Published April 10, 2022 by teambizzbucket
Ever felt the need to wear slippers that were comfy and felt like you are walking in the air?
Well, here is a product that allows you to do that. Happy feet slippers are giant slippers that feel comfortable and make you feel like walking on air. This product comes in a variety of colors and patterns.
This product has licensing done by NBA, NCAA, NFL, and MLB. Covering almost 12 themes until now. Pat is proud to say that the product has a long history and it is being sold on amazon on his own website.
Happy feet slippers at a glance:Idea Fun comfortable slippers Founder Pat Yates Asked for $375,000 for 15% Accepted deal $375,000 for 25% Sharks Robert Herjavec Business status In business Episode Season 5 Episode 23 Website Happy Feet Buy on Amazon Buy Now!
Index:
What is Happy Feet?
Happy Feet is a brand of novelty slippers that were featured on Shark Tank in season 3. The slippers are designed to look like various animals and have become popular for their fun and unique design.
Founder Story:
The long history of the product started 11 years ago. From then on, Pat has been making these slippers. Till today he has sold the product as part of wholesale and retail, mall karts. They also have in place a number of fundraising programs for the community to sell the slippers for notable causes.
The idea for the business came to the founder Pat Yates when he came across the fuzzy shoes that his brother bought online. As they were delivered home the brothers discussed how this product can be taken to the market. Today this product is loved by young and old alike and has become a fashion statement among the youth.
Did Happy Feet get a deal on the Shark Tank?
Pat enters the shark tank with an expectation of an investment of $375,000 for 15 % of his business Happy feet. They have licensed slippers of various themes like Shark slippers, animal slippers, Disney slippers, and much more. Pat says that he has slipped on the sales factors very easily in the market and he wants to expand the business in terms of retail and internationally.
Pat distributes the slippers for the sharks to see samples. The ones Robert gets are penguin slippers that he doesn’t want. He wants lion slippers instead. The sharks like the product.
Pat next talks about sales and says that he has made $6.5 million in sales over the past three years. He made $2.6 million in the last year, from which 2.2 million has been online. He’s making only $650,000 profit on $2.6 million of sales.
The problem faced by the product is the size that it caters to for production. The company has no competition as of now. Barbara thinks the company’s happy feet have developed to the highest point of activity. Robert says he can’t add value to the product.
Kevin offers $375,000 for 5% of the business with a $3 royalty till he gets his money back, which goes down to $1.50. Now Lori wants a share of the deal with Kevin if he is ready to increase it to 6%.
Mark likes Pat and thinks he is the real deal. Since the business is not for him, he is out. Pat counters the deal given by Kevin and Lori for 20%, as he doesn’t like the royalty, Kevin counters for 30%.
Robert jumps to offer $375 for 30% to which Pat counters at 25% and Robert accepts the deal. Pat walks out of the shark tank episode with a deal of $375,000 for 25% of equity from Robert.
What happened to Happy Feet after Shark Tank?
The product today has seen a sale of $4.2 million which is way more than what they started with. They are functioning with 16 employees as of date. DreamWorks has approached the company to license the product of cartoon slippers.
The licensing of these movie characters will allow the company to do tens and thousands of sales in the coming year. The company has been given whole new credibility by the shark tank appearance. In 2021 Happy Feet is going strong and are making $5 million in annual revenue.
Product features:
- Fluffy and comfortable.
- Available in many colors and patterns.
- Have many series /themes to choose from.
- Retails from $20 to $45.
- Slide slippers are also available.
- They have zippers available too
- Hoodies are also part of the collection.
Competitors Of Happy Feet:
- Shoe garden
- Empire Shoes
- Fitness footwear
- Rubber sole and many more.
What is the net worth of Happy Feet?
The company during the pitch had a valuation of $2.5 million which now has been elevated after doing very well in sales in the last few years. In 2021 Happy Feet is going strong and are making $5 million in annual revenue.
Is Happy Feet still in business?
Yes, Happy feet is still in business and continues to grow. The range of products on their Online website is impressive. The company will continue to make new slippers and shoes for its millions of customers. By expanding their business involving many more themes into the business. Wishing the Happy Feet to soar up and fly above the clouds.
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What is Happy Feet?
Happy feet slippers are giant slippers that feel comfortable and make you feel like walking on air. This product comes in a variety of colors and patterns.
Who founded Happy Feet?
The idea for the business came to the founder Pat Yates when he came across the fuzzy shoes that his brother bought online. As they were delivered home the brothers discussed how this product can be taken to the market.
