The work out gear are crucial in getting the best results. Athletic shoes is one of these essentials. Its comfortability level and weight can determine how well you will perform. This idea was the inspiration behind the birth of the Forus Athletics Shoes.
Two entrepreneurs, Joel Vinocur and Arsene Millogo, developed running shoe to revolutionize the fitness and athletic market. Forus Athletics Shoes introduced running shoes that are comfortable, flexible and lightweight. Their goal was to resolve the muscles and joints pain through offering stress absorption and stabilization.
Joel and Arsene came to Shark Tank in 2015 to pitch their company. They were asking for $200,000 investment for a 15% equity in the company. Did the Sharks accept to offer them a deal? Here is the information on what happened to Forus Athletic Shoes after Shark Tank and an update of its status in 2022.
- 1 Forus Athletics Shoes Overview in Shark Tank
- 2 What are Forus Athletics Shoes?
- 3 How Does Forus Athletics Shoes Work?
- 4 Who Founded Forus Athletics Shoes?
- 5 Forus Athletics Shoes Business before Shark Tank
- 6 Forus Athletics Shoes During Shark Tank Pitch
- 7 Forus Athletics Shoes Closing Deal in Shark Tank
- 8 Forus Athletics Shoes After Shark Tank
- 9 Current Update: Is Forus Athletics Shoes Still In Business?
- 10 FAQs about Forus Athletics Shoes
Forus Athletics Shoes Overview in Shark Tank
|Company Name||Forus Athletics Shoes|
|Episode||Season 6 Episode 24|
|Product Offering||Lightweight running shoes with shock-absorption capability|
|Founder||Joel Vinocur and Arsene Millogo|
|Required Investment||$200,000 For a 15% stake in Forus Athletics Shoes|
|Closing Deal||No deal|
|Current Business Status||Out of business|
What are Forus Athletics Shoes?
Forus Athletic Shoes was a company offering shock-absorbing lightweight running shoes. These shoes were designed to offer exceptional comfort and flexibility during workout and athletic-related activities. The goal was to eliminate joint and muscle joint pains. Their weight was less than 10 ounces which made them feel like you are wearing shocks.
How Does Forus Athletics Shoes Work?
The Forus Athletics Shoes featured a PolstarMax 6 insole that has the ability to absorb shocks and resolve joint and muscle stiffness. The insole is removable and securely fit the entire athlete feet. This aspect offers comfort, flexibity, security, and guarantee exceptional performance. Hence, it was a good replacement for the heavy and bulk athletic shoes in the market.
Who Founded Forus Athletics Shoes?
Joel Vinocur and Arsene Millogo were the brains behind Forus Athletics Shoes. Arsene Millogo is an attorney hailing from West Africa. He moved to the USA after a war in his country the led to the death of his father. While in the US he got a scholarship to join the law school. Joel has a bachelor’s in business administration from Robert Morris College. He also studied entrepreneurship degree at Harvard Business School.
The idea of Forus came from Arsene’s experience while in the athletic track. Every time they git to the running track, the shoes offered to them were of poor quality and couldn’t last longer. He thought of changing the norm by creating a new type of athletic school.
While still in the law school, he has an opportunity to go to China. The trip helped him to meet people who helped him develop the idea. In 2010, he joined hands with Joel and launched Forus Athletic Schools. Currently, Arsene works as a Senior Manager of Channel Sales at Proof Point, a job the secured after the Forus Shoes downfall. Joel is now a sales manager at Oracle.
Forus Athletics Shoes Business before Shark Tank
Joel and Arsene are entrepreneurs with the objective of transforming the athletic activities and workout experience. They had noticed that current running shoes I the market were heavy and not durable.
Also, joint pains and muscle stiffness was a common issue among the athlete. Arsene has had a firsthand experience of these challenges. Together with Joel, they joined hand to found Forus Athletics Shoes Company that introduced new running shoes that were lightweight, flexible, and comfortable. The shoes hard the shock-absorbing capability.
Forus shoes was a transformation that people who love walking, jogging, and working out would want to own. The unique aspect of thee shoes was their ability to curb the amount of air they would allow in by a small exposure to light. The shoes became popular on social media.
Joel and Arsene set on to produce the shoes. However, they required more capital to get it to mass production. This inspired them to reach out Shark Tank and received an invitation to pitch Forus Athletic Shoes on episode 629 of the Shark Tank show in 2015.
Forus Athletics Shoes During Shark Tank Pitch
Arsene and Joel came to Shark Tank episode 24 Season 6 seeking an investment of $200,000 for a 15% stake in Forus Athletics Shoes. The pitched their idea and the sharks were keen to listen to them.
Arsene opened the pitch with the experience that inspired him to develop Forus shoes. He shared his journey of coming to America after a war in his country. He explained how he schooled a scholarship to join a law school. He also talked about the experience in the running track while in the college. He stated that the challenge of heavy running shoes and sustained joint and muscle stiffness put his mind on a race and gave birth to Forus Athletic Shoes.
The partners offered samples of the shoes to the Sharks. They requested them to try it out and walk around. Robert nots that the shoes felt spring that other running shoes. Arsene responded with an explanation why this is the case.
He noted that shoe had a gel padding on the bottom of the sole. Middle part is made of memory foam while it features a series of engraved inserts at the bottom enabling it to handle pressure. The memory foam adjusts to the user’s foot making it fit better.
The duo then shared their business financial aspects after Daymond raised a query on the economics of their company. They started that the cost of manufacturing each pair of shoes is $11. They would sell the same at a wholesale price of $35 through online channels. The vendors can then offer it at a price between $75 and $80 depending on their country.
Kevin states that the shoes were awesome. However, he wondered how the company would make a breakthrough in a market with billion dollar players offering different running shoes. To respond to his query, they stated that their sales in the last six month was $500, 000 capturing the sharks’ attention. They also noted that they expect to hit $2.5 million in revenue in 2016. Arsene continued to share that current sales are low due to a miscalculation of the launching time. They launched Forus at the end of summer instead of spring which was a big mistake.
Lori felt that there are many players in the market. She could not understand how Forus could make a breakthrough. So, she becomes the first shark to leave. Kevin follows the trend. He could not understand how a distributor or vender could pull off shoe brands such as Nike and Adidas and replace them with Forus. He was not ready to be part of the competitive journey ahead. So, he is out too.
Daymond cites that the gentlemen are focusing on excessive differentiation of their product. They will have many new lines and collections. Such an undertaking required huge investment. While he had some desire to invest in Forus, Daymond change his mind upon this realization. He also quits the deal.
Robert has an interest in making an offer. But he has a limited knowledge in inventory control and systems needed to fast-track Forus Athletic product sales. He ask Daymond for a partnership in the deal. Daymond is not ready to change his mind despite persistent persuasions. For this reason, Robert has no alternative than to quit the deal too.
Forus Athletics Shoes Closing Deal in Shark Tank
All Sharks did not accept to make an offer to the duo. So, Forus Athletics left with a deal in Shark Tank.
Forus Athletics Shoes After Shark Tank
Missing a deal at Shark Tank marked the beginning of the company’s downfall. It encountered a series of custom challenges leading to increased customer issues and unfulfilled shipments. Their mistake was continuing to accept orders while they did not have the capacity to fulfill them. They even deducted money from clients’ credit cards without any delivery promises.
Their action prompt clients to report it to Better Business Bureau. The result was a high rate of poor customer rating and reviews. BBB listed Forus on the fraud alert page. Despite attempts from BBB to request the company to refund customers money, it went under without any refunds.
Current Update: Is Forus Athletics Shoes Still In Business?
Forus Athletics Shoes is no longer in business. The company went out of business on October 2015. Its proprietors went on different ways. Vinocur joined Oracle as a sales manager while Arsene went to works as a Senior Manager of Channel Sales at Proof Point.
FAQs about Forus Athletics Shoes
How much does the product cost?
Forus Shoes wholesale price was $35 while the retail vendors offered it at a price between $75 and $80.
How do Forus Athletics Shoes help you?
Forus Shoes offered shock-absorption capabilities that alleviated muscle stiffness and joint paints during workouts and athletic activities.
Did Forus Athletics Shoes get a deal on Shark Tank?
No. Forus Athletic Shoes left without a deal on Shark Tank.
What is the net worth of Forus Athletics Shoes?
The net worth of Forus Athletics Shoes during Shark Tank was $1.3 million. The business is no longer in business meaning that its worth is currently unknown (September 2022).
Who owns Forus Athletics Shoes
Joel Vinocur and Arsene Millogo were the owners of Forus Athletics Shoes.