Remyxx/ ReKixx Shark Tank Update
100% Recyclable Tennis Shoes From Season 3, Episode 312
|Remyxx Sneakers Now Known As|
Gagdon took those old shoes out of the trash and began working on a new recycled product that could effect what we all wear in the future.
Gary Gagnon came into the Shark Tank with His revolutionary recycled sneaker's seeking a $50,000.00 investment for only 10% equity in the business. When Gary means 100% recyclable, He means just that. Every part of the sneakers can go into the recycling bin and recycled into new products.
While putting a $500k valuation on the Remyxx/ ReKixx business, Gagdon obviously must have been somewhat established with sales at a proven profit point right? Well not exactly, Gary had zero sales and has only been in business for 3 weeks. It seems He has a great idea at this point, but the Sharks point out getting into the recycled sneaker business will require a lot more than the $50k Gagdon is asking for.
Four of the Sharks drop out leaving only Daymond John with Gary's last chance to make a deal on Shark Tank. Daymond really likes the idea of recycled tennis shoes and the potential to create a new Brand around them. John offers him the $50k but He wants 80% of the Remyxx Business in return. Gary does come back and counter for $100,000.00 and 50% of the business, but Daymond doesn't budge. He has three clear plans in which direction the Remyxx Brand could go.
With John's help teaching Gary this business, the Remyxx / ReKixx recycled tennis shoes could become very successful. Gary does indeed accept Daymonds offer and agrees to give him 80% controlling interest.
Remyxx ReKixx UpdateDuring further negotiations after the Shark Tank aired, Daymond and Gary decided not to complete the deal. Instead of John taking a controlling interest in Gagnon's Dream, He decided to help Gary build the Remyxx/ ReKixx business on his own.
Gary wasted no time taking advantage of being on the Shark Tank and started a Kickstarter campaign to get the needed capital and start making the 100% Recyclable Tennis Shoes. As it turns out He didn't need the $50k asked for in the Shark Tank, He only needed $39,697 according to the Kickstarter campaign. On June 25, 2012, the Remyxx campaign was over with pledges totaling over $44k to kick start the Remyxx Shoe Company.
Soon after this successful crowdfunding campaign Gary decided to change the name of Remyxx to ReKixx which fits this product much better in my opinion.
Gary posted in the ReKixx Blog less than a month ago he has just sold the 1000th pair of his 100% recyclable sneakers. I could only imagine how hard it would be to build your own shoe company from the ground up starting with just a single idea.
The ReKixx Shoes has been getting a lot of attention from this guy by the name of Perez Hilton. I'm not exactly sure who he is, probably related to Paris, but I'm almost positive I have heard the name on TV. Perez also seems to have a lot of Celebrity Friends that need to get themselves a pair of 100% recyclable sneakers and help promote the ReKixx Brand. It's a Great looking product that really can change the world one sneaker at a time.
Remyxx / ReKixx Website
Friend ReKixx on FaceBook
Follow Gary Gagnon on Twitter