Baubles + Soles: The Brand’s Journey Post-Shark Tank

On Season 11 of “Shark Tank,” couple Duc and Lisa Nguyen presented their case to the Sharks. They explained that the idea for Baubles + Soles came from wanting a variety of shoe looks for their daughter without having to buy so many pairs. Instead, customers could buy one pair and change out the baubles on the top to create many different look. The shoes were sustainably made in the United States and completely recyclable.

The couple made their case for an investment of $100,000 in exchange for 15% ownership of the company. Meanwhile, the panel of investors played with the shoes and asked some questions. But none seemed interested, and it looked like the Orange County-based family would walk away empty handed. Lisa later revealed on the “Cost of Goods Sold” podcast that she thought they were leaving the show without a deal, but Daymond John stepped up and offered $100,000 for 25% of the company — a 10% increase over the Nguyens’ proposed 15%. Apparently, Lisa’s story of living in a refugee camp for three years, resettling in Sydney, Australia, and eventually becoming a lawyer showed serious grit and determination that impressed the investor. “I gotta be in business with you. You’re amazing,” John said on the show. But was it as good of an investment for John as the sock brand Bombas, which found success on “Shark Tank”?

Like Behave Bras, which found success after appearing on “Shark Tank,” Baubles + Soles flourished after co-founders Duc and Lisa Nguyen’s television appearance. By the following year, the brand expanded beyond its own website, finding a place on brick-and-mortar shelves, including at Macy’s, and Baubles + Soles reached an estimated $500,000 in annual sales. The children’s footwear label even partnered with Disney. The entertainment giant approached “Shark Tank” investor Daymond John to help promote Pixar’s 2021 hit, “Luca.” His wife and daughter modeled Baubles + Soles footwear for a social media video that John posted to his Facebook page, and the Nguyen family were invited to the film’s premiere.

But it wasn’t long after the June 2021 premiere that the company was bought by a private equity firm for an undisclosed sum. There are no public details regarding the purchase other than a comment made on the website of the Nguyens’ next venture, Custom Nest, which states that Baubles + Soles was purchased in 2021. By 2023, however, the brand sadly wasn’t delivering, and it shuttered. Fans of the footwear brand were alerted to the sad fate via a closing-down sale announcement on the company’s social media profiles that January.

There were reasons why the other investors on “Shark Tank” were hesitant to sink their money into Baubles + Soles. Mark Cuban, for one, thought the shoes weren’t unique enough for the saturated footwear market. Lori Greiner and Kevin O’Leary bowed out because neither wanted to get involved in the shoe industry. 

There was also the issue of manufacturing costs, which were high because of the sustainable facets and being made in the United States. Reddit users have also commented on the high price point. (When the show aired, a pair of shoes was $49.95, while the baubles sold for $12.95 to $16.95 each.) “I can buy 5 or more pairs of shoes for that price. I don’t really see the value of this,” one Reddit user wrote. In general, it seems that parents want to buy less expensive shoe sfor their children, as they tend to grow out of them so quickly. The company also ran up against the COVID-19 pandemic and an economic market that saw discretionary spending decrease. Altogether, a perfect storm seemed to lead to the decline of Baubles + Soles’ sales.

The same year that Baubles + Soles was pitched on “Shark Tank” — 2019 — Duc and Lisa Nguyen had a new idea brewing. After they purchased a family holiday home in Lake Arrowhead, California, the Nguyens caught the fixer-upper bug, and Custom Nest was born. It’s an Orange County-based interior design and renovation firm that, per the company’s website, specializes in “vintage-character homes and high-end residential and commercial projects.” In 2024, the company landed on the Inc. 5000 list, which recognizes U.S.-based companies that are growing incredibly quickly. 

Things appear to be going well for the Nguyens. Duc and Lisa often post photos of their family on fun holidays around the globe. While Baubles + Soles didn’t have the longevity to last in the crowded footwear market, and possibly without the Nguyens’ passion behind it, the “Shark Tank” investment did initially give this fledgling brand the boost it needed to grow. Want more success stories? Check out the 10 best fashion and beauty “Shark Tank” products that you can still buy today.