Duc and Lisa Nguyen, a real-life couple, founded the children’s footwear line Baubles and Soles after personally experiencing the difficulties of parenting. They give shoes removable embellishments so the wearer can change the appearance of the shoes at any time. Baubles & Soles will be worth $1 million in 2022.
Regarding the Founders
Vietnam is where Lisa T.D. Nguyen is originally from. She and her mother left their home country, and they spent three years living in a camp for refugees. They made their home in Australia, where Lisa attended the University of Sydney to study law.
Duc, a native of Montreal, Canada, moved to the US to pursue a degree in film. This assisted him in starting his first company, a wedding video production company.
At this time, Lisa was assisting other refugees with legal matters while she was in the Philippines. She subsequently relocated to Washington, DC after being appointed executive director of VOICE, a non-governmental organization. She met the love of her life there.
Setting Up the Company
Lisa and Duc eventually wed and had children. They were weary of looking for kids’ shoes that they would outgrow in a couple of months. This inspired them to create shoes that could be worn repeatedly.
A pair of shoes designed by Mr. and Mrs. Nguyen had interchangeable baubles, was easily cleaned, and was slip-resistant. Customers just had to purchase one base shoe, which they could combine with 20 various ornaments.
These bauble attachments are easily snapped into the shoe’s forefoot to quickly and conveniently change the shoe’s appearance. They made $150,000 and formally opened for business in 2017. They encountered some inventory issues the next year, so they sought outside assistance.
Pitch for Shark Tank
In 2019, Lisa and Duc went to the tank looking for a partner who would contribute $100,000 in exchange for 15% of their business. In order to increase their reach, they were looking for someone who could provide them with superior market insight.
Because they were honest, the Sharks admired the company’s product, story, and value. However, the majority of the show’s investors weren’t sure the company could be profitable in the long term considering that they compete in a very cutthroat industry.
The husband-and-wife team was fortunate to get a deal from Daymond John that they couldn’t turn down. He proposed $100,000 in exchange for 25%. The couple agreed because it wasn’t very far from the original request.
Following Shark Tank
Daymond found John to be the ideal teammate. He assisted Baubles and Soles in traveling to other regions of the nation. As a result, product sales quickly increased.
The Nguyens projected $300,000 in sales for the year they appeared on Shark Tank. It’s still not clear if they reached that milestone. In 2022, although not being a tremendous success, the children’s shoe firm is still able to support itself.
Although the company stands out in a competitive field, the founders may not have initially anticipated its current growth rate. It makes $200,000 a year in revenue, and the company is worth $1 million.