Shoes are essential to any outfit.
We wear them to protect our feet, but they are also top-notch accessories.
Your footwear can make or break a fabulous ensemble.
Jessica Haynes, the brains behind JesKa Shoe Company, set out to solve this hoarder problem.
Her solution was footwear with interchangeable heels.
It saves space, and you get more bang for your buck.
However, it also takes more than a hands-on investor to stay alive in the saturated fashion industry.
She came in seeking $70,000 in exchange for 30% equity in JesKa Shoe Company.
That buy-in valued her fashion brand around a quarter of a million dollars.
It’s a reasonable request, however, Haynes did not have any sales or a ready-for-market product.
Her interchangeable heels with magnet technology were only a prototype.
She didn’t have any revenue but did havewhat Barbara Corcoran looks for in an entrepreneur before investing ambition.
Despite her company only being a baby, Haynes believed in the concept.
She had already invested $63,000 of her personal wages into the business.
Daymond John, the fashion guru of the investor panel, was the only Shark interested.
John acquired 70% of JesKa Shoe Company for $70,000, valuing Haynes' business at $100k.
Still, just a year after airing, Haynes updated fans with unfortunate news.
Even without a product ready to buy, Jessica Haynes saw an increase in interest.
“The website exploded on the night of the show,” she told theShark Tank Blogin 2013.
“It has been an amazing response.
The Facebook page has been very busy as well.”
However, the Haynes' heels never saw retail shelves.
But the time has come for me to close this door."
JesKa Shoe Company went out of business just one year after appearing on “Shark Tank.”
