Baubles and Soles was a children’s footwear brand created by Duc and Lisa Nguyen. The company became known for its customisable shoes with interchangeable baubles and landed a deal with Daymond John on Shark Tank in 2019. At its peak, Baubles and Soles was worth $1 million but unfortunately they closed down in February 2023.
The Founders’ Backgrounds
Originally from Vietnam, Lisa T.D. Nguyen and her mother fled her homeland and lived in a refugee camp for three years. They settled in Australia, where Lisa studied law at the University of Sydney.
Duc is a native of Montreal, and he relocated to the US to get a film degree. This helped him launch his first business venture, a wedding video production company.
Around this time, Lisa was in the Philippines helping other refugees with legal cases. When she was hired as the Executive Director of a non-government organization called VOICE, Lisa moved to Washington, DC. There, she met the love of her life.
The Birth of Baubles and Soles
The idea for Baubles and Soles came after Lisa and Duc struggled to justify buying multiple pairs of shoes for their daughter, who quickly outgrew them. They wanted to create a more flexible option, allowing parents to buy one pair of shoes and change the look with removable accessories.
Their solution was a washable, slip-resistant shoe with interchangeable baubles that could be attached to the front of the shoe.
The company officially launched in 2017, and by the time the founders appeared on Shark Tank, they said the business had generated $150,000 in sales and was aiming for $300,000 by the end of 2019. The following year, they ran into inventory problems, so they sought professional help.
An Emotional Shark Tank Pitch
In 2019, Lisa and Duc appeared on season 11 of Shark Tank, asking for $100,000 in return for 15% equity. The couple were seeking a strategic partner to expand in the US. 80% of current sales were through wholesaling and international distribution.
The Sharks admired the company’s product, mission, and valuation because they were honest. However, they operate in a competitive market, and the Sharks weren’t confident it would be profitable in the long run.
Once she said if there was a way to de-risk the deal, things changed. Daymond John jumped back in and offered $100,000 for 25%. The offer wasn’t far off the initial valuation, so the couple accepted.
Why They Closed Down After Shark Tank
After Shark Tank, Baubles and Soles gained more exposure and kept growing for a period. The company was still operating in November 2022, with estimated annual revenue of $300,000 to $500,000.
Lisa Nguyen later said Daymond John had already started helping after the deal, and the brand went on to land retail placements in Macy’s and BuyBuyBaby in 2020. In 2021, the company was acquired by a private equity firm for an undisclosed sum.
Even so, the business did not last. Women.com reports that Baubles and Soles announced a closing sale in January 2023 and officially folded in February 2023. The company later posted a farewell message to customers on February 28, 2023, confirming the brand was coming to an end.
