Lisa Nguyen is a Vietnamese refugee who overcame various challenges to start her business, Baubles and Soles, created by her husband, Duc.
After appearing on Shark Tank, their sales took an exponentially upward turn.
Founded by Lisa and Duc Nguyen
Lisa and Duc Nguyen created Baubles and Soles to address an issue many parents encounter: outgrowing shoes rapidly for their children. Their innovative solution? Attaching interchangeable baubles so the shoes could be used again – their creative idea has proven popular enough that it even made it onto Shark Tank! Their revolutionary designs have proven popular enough that Lisa even appeared there!
The duo presented their product, kids’ shoes with interchangeable baubles that create new looks with every wear, to the Sharks in episode 1109 of Shark Tank. Machine-washable and slip-resistant shoes made in America make up part of their business offering.
At their pitch, the Sharks were impressed by the couple’s story and innovative product; however, they remained skeptical regarding their numbers and required inventory levels, ultimately determining that this company wasn’t suitable for investment.
Lisa Nguyen was born in Vietnam and fled with her family aboard a fishing boat to a refugee camp for three years, during which 25% of those aboard died at sea. Lisa eventually made it all the way to Australia, earning her master’s degree in law before later moving back to America, where she met Duc, her future husband.
They appeared on Shark Tank to seek $100,000 for 15% of their bauble shoe business and received an offer from Daymond John to take his offer of $100k and a 25% ownership stake in it. Since then, their business has flourished incredibly, with over $1 Million in sales recorded up until 2023!
Baubles and Soles have made an enormous impact on the shoe industry, yet they still face significant obstacles. Their primary concern is with material costs: balancing their cost structure to customer demands while upholding high standards for product quality is not easy. Furthermore, their marketing strategies must improve significantly so as to raise brand awareness among a broader audience and bring in additional customers. Nevertheless, their hard work has paid off; hard work and perseverance have paid dividends.
Appeared on Shark Tank
Lisa and Duc Nguyen seemed poised for success when they appeared on the popular television show Shark Tank, pitching interchangeable shoes with customizable tops that allowed children to quickly change their look without taking off their shoes, saving time when accessories went missing or were stolen. Their story was compelling: Lisa was a Vietnamese refugee who overcame an ordeal that killed 1-in-4 others before finding success as an Australian mother before moving back to America in search of business opportunities – growing tired of outgrowing footwear so quickly, and so created Baubles + Soles as a solution – something no other company had done before!
The Nguyens approached the Shark Tank, seeking $100,000 for 15% of their company. After hearing their story, the Sharks were impressed and offered them a deal – though Daymond John immediately pulled out due to its need to maintain significant inventory levels; Robert Herjavec felt the market was too competitive, so he also made his exit.
Lisa was persistent and continued to push the sharks for a deal, trying to convince them that her product would be a smash hit with its large market and huge potential customer base. Unfortunately, none of the sharks were persuaded.
After watching the episode aired, Baubles and Soles experienced an increase in sales. By 2022, their business had over 13,000 Instagram followers, but only a few posts received over ten likes; this low engagement signaled to them that their venture wouldn’t survive long term.
Baubles and Soles announced on their social media pages in 2023 that they were closing, holding an enormous closing sale with up to 75% off products. Unfortunately, it remains uncertain if Baubles and Soles will reopen later on, although other Shark Tank companies have since gone through similar struggles after appearing briefly on the show. If you want to watch how successful companies go downhill quickly, be sure to watch Shark Tank!
Closed down in 2023
Lisa and Duc Nguyen of Baubles and Soles presented their shoe company on season 11, episode 7 of Shark Tank. Their concept is to design shoes that grow with children by attaching interchangeable baubles that can easily change to match any child’s outfit, machine washable and slip-proof for active children’s shoes.
After appearing on Shark Tank, sales increased substantially, and they were able to create a significant business. They made some crucial investments as well. Unfortunately, however, due to family circumstances, they decided in 2023 to close down their company despite these successes, though difficult it may have been.
Lisa and Duc Nguyen founded a business to manufacture eco-friendly shoes with interchangeable baubles that can easily be switched out, cutting manufacturing costs while remaining machine washable. Furthermore, these non-toxic shoes use non-BPA/phthalates/other chemical-free materials that are made for machine washing!
At first, they managed to secure an investment from Daymond John for $100,000 in exchange for 25% equity – this proved a fantastic win, yet they still needed to work on improving their business model. Since their appearance on Shark Tank, their line has expanded further and now offers an assortment of styles and designs.
The baubles on children’s shoes can be quickly switched out for new designs and are machine washable for convenient cleaning and reuse. Furthermore, these slip-proof shoes give children confidence while playing freely and give parents peace of mind knowing their little ones won’t fall over while moving freely around in them.
Baubles are constructed from recycled materials to support both the environment and the community. Their creators also hope that their shoes can serve as an educational tool for young children about recycling and environmental protection – helping to foster a brighter future for themselves and their loved ones. Furthermore, they have even partnered with several schools in order to promote their products while teaching students the value of waste reduction.
Net Worth
Baubles and Soles is a customizable footwear company for children that features an innovative twist-lock mechanism to allow parents to add accessories known as “baubles” and create custom looks. Machine washing capabilities also appealed to many parents. Baubles and Soles sought an investment of $100,000 in exchange for 15% ownership of the company.
During the episode, the Sharks expressed interest in the company’s shoes and applauded their unique manufacturing process, using one mold instead of glue or stitching for production. Furthermore, these non-toxic shoes, free of BPA and phthalates, were slip-resistant with soft cushioning for children’s comfort.
However, the Sharks expressed concern regarding the company’s profitability and market potential, as well as its ability to scale operations. To alleviate these worries, its founders developed a plan to de-risk their business with a two-year recoupment period for investors, as well as work closely with Damon on strengthening its marketing strategy.
The success of this company is a testament to its founders’ determination and perseverance, particularly during the COVID-19 pandemic. Additionally, they adapted their business model accordingly in order to stay ahead of market needs.
After their appearance on Shark Tank, the founders of Baubles and Soles have seen significant sales growth; consequently, their net worth has seen considerable increases.
Baubles and Soles was established by Lisa Nguyen, a refugee from Vietnam, and her husband, Duc. Since its conception, the company has gained worldwide acclaim for its innovative products and mission of helping families in need. After appearing on Shark Tank in 2016, however, their business faced several hurdles but has continued to thrive in a highly competitive marketplace.
