ReMyxx later renamed ReKixx sneakers is no longer in business according to a post on Facebook by Gary Gagnon. His post is dated April 9, 2017, and explains that he's sold 2800 pairs of sneakers over four years which is not enough to sustain the business.
The ReMyxx sneaker has a unique feature being 100% recyclable. Everything in the shoe can go into the recycling bin with no impact on the environment. Gary is all about green living which is the appeal of his business given that he enters Shark Tank with no sales and only being in business for three weeks.
Entrepreneur: Gary Gagnon
Ask: $50,000 for 10% equity
Gary Gagnon ran into a trademark issue with a DJ who has Remix as a trademark, so he changed his business name to ReKixx. ReKixx better describes his sneakers, too bad he wasn't able to use the name when he entered Shark Tank.
ReMyxx scored a deal with Daymond John during the Shark Tank episode, but the deal didn't stick when they got to due diligence. Even though Daymond pulled back on the financial end, he still mentored Gary Gagnon after the show.
Daymond's offer is for $50,000 for 80% of the company, but Gary used Kickstarter after to raise $40,000 and gave up no equity in the business.
Sharks on ReMyxx Episode:
Ultimately, the idea of going green with sneakers isn't enough to influence a large enough audience to buy sneakers that have no environmental impact. Gary leaves the door open if a large enough market or distributor would pick he sneaker line up but that's not likely to happen.
Having no sales before Shark Tank and getting a deal is an impressive score, but did not create enough sales to support a significant impact on the company.
Shark Tank Deal for ReMyxx.
Read More on Shark Tank Companies
Do you want to know the latest on what is happening in the world of the Sharks, the people, and the companies that appear on Shark Tank? Sign up and when there's breaking news you will know first!