The ReMyxx shoe is unusual in that it is completely recyclable. Everything in the sneaker may be recycled without causing harm to the environment.
Remyxx is an innovative footwear company that has overtaken the retail market. Founded by entrepreneur and designer Gary Gagnon, Remyxx seeks to provide eco-friendly shoes that are stylish and comfortable.
In 2019, Remyxx made its debut on ABC’s popular show Shark Tank where they received a $200,000 investment from investor Mark Cuban. Since then, their eco-friendly shoes have become a hit with customers who seek fashionable and sustainable products.
Using recycled materials such as plastic bottles and fishing nets, each pair of Remyxx shoes is designed to reduce environmental impact while providing quality comfort and style.
As a socially conscious brand, Remyxx also focuses on giving back to their community with initiatives such as donating 10% of profits to charity organizations or recycling old pairs of shoes for those in need.
Gary is a proponent of green living, contributing to his firm’s attractiveness given that he joins Shark Tank with no sales and a three-week-old business.
Gary Gagnon entered a trademark conflict with a DJ who owns Remix and consequently changed his business name to ReKixx. ReKixx is a great moniker for his sneakers; too bad he couldn’t use it when he entered Shark Tank.
ReMyxx landed a contract with Daymond John during an episode of Shark Tank, but the transaction fell apart during due diligence. Even though Daymond cut back financially, he continued to coach Gary Gagnon following the broadcast.
What is Remyxx/ReKixx?
ReMyxx/ReKixx (Also known as”Sneakers with a Purpose”) are durable, attractive, and comfortable sneakers that come in various bright, pretty colors and innovative designs that appeal to a wide range of preferences, ages, and genders.
They are made from a proprietary blend of recyclable materials that mimic the look and feel of canvas and rubber. The uppers and soles are imprinted with the recycle logo to identify the wearer as eco-conscious and generate interest in the brand.
Place the footwear in the recycle bin when you’re ready to discard it. Alternatively, you may return them to Gary via mail (he will cover the shipping cost).
|Company Name||Remyxx (Rekixx)|
|Investment Seeking||$50,000 For 10% equity in Remyxx/ReKixx|
|Final Deal||$50,000 For 80% equity in Remyxx/ReKixx|
|Episode||Season 3, Episode 15|
|Status||Out Of Business|
Who is the Founder of Remyxx/ReKixx?
Gary Gagnon founded Remyxx/ReKixx, a line of footwear made completely of recyclable materials. The ecologically conscious salesman pitched his business in the Season 3 finale of Shark Tank.
Gagnon’s biggest challenge was convincing the Sharks to invest in a fledgling business. He did not reveal any sales, but Remyxx/ReKixx was less than a month old at the time of his appearance on the show.
How Was the Shark Tank Pitch of Remyxx/ReKixx?
Gagnon appeared on Shark Tank requesting an investment of $50,000 in exchange for a 10% stake in ReMyxx/ReKixx.
Remyxx (later rebranded as ReKixx) appeared on Season 3, Episode 13 of Shark Tank. The founder, Gary Gagnon, pitched his innovative 100% recyclable sneakers to the panel of sharks. He sought a $50,000 investment for a 10% stake in his company.
Gary presented the unique selling point of his sneakers, made from a combination of sustainable and recyclable materials. He explained that the shoes could be ground up and repurposed into new products once they reached the end of their usable life.
During the pitch, the sharks raised concerns about the challenges of entering the competitive shoe market and questioned the scalability of the business.
Some also expressed doubts about the design and overall appeal of the sneakers. Despite these concerns, Daymond John, a shark with experience in the fashion industry, saw potential in the product.
Daymond John offered Gary $50,000 for an 80% stake in Remyxx, a more significant stake than Gary had initially proposed. After considering the offer, Gary accepted the deal and formed a partnership.
Remyxx secured a deal on Shark Tank with Daymond John, who recognized the potential of the eco-friendly sneakers and believed in their market viability.
Final Deal: Daymond John agreed to invest $50,000 for an 80% stake in Remyxx.
Who Invested in Remyxx/ReKixx?
Daymond John recognized REMYXX’s potential and gave Gagnon $50,000 for 80 percent of the company. He had requested $100,000 for a 50% stake.
John offered to teach Gagnon the sneaker business, which Gagnon accepted. However, the contract fell through following the show. John did not deliver because Gagnon should not give away 80% of his firm, but instead, because he believed John should not deliver.
John suggested Gagnon launch a Kickstarter campaign to raise funds for the sneakers’ manufacturing. The company has since been relaunched as ReKixx.
What Happened To Remyxx/ReKixx After Shark Tank?
Daymond and Gary decided not to pursue the deal after the Shark Tank aired. John decided to assist Gary rather than acquire a controlling interest in Gagnon’s Dream, so he helped him establish Remyxx/ReKixx independently.
The entrepreneur launched a Kickstarter campaign to obtain the funds necessary to manufacture recyclable tennis shoes soon after appearing on Shark Tank.
The Shark Tank request for $50,000 was unnecessary; according to the Kickstarter campaign, the challenger only needed $39,697. Remyxx’s campaign concluded on June 25, 2012, with over $44k in commitments to launch the Remyxx Shoe Company.
ReKixx is much more appropriate for this product since Gary rebranded Remyxx after its successful crowdfunding campaign.
Gary announced less than a month ago on the ReKixx Blog that he had recently sold the 1000th pair of his 100 percent recyclable sneakers. It would be very challenging to start a company with only one idea; I can only imagine how hard that would be.
The ReKixx Shoes have recently gotten much attention from Perez Hilton. His name is unfamiliar to me, but he’s related to Paris, and I’m almost certain I’ve heard it on television.
Additionally, Perez appears to have many Celebrity Friends that should invest in a pair of 100 percent recyclable sneakers and assist the market of the ReKixx Brand. A sneaker at a time, this attractive product has the potential to change the world.
Remyxx Shark Tank Update
After securing a deal with Daymond John on Shark Tank, Remyxx (later rebranded as ReKixx) faced several challenges in their journey. Here is what happened to Remyxx/ReKixx after the show:
- Rebranding: After the Shark Tank episode aired, Gary Gagnon rebranded Remyxx as ReKixx. The new name was chosen to represent the brand and the product better.
- Product Development and Manufacturing: After partnering with Daymond John, the ReKixx team focused on product development, refining the design, and improving the manufacturing process to make the shoes more appealing and comfortable.
- Limited Success: ReKixx sneakers were sold online through the company’s website for a while. However, the brand struggled to gain significant traction in the highly competitive sneaker market. With limited marketing and the challenges of bringing a new eco-friendly product to a crowded market, the sneakers did not gain widespread popularity.
In summary, while Remyxx/ReKixx initially seemed promising and secured a deal with Daymond John on Shark Tank, the brand faced multiple challenges that ultimately hindered its success in the sneaker market.
The Shark Tank effect boosted the sales and promotion of Remyxx sneakers. However, Daymond John didn’t complete his deal which he agreed on the show after the episode aired.
The ReKixx website is no longer active, and the brand’s social media presence has dwindled, suggesting that the company may no longer be operational or has been put on hold.
Also, the initial boost Remyxx got after its appearance on the show started declining. Remyxx was forced to shut down its operation and quit in 2017 due to a lack of funds.
What Is the Net Worth of Remyxx/Rekixx?
The valuation of Remyxx sneakers was $500,000 when it appeared on Shark Tank. The net worth of Remyxx is unknown as of 2023 since the company went out of business in 2017.