Foot Cardigan Shark Tank Update – Shark Tank Season 7
Bryan DeLuca and Matt McClard pitched Foot Cardigan, a quirky sock subscription service, on Shark Tank Season 7. They landed a deal with two of the Sharks, which later didn’t close.
Bryan DeLuca and Matt McClard brought color and comedy to the Tank when they literally dropped their pants to show off their quirky socks to the Sharks in Shark Tank Season 7 Episode 3.
About Foot Cardigan
| Category | Details |
|---|---|
| Business Name | Foot Cardigan |
| Founders | Bryan DeLuca, Matt McClard, Tom Browning, Kelly Largent |
| Industry | Fashion/Apparel |
| Product | Subscription-based sock service |
| Funding (Pre-Shark Tank) | Self-funded with $6000 initial investment |
| Investment Asked | $250,000 for 10% equity |
| Deal Status | Deal secured with Mark Cuban and Troy Carter |
| Deal Outcome | $250,000 for 20% equity |
| Valuation | $2.5 million (at the time of Shark Tank pitch) |
DeLuca and McClard, along with fellow Dallas dads Tom Browning and Kelly Largent, started the subscription-based sock company in 2012 with $6000.
The basic premise is that Foot Cardigan sells socks on a subscription model; for $9 a month, a new pair of socks arrives in the mail each month. A kid’s subscription includes two pairs.
People can also buy single pairs of socks without subscribing. The socks, which feature wild designs and a bit of whimsy, are made in small batches (presumably to approximate the number of subscribers), and customers receive whatever Foot Cardigan decides to ship.
The company gained national attention in 2012 when it designed red and blue Obama/Romney socks during the presidential election. Since opening the business, the company has grown.
At the time of their Shark Tank appearance in 2015, Foot Cardigan employed six people and had over 4,000 subscribers.
2015 sales were expected to top $1.5 million. They moved to a 6000 square foot warehouse in the Dallas Design District.
Will Foot Cardigan sock it to the Sharks?
Foot Cardigan Shark Tank Pitch
Bryan and Matt entered the Shark Tank seeking $250,000 for 10% equity in Foot Cardigan. They made a memorable entrance by ripping off their pants to reveal their colorful socks.
As they told their story, the camera panned across sock designs hanging on clothes lines. Each Shark found a personalized mailbox filled with a new pair of socks — a memorable touch that instantly got everyone smiling. Bryan and Matt emptied the mailboxes and handed a pair of socks to every Shark.
As the Sharks ooh and ah over the socks, Bryan revealed they have $1.36 million in sales with over 6K subscribers. They had three, six, and nine-month subscription options. There is an ebb and flow to their subscriber base, with sales peaking around holidays.
The guys knew their numbers: customer acquisition costs are $11. The cost per pair of socks is $1.35, and they sell for $9 plus shipping.
Sales in 2014 were $900K, and they are on track to do $1.5 million in sales in 2015. The reason they chose a sock subscription model is that men are big sock wearers. Also, they wanted to capitalize on the growing demand for novelty socks and recurring gift purchases.
After listening to their answers, Mark Cuban sniffed out their tech background. Bryan had a background in conversion optimisation and SEO, while Matt’s is in web design. Mark wanted to know why they weren’t crushing it, and Bryan told them they had just come full-time less than a year ago.
Daymond John said they could easily make them in the USA and asked if they’re open to that. Bryan said they have a lot of competitors, but they manufacture and make their own, so they have better margins.
Daymond wanted to know if he could pick his socks, and Bryan explained they pick them out – that’s part of their profitability because they don’t need to stock a lot of inventory, they just wanted to get in front of more people.
Did Foot Cardigan Get a Deal on Shark Tank?
Lori Greiner thought they were cute, but they were doing the same thing as other sock companies, just in a different way. She was out.
Daymond offered $250K for 22.5% equity if he could get Bombas, the sock company he invested in back in season 6, on board.
Kevin offered $250K for 15% equity, but he wants quarterly distributions. Troy said if it’s a tech company, distributions don’t make sense, so he offered $250K for 15% equity with no distributions. Troy wanted the business to have a narrative as part of their branding, and he thought it could help them.
Mark stayed silent until after the break; he wanted to know how big they could get.
Mark offered $250K for 20% equity and said he could have them all set up in Dallas with offices, warehouses, and a computer software team. He asked Troy to split the $250K for 20% equity, and Troy agreed. Bryan said, “dudes, let’s do this!”
Foot Cardigan Shark Tank Update
The Shark Tank Blog spoke with Bryan DeLuca five days after the original air date. The company more than doubled its subscriber base and revenue in the 96 hours following the broadcast. Though they secured a deal with Mark Cuban and Troy Carter for $250,000 for 20% equity, it did not close after the show.
Two years later, in 2017, they sold a majority stake of the business for an undisclosed amount to Detail Provisions Co., a Dallas-based holding company formed to acquire and build accessories brands.
DeLuca stayed on as CEO until April 2018. He is now VP of Marketing and Consumer Engagement at BIOWORLD Merchandising. Bryan DeLuca is no longer involved in the daily operations of Foot Cardigan but remains connected to the Dallas startup scene.
As of May 2022, the brand was going strong with an annual revenue of $4 million.
As of 2024, Foot Cardigan continues to operate under Detail Provisions Co., with its quirky sock subscriptions available online and through select retail channels. The company maintains a loyal customer base with a focus on sustainability and creativity.
The estimated net worth of Foot Cardigan is around $4-5 million as of 2024.
Posts About Foot Cardigan on Shark Tank Blog
Check out other posts on Foot Cardigan for more details.
Where Can You Buy It?
You can subscribe to Foot Cardigan through its official website. Check out the company’s social media pages for more recent updates: Facebook and Twitter.
Quick Summary
- Bryan DeLuca and Matt McClard pitched Foot Cardigan, a subscription-based sock company, on Shark Tank.
- They sought an investment of $250,000 for 10% equity to expand their operations.
- They secured a deal with Mark Cuban and Troy Carter for $250,000 for 20% equity.
Check out other Shark Tank Season 7 Episodes.
Curious to know about other businesses that appeared on the same episode? Check out their business updates!
