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Solemates: Revolutionizing Comfort and Style in High Heels
Solemates was introduced as a clever solution for preventing heels from sinking into the grass in Shark Tank’s season 8, episode 3.
Monica Ferguson and Becca Brown were looking to impress the Sharks with their innovative product and secure an investment for their business.
Solemates is a brand that offers shoe and foot care solutions designed to keep you comfortable and moving.
Their products are all-natural, sustainable, and cruelty-free, made in the USA by a female-founded company. Their best sellers include high-heel protectors, blister blockers, and weather protectors.
Solemates’ high heel protectors, featured on Shark Tank and endorsed by Oprah, prevent heels from sinking into the grass.
Customers rave about the effectiveness of their products, with testimonials praising the comfort and quality of Solemates’ offerings. In addition to their innovative products, Solemates values responsible practices and customer satisfaction.
Founded in 2009 by two former Goldman Sachs executives and Columbia MBA graduates, Solemates has come a long way.
Solemates flagship product, rubber slip-ons for women’s high-heeled shoes, enhances stability and grip while preventing heels from sinking into the grass.
Solemates has expanded its product line to offer a range of shoe care products catering to women who love their heels.
From blister preventatives to foot cushions, leather protectors, and buffs, they have everything to keep your heels in top condition.
The majority of Solemates items cost less than thirty dollars, and you can purchase them online through Zappos and Amazon.
With around seven years in the industry, Solemates has seen some success and is now seeking a Shark to help them expand their product line further.
Solemates’ main goal is to ease the lives of women who love heels. Slip-ons from the company improve stability and grip while preventing heels from sinking into the grass.
Founded by Becca Brown and Monica Ferguson, both with impressive educational and professional backgrounds, Solemates is a testament to their entrepreneurial spirit and dedication to enhancing the lives of heel lovers everywhere.
Solemates Shark Tank Pitch: Elevating High Heel Care on Shark Tank
Solemates presentation kicked off with Becca sharing a fascinating fact about women’s long-standing connection with shoes, tracing back to the early 1900s.
She highlighted how high-heeled shoes can create an illusion of height and slenderness for women but also come with some drawbacks.
She said that women who wear high heels may slip on grass at weddings or get stuck in sidewalk cracks, leading to embarrassing and costly situations.
To address these issues, Solemates were introduced as caps that can be clipped onto stiletto heels to increase the contact area and alleviate pressure on the heel, preventing it from getting caught in tight spaces.
With Solemates, women can confidently wear high heels without fearing damage to their shoes. The product comes in clear, black, gold, and silver variations, with a three-color set available for $30 and individual pairs priced at $10 each.
Lori tried on a pair of shoes during the presentation, and panel members received samples.
As the male Sharks jokingly expressed disappointment for not having samples to try, the female entrepreneurs, Monica and Becca, assured them that they had brought samples for the panel.
Robert, known for his straightforwardness, tested the product by walking in heels and confirmed its comfort.
The Sharks then delved into the financial aspects of Solemates, questioning Becca and Monica about the company’s performance.
Monica revealed that Solemates had generated $1.1 million in revenue the previous year, with expectations to reach $1.5 million in the current year.
Becca highlighted the wide retail presence of Solemates, being sold in over 3,000 locations, including Nordstrom, DSW, and David’s Bridal.
Despite the healthy gross profit margin of 65%, the company was only breaking even. Becca and Monica had invested $100,000 and secured an additional $1 million from investors, maintaining 40% ownership of the business.
Mark raised concerns about the financial projections, questioning the discrepancy between the expected profits and actual earnings.
Monica explained that the surplus funds were allocated for website development, graphic design, and photography, with both founders earning $30,000 in profit alongside an $80,000 annual salary.
Lori, one of the Sharks, expressed skepticism about Solemates, stating that the product seemed to exclude half of the population who may find it undesirable.
Despite some doubts from the Sharks, Robert recognized the unique value of Solemates in providing comfort and protection for women in high heels. He made a generous offer of $500,000 for a 25% stake in the business.
Kevin also expressed interest, proposing $100,000 for a 10% stake and an additional $400,000 as a loan, valuing the business at $1 million.
After negotiations, Robert agreed to accept a 20% equity stake in exchange for the $500,000 investment, solidifying a promising partnership for the future of Solemates.
Solemates: Flourishing After the “Shark Tank” Experience
After their appearance on “Shark Tank,” Monica Ferguson, Becca Brown, and Robert Herjavec seemed to have reached an agreement. However, things took a turn when the founders decided to backtrack on their deal, excluding Herjavec.
Despite no official explanation, it’s believed the founders were reluctant to part with a major share of the company. During their initial negotiations with Herjavec, the team stressed their desire to retain majority control.
Despite missing out on a $500,000 investment, Solemates saw substantial success after their TV appearance. In 2018, their sales totaled $1.8 million. They partnered with CVS soon after appearing on Shark Tank.
Ferguson shared in an interview with Business 2 Community, “Since our first episode aired, sales have soared, international distributors have increased, and numerous retailers are eager to collaborate.”
With heightened visibility and accessibility, Solemates managed to forge ahead despite the initial setback.
Solemates continues to thrive, offering heel protection for those in need. The company now sells its flagship product at CVS and online in addition to its original platforms.
Initially showcasing the High Heel Protector on “Shark Tank,” Solemates has since expanded its product line to include various foot-care items like blister balms, sole guards, and more. Reportedly earning $2 million in annual revenue, the company has diversified its offerings.
Solemates has earned a loyal following thanks to celebrities like Oprah Winfrey and Demi Lovato, who endorse their High Heel Protector. The brand’s reputation was further enhanced when singer Carrie Underwood wore the heel protectors on stage.
While catering to a specific clientele, Solemates has carved a niche in the shoe industry by extending the lifespan of heels and ensuring user comfort and confidence. The High Heel Protector has garnered a dedicated fan base.
Given Solemates’ success post-Shark Tank,” it’s foreseeable that the company will continue to expand. With a range of new products, the company has broadened its customer base.
Solemates’ future developments are unknown, but their products are readily available on their website and Amazon.
Despite the inactivity of their primary social media account on Instagram since 2022, the brand has expanded its global presence. Solemates is still in business with an estimated net worth of $3 million.
