Pashion Footwear is a footwear company based in Los Angeles offering stylish heels that can be converted into comfortable flats in a matter of seconds. The idea for convertible high heels came to Haley Pavone while she was studying at Polytechnic State University in California.
The shoes can be worn in a wide array of settings; from weddings to the office, featuring optional accessories like heel caps and block heel kits. In this distinctive Pashion design, the heel is supported by the unique SteloTM support system, and the polyurethane sole makes the shoe more comfortable.
|Company Full Name||Pashion Footwear|
|Based in||Los Angeles|
|Founded by/CEO||Haley Pavone|
|Pashion Footwear Official Website||pashionfootwear.com|
|Pashion Footwear net worth or Haley Pavone net worth||$3.5 million (Last Updated 2022)|
Pashion Footwear net worth
During the pitch, the company was estimated to be worth $5 million, and in 2021, it is estimated to be worth $3.5 million.
The founder and CEO
Pashion Footwear was founded and is run by Haley Pavone. When she was studying at Polytechnic State University in California, she came up with the concept of convertible heels.
Pavone had always been interested in starting her own business, but an incident, while she was in the middle of her sophomore year, gave her the boost she needed.
Haley Pavone continued to develop her prototype for several months before submitting it for the annual Innovation Quest contest, for which she won a hefty $15,000 cash prize.
As part of her first round of investment, she raised $420,000 from Crunchbase from her dorm room in 2016.
Over the next two years, Pavone received initial funding of $ 1.7 million from two major investors: venture capital firm Entrada Ventures and private angel investor Forrest Fleming.
Pashion Footwear after Shark Tank
During her pitch, founder Hayley Pavone failed to receive a deal. After airing its Shark Tank episode, Pashion Footwear managed to get an investment of $1.5 million.
Having received an exceptionally positive response, the collection now encompasses many other styles and colors, including blocks, pumps, and stilettos.
Despite the global pandemic hampering the expansion of the brand by delaying summer orders by three months, its popularity continued to grow. Their monthly earnings increased by over 300 percent at the end of the season.
Brand new convertible heels were introduced in August 2020: Mocha Knit Pumps and Coal Knit Pumps. The company’s website frequently features promotions and discounts in addition to user feedback.
Given the endless range of styles that may be launched in women’s shoes, the firm is certain to expand exponentially in the next years.
Due to its outstanding functionality, it is the type of notion that will never go out of style. In 2021, the firm expects to earn a total of $1 million in revenue.