There is no doubt that Pashion Footwear offers a product that cannot be found anywhere else on the market. In addition to detachable heels, the midsoles provide arch support that makes each pair of shoes fully convertible. The Sharks were immediately impressed by Haley Pavone's invention, despite her hefty ask: an investment of $500,000 in exchange for a 5% stake.
Before negotiating started, investor Mark Cuban warned Pavone that the equity offer would need to be higher in order to snag a deal. This forewarning proved correct: Kevin "Mr. Wonderful" O'Leary was interested in making a deal but wanted a royalty on each pair of shoes sold. The Pashion Footwear founder was not a fan of this idea, as she wanted every dollar to go into the company's growth.
When it came time to cut a deal, Barbara Corcoran was the first Shark out due to the company's financial issues. Cuban, Lori Greiner and guest investor Kendra Scott were also out. Scott notes that the shoe itself didn't feel particularly comfortable to her, so she couldn't invest in the company. Finally, O'Leary's offer – $500,000 in exchange for a 5% stake and $5 royalty – is the only one left. Pavone was not willing to agree to the high royalties, and Mr. Wonderful wouldn't budge. Thus, Pashion Footwear ended up leaving the Tank with no deal.
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