So, what did you think of the “Shark Tank” Xero Shoes episode? We were jumping out of our chairs here! Even the lead-in to the segment was exciting: a promo for some new ABC show starring ER’s Anthony Edwards! Where has he been all these years?
They opened the segment with a trip to Colorado so we could see Xero in action, running on the Rocky Mountain trails.
Robert Herjavec asked the classic “and you can run in these?” question that we always enjoy answering, and it was cool to see him try them on and walk across several different surfaces. He loved them!
Daymond John had the classic “this is just a piece of rubber and a string,” so he wanted them to explain the valuation. Xero were asking for $400K for an 8% stake in the company – valuing it at $5M.
Kevin O’Leary – “Mr. Wonderful” – pointed out that if the segment is growing as fast as they say it is, that a big competitor could make the same product for less, put its huge distribution behind it and “crush these cockroaches.” I guess I kind of called that one. However, he liked their story and their ‘schtick’ and made them an offer of $400K for 50%.
I thought Barbara got a little personal, saying that Steve gave her a headache and reminded her of her ex-husband. Ouch!
With no other offers on the table, Xero countered O’Leary’s offer and asked for 10%. Mark Cuban suggested they take the one offer on the table, but they opted not to. Mr. Wonderful said “you’re dead to me. Run out of here in your bare feet.”
We were sorry not to see them get a deal, but it was great to see huarache-style sandals worn on national TV. The mass-produced kit is an interesting idea. I’m not sure that we at GladSoles would be ready to go that route. We love making each pair individually and ensuring a perfect fit every time.
What did you think? Are you ready to invest?