- Lisa T.D. Nguyen and her husband Duc Nguyen went on Shark Tank looking to get a deal. Here is how Daymond John is helping them out.
In Season 11 Episode 7 of ABC’s Shark Tank, Lisa T.D. Nguyen and her husband Duc Nguyen went on the show to try and get a deal for their Huntington Beach, California-based children’s shoe company Baubles + Soles.
After walking into the “shark tank,” the Nguyens asked Mark Cuban, Kevin O’Leary, Lori Greiner, Robert Herjavec, and Daymond John for a $100,000 investment for 15% ownership of the company.
Baubles + Soles sells customizable shoes for children and women. The shoes made by Baubles + Soles are machine-washable, recyclable, and are made in the USA. The kids’ shoes sell for $49.95 and the mom version is $55.95. And these shoes can be decorated with baubles like red hearts, flowers, ice cream cones, etc. The baubles retail for about $13 to $17.
Duc Nguyen moved to California from Montreal to launch a wedding video production company. And Lisa Nguyen and her mother had left Vietnam on a fishing boat and then lived in a refugee camp for 3 years before making it to Australia. Lisa said that they were some of the lucky ones because 25% of people who did the fishing boat expedition died at sea.
The Nguyens came up with the idea for Baubles + Soles when their daughter Kaia outgrew her shoes with hearts on it. So they created a solution to build a shoe that can be customized.
In the year prior to appearing on Shark Tank, Baubles + Soles generated $150,000 in sales through the company website. And they were projected to hit $300,000 in sales with a $170,000 profit.
The Nguyens were looking for a strategic partner when they appeared on the show. However, John pointed out that their biggest risk is having to carry a lot of inventory so he said he was out right away. Herjavec and Cuban were the next ones out due to the business model not fitting what they were looking for. O’Leary pointed out that the valuation the Nguyens were seeking was fair and pointed out that they had a “remarkable presentation,” but he decided against it since he did not want to be in the shoe business. And Greiner said she was moved by the life story, but she said was out due to the competitive landscape and the shoe business being very hard.
So all the sharks said no. But then Lisa offered to de-risk the deal by offering to pay back the investment using the profits that they make. “I know this company is going to work,” said Lisa.
This idea impressed John and he suddenly came back into the mix. Then he offered the Nguyens $100,000 for 25% and said I’ve got to be in business with you.”
They agreed to the deal.
Sometimes persistence works. Here is a video clip from the episode:
Featured image credit: DaymondJohn.com
