‘Shark Tank’ contestant’s innovative sneakers won over judges — but the deal fell apart in a dramatic twist
Remyxx ReKixx, a fully recyclable sneaker brand, was introduced on ‘Shark Tank’ Season 3. Remyxx ReKixx, a fully recyclable sneaker brand, was featured on ‘Shark Tank’ Season 3. Entrepreneur Gary Gagnon pitched his eco-friendly footwear, emphasizing its zero-landfill impact. Seeking $50,000 for a 10% stake, he secured a deal by highlighting how his shoes stand out through their sustainable, recyclable design. After testing the product, Robert Herjavec showed interest in the recyclable logo on the shoes, but asked how customers would know the shoes are actually recycled. Gagnon assured that the shoes are guaranteed to be recycled once returned to him.
Mark Cuban then asked Gagnon how much he had personally invested in the company. Gagnon replied that he and his family had put in $30,000. During the discussion, Daymond John asked, “Why do you want to do this? Because you want to be in fashion or you want to have a green, you want to contribute?” Gagnon explained, “First, I need to sell some sneakers. I can’t help the world or the remix effort that I call it, until we get some fashion out there.”
Considering the ask, Robert Herjavec enquired, “What are you going to do with the $50,000, and what’s the next step? Where I am leading to is, for you to get out of the gate, you are going to need way more than $50,000.” However, Barbara Corcoran further probed, “You have maybe 20 patterns there, I think, alright?” She also stressed that the contestant will have to come up with 120 different sneakers, considering the size chart.
Talking about his plan, Gagnon stated, “that’s the $50,000 for the molds.” Kevin O’Leary, however, jumped in and asked, “Just for the molds in the inventory to get the first order sold?” Towards the bidding round, Herjavec was the first to drop out of making any investments in the product, explaining that he saw no profit in the business. Following him, Cuban exited the pitch, expressing that he didn’t really think Gary was ready to understand the business and the commitment it needed. Corcoran did not see a unique factor in the product, eventually dropping out of the deal as well.
It was only John who was remaining on the judging panel. After a heartbreaking moment, a deal finally came from John. He offered Gagnon $50,000 for 80% equity. Looking at the higher stake, the contestant countered John’s offer with $50,000 for 50% ask. However, John didn’t show any interest in the negotiations, ultimately shaking hands with the Remyxx ReKixx Sneakers owner. According to Shark Tank Recap, John did not wish for Gagnon to lose a big chunk of his company. After the episode, the shark advised the contestant to raise money through Kickstarter. This advice helped the entrepreneur gain $40,000 in sales. However, the company had to shut down in 2019.