Dominique McClain Barteet has a deep passion for shoes and frequently buys new pairs. One day, she came up with the idea that if the top part of a shoe could be changed, it would create a new style. This led her to start a company called One Sole, which sells shoes with interchangeable tops.
She wanted to expand her business, so she appeared on Shark Tank Season 2 to seek funding from the Sharks. Let’s find out if any of the Sharks were interested in investing in her business.
| Company Name | One Sole | |
| Founder/Co-Founder | Dominique McClain Barteet | |
| Founded | 2002 | |
| Product | interchangeable shoes | |
| Asked For | $500k for 20% equity | |
| Final Deal | $500k for 35% equity | |
| Shark | Daymond John | |
| Episode | S2 E8 | |
| Air Date | May 6th, 2011 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Palm Beach Gardens, Florida, United States | |
| Lifetime Worth (Sales) | $80M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Barteet asked the Sharks for $500k in exchange for 20% equity in her company, valuing it at $2.5 million. She also provided a demonstration of her product and thoroughly explained her business.
She also mentioned that most shoe bottoms are the same color, but by changing the top part, you can create various styles like casual, strappy, slingback, and clog. However, making them interchangeable requires a specially designed sole with a hook to attach the top part to the sole.
Each pair of retail shoes costs between $70 and $85. Kevin O’Leary wanted to know how the company’s valuation of $2.5 million was determined. Barteet explained that over the last four years, the company generated a gross revenue of $20 million, achieved through sales in 2,000 retail stores across 30 countries and TV shopping channels.
Last year’s sales were lower compared to previous years, totaling $3.5 million, but this year, the sales are projected to reach $4 million with a profit margin of 30%. Additionally, Barteet holds 2 utility patents and 2 design patents for her product, along with trademarks registered in 98 countries.
Robert Herjavec offered to invest $100,000 for 10% equity, provided that the other four sharks also join the deal. In total, all five sharks would invest $500,000 for 50% equity in the business.
Daymond John offered $500,000 for 35% equity, expressing belief in the product but not wanting a third partner involved. Barbara Corcoran stated that the business would require too much of her time, so she decided to opt-out.
Kevin O’Leary offered $500,000 for 51% equity, which would give him control over the company. Dominique McClain Barteet immediately declined this offer.
Robert Herjavec and Kevin Harrington teamed up to offer $250,000 for 50% equity in the company. Dominique McClain Barteet, however, accepted Daymond John’s offer of $500,000 for 35% equity without considering the other offer.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Kevin Harrington | $250k for 25% equity (Robert) |
| Kevin O’Leary | $500k for 51% equity |
| Robert Herjavec | $250k for 25% equity (Kevin) |
| Barbara Corcoran | No Offer |
| Daymond John | $500k for 35% equity |
| Founder’s (Countered) | No Counter |
| Final Deals | $500k for 35% equity |
One Sole Shark Tank Update
After finalizing the deal with Daymond John and the episode airing, Dominique McClain Barteet’s business saw significant growth and a substantial increase in sales. She learned a lot about entrepreneurship from her journey, transitioning from a pharmacist to an entrepreneur, and managed to earn millions of dollars in revenue from her business.
During our research on One Sole, we discovered that Dominique McClain Barteet is not only licensing her One Sole shoes to other companies but is also selling them through her own website.
As of August 2024, the company is still in business and is generating an estimated $6 million in annual revenue.
Check out Shark Tank Season 2 Business Update.
The progress report of more businesses from Season 2 is shared here.
