four sharks in on the deal for the $500,000. Daymond John, being interested, offered $500,000 for 35% equity, also requesting other partners to join him in the deal. It was Corcoran who dropped out, thinking that she would have to spend too much time on the company. Next was Kevin O’Leary, who offered her $500,000 for 51% equity. Barteet took a moment and went ahead with John.
