Excess trash is a big problem in today’s world. A big chunk of this comes from worn-out clothes and shoes that people throw away. Such waste takes up space and has little to no repurposing value. Gary Gagnon came up on Shark Tank to change the narrative.
Founded in 2011, Remyxx (now renamed to ReKixx) specializes in creating recyclable footwear. As a supporter of green living, Gary wanted to make a change. Every unit of the product was comprised of elements that proved to be recyclable. These materials helped to mimic a form of rubber and canvas present in regular sneakers.
The recyclable sneakers came in a variety of shades and colors with a recycle logo on them. Once used and worn out, all the user had to do was place them in the recycle bin. Gary also gave an option to ship them back to him when the need arises.
Having an innovative idea, Gary made his way to Shark Tank. His offer to the sharks was for $50,000 for 10% equity. The business at the time was less than a month old, making the Sharks hesitant to invest.
The fact that Gary had no sales in his pocket worried Kevin O’Leary. For Robert Herjavec, the process of recycling footwear did not seem like a good one. He raised a lot of questions relating to the process, but the answers did not convince him, and the absence of a patent was the final nail. Remyxx did not seem to stand a chance in the world of fashion. With both Robert and Kevin out, Barbara and Mark followed. For them, the offer did not seem like a great one.
With Daymond and his interest in the idea, a counter offer struck the table. Gary had no chance but to accept the offer, leading to the final deal of an investment of $50,000 with an 80% equity share. Even though it was a big bargain, it was an unavoidable one.
Soon after finalizing the offer, both realized it could not go through. Instead of having heavy ownership of the business, Daymond decided to assist Gary. This aimed to help him establish his business himself through other funding and eventually helped him gain a significant one for his business.
However, unfortunately, the business had to shut down soon after. Remyxx/ReKixx no longer stands in retail and is not manufacturing any products.
Our Review of Remyxx
The fashion industry produces a large amount of trash every year. Therefore, options to put that waste to good use are necessary. Remyxx/ReKixx was on the way to do that.
With various sizes and colors available, such shoes can gain importance in the industry, especially for people who want to reduce the amount of waste in today’s world. Moreover, the product could have made its mark with rising awareness of the importance of recycling among every age group out there, which it did for a short time.
Pros of Remyxx/ReKixx
- The product was an innovative addition to the fashion market.
- A variety of colors and sizes made it suitable for a vast population.
- Remyxx/ReKixx added to the awareness of creating an eco-friendly environment.
Cons of Remyxx/ReKixx
- The company only focused on one type of shoes: sneakers. Such a reason leads to constricted sales.
- The recycling process would turn out to be costly for shoes.
Who is Remyxx for?
The ideology of the brand focuses on making recyclable shoes available for everyone. Yet, the major target was people who prefer and practice green living.
The recycle logo over the shoes helped in doing so. It allowed marketing a sustainable vision of the brand. This helped to attract people who wanted fashion alternatives to reduce fashion waste.
The range of colors and sizes made Remyxx/ReKixx sneakers available to all age groups. Especially youngsters who wanted a new and colorful twist to their daily attire.
Are There Any Alternatives?
Many companies offer sustainable footwear. This was also one of the reasons that led to the sharks dropping out of the investment offer, especially because Gary did not have a patent for his brand.
Because of that, his ability to cater to the large competition in the outside world was doubtful. That is exactly what happened. One of the leading competitors for Remyxx/ReKixx right now is Cariuma.
Cariuma focuses on creating sustainable footwear that includes completely natural materials. Hence, even if worn-out shoes are sent to landfills, they decompose much more easily with a much-reduced carbon footprint, completely cutting down the cost of recycling that Remyxx/ReKixx required. So, the competing product deems much more fit when it comes to feasibility.
Our Final Thoughts
Remyxx/ReKixx was an excellent addition to the fashion industry. The brand’s owner was able to bag a big offer from Daymond John on national television, which later helped him with more funds that he obtained after his shark deal went south. Gary was able to pick his business back up and create a good opportunity for it to grow with some assistance from one of the sharks.
Despite his efforts, Gary could not continue his business for long. Yet, his innovativeness and creativity remain commendable, especially for a world that needs people to focus on what matters. With the increasing waste production, it is crucial to take certain steps to create a more sustainable environment for all in areas that associate themselves with every age and gender.
While the fashion industry remains important for all, it also needs reforms. These will help to make sure that people like Gary continue to do what they do to support a healthier way of living. All while improving the current condition of the world. Primarily through promoting green living for all ages and genders across the globe.
