The Sharks get a fresh take on footwear in Episode 312: Gary Gagnon presents investors with his Remyxx sneakers to ignite a new trend.
Gagnon was inspired after witnessing worn-out footwear being discarded in the trash. He was motivated to build 100 percent recyclable shoes, real “landfill-free footwear.”
The sneakers needed to be comfortable, durable, and fashionable to compete in a highly competitive market.
Despite only having two weeks of marketing experience, Gagnon created a Kickstarter campaign and set up a shell website in anticipation of the Shark Tank Effect, which may be enough to land him a deal with Shark.
Gary Gagnon wrote on Facebook that ReMyxx shoes, which subsequently became ReKixx shoes, have closed up shop.
His April 9, 2017 article reveals that he has sold only 2,800 pairs of sneakers, insufficient to sustain his business over the past four years.
The ReMyxx shoe is unusual in that it is completely recyclable. Everything in the sneaker may be recycled without causing harm to the environment.
Gary is a proponent of green living, which contributes to his firm’s attractiveness given that he joins Shark Tank with no sales and a three-week-old business.
Gary Gagnon came into 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.
When you’re ready to discard the footwear, place them in the recycle bin. 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, a line of footwear made completely of recyclable materials. On the Season 3 finale of Shark Tank, the ecologically conscious salesman pitched his business.
The biggest challenge Gagnon faced was convincing the Sharks to invest in a fledgling business.
He did not reveal any sales — but REMYXX 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 appears on Shark Tank searching for a $50,000 investment in exchange for a 10% stake in ReMyxx.
He makes a deft presentation and invites the Sharks to be “pioneers” by joining “on the first floor, to change the way we think about sneakers and green living.”
Kevin O’Leary is more concerned with the green in his wallet. He is inquiring about sales. Gagnon has made no sales thus far, despite having only been in the company for three weeks.
Gagnon informs the Sharks of his intention to produce and distribute his footwear wholesale. He believes that the uniqueness of his sneakers is sufficient to distinguish him.
Herjavec is curious about the recycling process for footwear. ReMyxx is not known to recycling processors, so Gagnon includes an eco-friendly incentive with his sales: eco-conscious customers can return their sneakers for guaranteed recycling.
Daymond John is curious as to Gagnon’s motivations. Gagnon says that his goal is to carve out a position in the recycling market through fashion.
Kevin O’Leary is interested in discovering more about exclusive methods and patents. Gagnon does not currently have a patent on his shoes, which is significant for the Sharks.
Proprietary knowledge, techniques, and materials are critical tools for securing a new product’s marketplace.
ReMyxx has no chance of competing with the “Big Four” shoe businesses without a patented process.
Herjavec believes Gagnon has not requested enough. A $50,000 investment is insufficient to start the business. “If you succeed,” he declares, “you will go bankrupt.” He has departed.
O’Leary instructs Gagnon to “burn” the footwear to stay warm during the winter. He has departed.
Mark Cuban has withdrawn from the deal in response to Gagnon’s modest investment proposal. Barbara Corcoran believes his offering is not sufficiently unique. She has escaped. Daymond John is the sole survivor.
Daymond John admires “this recycling concept,” but “unfortunately, the deal I would have to make you would require you to be insane.”
He is willing to provide $50,000 in exchange for 80 percent ownership of the company. Gagnon counters, requesting $100,000 for a 50% stake. John says that he will license the product or finance it.
Gagnon reacts once more, requesting 50% in exchange for $50,000. John is adamant about not haggling. Gagnon eventually accepts the offer.
Who Invested in Remyxx/ReKixx?
Daymond John recognized REMYXX’s potential and gave Gagnon $50,000 in exchange 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 on his own.
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.
I think 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 gotten a lot of attention recently from a guy named Perez Hilton. His name is not familiar 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.