What Happened To JesKa Shoe Company After Shark Tank?
Shoes are essential to any outfit. We wear them to protect our feet, but they are also top-notch accessories. Your footwear can make or break a fabulous ensemble. With boots, sandals, sneakers, and every combination in between, though, your shoe closet can get overcrowded. Jessica Haynes, the brains behind JesKa Shoe Company, set out to solve this hoarder problem. Her solution was footwear with interchangeable heels.
Regardless if it is wedges for a beach day or stilettos for date night, you can get both these looks with one shoe and a pair of swappable heels. It saves space, and you get more bang for your buck. Haynes had a great idea that any heels fanatic would love, but it takes more than a great idea to create a successful business. She sought the help of the Sharks on "Shark Tank," and left the tank with a deal. However, it also takes more than a hands-on investor to stay alive in the saturated fashion industry.
Daymond John invested in JesKa Shoe Company
Jessica Haynes joined the ranks as a "Shark Tank" business in 2013. She came in seeking $70,000 in exchange for 30% equity in JesKa Shoe Company. That buy-in valued her fashion brand around a quarter of a million dollars. It's a reasonable request, however, Haynes did not have any sales or a ready-for-market product. Her interchangeable heels with magnet technology were only a prototype. She didn't have any revenue but did have what Barbara Corcoran looks for in an entrepreneur before investing — ambition.
Despite her company only being a baby, Haynes believed in the concept. She had already invested $63,000 of her personal wages into the business. Daymond John, the fashion guru of the investor panel, was the only Shark interested. However, the 30% equity Haynes was willing to give up ended up being the percentage she was left with. John acquired 70% of JesKa Shoe Company for $70,000, valuing Haynes' business at $100k.
John, who also invested in the most successful "Shark Tank" business Bombas, promised to help Haynes break into the shoe industry. Still, just a year after airing, Haynes updated fans with unfortunate news.
JesKa Shoe Company is no longer in business
After airing on "Shark Tank," entrepreneurs typically see a boost in sales, like Range Beauty, a black-owned beauty brand that caught Beyoncé's eye. Even without a product ready to buy, Jessica Haynes saw an increase in interest. "The website exploded on the night of the show," she told the Shark Tank Blog in 2013. "It has been an amazing response. The Facebook page has been very busy as well." She added, "I am honored and grateful for all the well wishers and shoe groupies that are waiting to see this product on the market." However, the Haynes' heels never saw retail shelves.
In 2014, Haynes updated the company's Facebook page writing, "While I will always cherish the experience and the dream of the JesKa shoe, I must admit that this process has reached diminishing returns. I received so many positive responses to the JesKa shoe idea; I actually hung in there longer than I should have. But the time has come for me to close this door."
JesKa Shoe Company went out of business just one year after appearing on "Shark Tank." The unsuccessful venture does not discredit Haynes' innovative idea. Pashion and Mestrae are two footwear brands that were able to bring interchangeable heels to the market.