Shark Tank episode 703 featured Bryan DeLuca and Matt McClard dropping their pants as they demonstrated their small-batch socks to the Sharks.
The subscription-based sock company was launched by DeLuca and McClard along with two other Dallas dads, Tom Browning and Kelly Largent, with an investment of $6000.
Foot Cardigan is a company selling socks on a subscription basis; for $9 a month, a new pair of socks is delivered to your door every month.
Subscriptions for children include two pairs of shoes. You can also purchase individual socks without joining the club.
These socks, which contain wacky designs and a dash of whimsy, seem to be manufactured in small batches to approximate the number of subscribers. Foot Cardigan then ships whatever it deems fit for a particular customer.
This company received national attention for the first time when it designed red and blue Obama/Romney socks for the presidential election in 2012.
Having opened its doors a decade ago, the company has grown significantly. Foot Cardigan employs six individuals and has over 4,000 subscribers at this writing. The company is expected to reach $1.5 million in sales in 2015.
Their customer service just got better as they moved to a 6000-square-foot warehouse near the Dallas design area.
Will Foot Cardigan deliver a stinging rebuke to the Sharks?
What Is Foot Cardigan?
Foot Cardigan is a fun subscription-based service that delivers you a new pair of socks every month that are distinctive and imaginative.
You have the option of paying monthly or signing up for a 3, 6, 9, or 12-month payment plan.
The Foot Cardigan is suitable for both children and adults and is certain to keep your look youthful and whimsical.
You’ll become a topic of conversation whenever people see your feet wearing these socks because they are as unique as you are.
The Foot Cardigan subscription service provides you with new socks every month in various colors.
Its unique design allows you to wear any pair of shoes or hand-knit socks throughout the day without the worry of losing them or getting entangled in your work.
It also includes two different yarn sizes, allowing you to create a truly gorgeous dress without spending a lot of money!
|Company Name||Foot Cardigan|
|Entrepreneur||Matt McClard, Kelly Largent, Ryan DeLuca, Tom Browning|
|Product||Subscription Service for Socks|
|Investment Asking For||$250,000 for 10% equity of Foot Cardigan|
|Final Deal||$250,000 for 20% equity of Foot Cardigan|
|Shark||Troy Carter and Mark Cuban|
|Episode||Season 7 Episode 3|
|Business Status||In Business|
Who Is The Founder Of Foot Cardigan?
Bryan DeLuca and Matt McClard founded the Foot Cardigan subscription service.
They created a lasting impression on Shark Tank in 2015.
Foot Cardigan is a subscription service that Matt McClurd and Bryan Deluca pitch in Shark Tank.
The company’s four co-founders recently became full-time employees, generating $1.36 million in revenue over the last three years and $900,000 over the past nine months.
The Foot Cardigan company designs a new pair of socks every month for their 6,000+ male, female, and children subscribers.
A fresh pair of socks is delivered every month to the mailbox of each new owner. The socks are popular among customers, and Shark Tank has a good opinion.
Foot Cardigan Before Shark Tank
Foot Cardigan is the creation of Bryan DeLuca and Matt McClard, who are based in Dallas, Texas.
The two of them came up with this concept in 2012, launching their company with just $6,000 to get up and running.
Foot Cardigan delivers a fresh pair of socks to men, women, and children worldwide each month.
Bryan DeLuca and Matt McClard founded this company to transform a mundane errand into an entertaining and educational monthly event.
Customers look forward to receiving their customized socks each month as part of their loyalty program.
You might also find comfort in the idea that more socks will arrive in the mail when yet another pair goes missing while you are washing laundry.
DeLuca and McClard have created a pleasant way to complete a mundane task and an effective one.
Customers can receive a pair of specially designed socks monthly for a $9 monthly subscription fee.
Youngsters can also benefit from a service like the Sock Cardigan. A subscription service can enable parents to receive two packages of socks for their children per month for as little as $11 per month.
Additionally, customers can buy an individual pair of socks instead of subscribing to a subscription service that includes many pairs.
Sock Cardigan gained an enormous amount of national attention in the United States after releasing Obama/Romney socks ahead of the 2012 presidential election.
McClard and DeLuca were both well aware that additional capital, as well as advice from sharks, would be required to get their company started and running properly.
They concluded that Foot Cardigan should be brought into the shark tank. The question is, will one of the sharks be interested in this novel concept long enough to bite?
How Was The Shark Tank Pitch Of Foot Cardigan?
Bryan and Matt appeared on the Shark Tank seeking an investment of $250,000 in exchange for a 10% stake in Foot Cardigan. Afterward, they ripped their pants off!
The camera wanders among sock designs hanging on clotheslines as they tell their story.
Additionally, there are mailboxes labeled with the Sharks’ names. When Bryan and Matt empty the mail, they give each shark a pair of socks.
Bryan reveals that their company has generated $1.36 million in revenue and has over 6K customers as the Sharks ooh and aah over the socks.
They offer subscriptions of three, six, or nine months. Their subscription count fluctuates, with sales peaks around the holidays.
The gentlemen understand their numbers: the cost of acquiring a new customer is $11. They sell for $9 plus shipping and cost $1.35 per pair to manufacture.
They made $900,000 in sales in 2014 and are on course to make $1.5 million in 2015. Since men are notorious for wearing socks, the company chose a subscription-based business model.
Mark deduces their technical background based on their responses.
Matt has a background in web design, while Bryan specializes in conversion optimization and search engine optimization.
Bryan explains to Mark why they aren’t crushing it, and Mark inquires why they haven’t made more progress.
Daymond suggests that they could simply manufacture them in the United States and inquire about their willingness.
Bryan notes that they face stiff competition, but they enjoy higher margins because they manufacture and manufacture their products.
Bryan explains to Damond that picking socks is included in their profit model since they don’t need to stock a lot of inventory but simply want to get their product in front of more customers.
Damond begins to pick socks, and Bryan explains that they do so as part of their profit model.
Lori finds them cute, but they’re doing the same thing as other sock companies, but with a unique twist. She is out.
Daymond proposed an offer of $250K for a 22.5 percent stake to convince Bombas, the sock firm in which he invested in season 6, to join. Kevin offers $250k in exchange for 15%, but he insists on quarterly payouts.
Troy believes that distributions are unnecessary for a technology company and offers $250K for a 15% stake with no distributions.
Troy believes that incorporating a narrative into the business’s branding will benefit them.
Mark remains mute till after the break; he’s curious about how large they can get. His offer is $250K for 20%, and he claims that he can set up offices, warehouses, and a software development team in Dallas.
He asks Troy for a 20 percent cut of the $ 250K, which Troy agrees to. “Dudes, let’s do this!” Bryan exclaims.
Final Deal: Mark Cuban and Troy Carter agreed to invest $250,000 at a 20% stake in Foot Cardigan.
What Happened To Foot Cardigan After Shark Tank?
Foot Cardigan undoubtedly felt the shark tank effect,’ as sales and subscriptions poured in the days after the episode’s airing on ABC.
Two days after their socks became famous, orders flooded every ten seconds.
The strong demand led to approximately 90,000 pairs of socks in the following five days. Furthermore, 7,000 new subscribers were added during these five days.
Mark Cuban and Troy Carter did not agree to the deal when DeLuca, McClard, and the other two Foot Cardigan founders met to finalize it.
Mark has since offered encouragement and guidance to the Foot Cardigan entrepreneurs, though they walked away peacefully.
McClard and DeLuca are not discouraged or frustrated by the deal’s failure to close.
The Foot Cardigan company now feels as though it had the best of everything – it grew rapidly as a result of the media coverage that followed its appearance on Shark Tank, and it avoided having to give up 20% of the firm.
Overall, Foot Cardigan has been a big success, and Shark Tank played a big part in the deal that didn’t go through.
Foot Cardigan Shark Tank Update
Foot Cardigan’s subscriber base and revenue more than doubled in the 96 hours following the show. You can find more information on the Foot Cardigan Update page.
Foot Cardigan is still in business as of 2022 and generates $4 million in revenue every year.
Is Foot Cardigan Still In Business?
Foot Cardigan sold approximately 90,000 pairs of socks in the five days following the broadcasting of the program, and they gained 7,000 new members as a result of the broadcast.
Foot Cardigan continues to sell an array of entertaining socks – see, for example, the new United Socks of America line featuring Bernie Sanders, Donald Trump, and Hillary Clinton – but the partnership with Cuban and Carter never materialized.
A spokeswoman said that the Foot Cardigan contract was not finalized after some off-camera discussion. However, they all left in good spirits after the meal.
Foot Cardigan had significant success even though the contract did not close, owing to the media attention they earned from appearing on the show.”