What Happened To Remyxx/ReKixx After Shark Tank? (2022 Updated)

 

Remyxx is the most innovative sneaker business of its generation because it combines style, elegance, creativity, and quality. Using ReKixx recycle shoes as a vehicle, we can reduce landfill waste, emphasize on recycling, and promote sustainability.

To our knowledge, Remyxx is the first sneakers made entirely from recyclable materials with a precise craft and technique. With sleek, trend-appropriate designs and an exceptionally distinct market share, Remyxx has the potential to become a booming

To succeed in such a crowded market, the shoes had to have a winning combination of comfort, durability, and style.

On the shark tank, Gary Gagnon got a chance to present his 3-weeks old business, Remyxx, to seek investment from all sharks. The reason behind recycling these innovative sneakers was seeing old shoes being thrown away.

From there, he was inspired to help empty a landfill by creating sneakers that could be recycled and reused over and over again.

Company Overview in Shark Tank

Company Name Remyxx (Rekixx)
Episode          Season 3 Episode 15
Product Offering       Recycled Sneakers
Founded 2012
Founder Gary Gagnon
Required Investment $50,000 for 10% Stake
Closing Deal $50,000 for 80% Stake
Offered Sharks          Daymond John
Current Business Status Out of Business

 What is Remyxx/ReKixx?

ReKixx offers recyclable sneakers with a line of comfort, elegance, and innovation. The footwear is all recycled from landfill waste products to create sneakers like canva appearances.

However, due to their nature, the sneakers start to disintegrate on their own, which makes them more comfortable.

There are no other shoes like Remyxx when it comes to style, quality, and convenience. A wide selection of colors and patterns are available, satisfying to a wide variety of lifestyles, sexes, and ages.

Gary Gagnon started a firm, Remyxx, also known as ReKixx, in 2012. The business went through a Kickstarter campaign and later made it to a Shark Tank event, the famous American business show.

How Does Remyxx/ReKixx Work?

The business works by creating sneakers alike of canvas from recycled components from landfills. It is the first company to sell this type of innovative product in the world since 2012.

Moreover, the product is produced with the concept of landfill-free footwear. The concept demonstrates how the business helps raise environmental awareness for using recycled products. On top of that, it shows how waste can be transformed into stylish and most updated sneakers.

The business manufactures footwear and sneakers with recycled materials gathered from different landfill sites. Because the Remyxx shoe is made entirely from recycled materials, it offers a unique selling point.

Anything in the sneaker can be recycled without causing negative impacts on the environment.

Who Founded Remyxx/ReKixx? Founder Backgrounds

Gary Gagnon is the founder of Remyxx, a sneaker brand that is entirely constructed of recycled plastics. In shark tank season 3, episode 5 saw a presentation from an environmentally aware salesperson who presented his company.

Gary spent 10 years at Rowan University, Glassboro, New Jersey. The university was where he took part in Bachelor of Arts in Life & Health Sciences between 1987 to 1992. Then, he pursued his M.A. in HRM & Personnel Services for the next 2 years. He graduated with his MBA majoring in Organizational Leadership, Management and Operations from 1995 to 1997.

He had had several training and working experiences before he got offered as a project manager from 2001 to 2006 at Stephen Gould, a packaging and containers manufacturing company.

After that, he spent another 9 years at Lifetime Brands manufacturing company, where he worked as a Field Marketing Officer and then V.P. of Marketing Manager. He went on to be a consultant and director of two companies between 2010 and 2012.

Subsequently, Gary decided to create a product with his innovative ideas. Then, Remyxx’s business was born.

The founder, who was previously a sportsperson, understands the critical nature of wearing the right sneakers for walking, running, jogging, or other workout exercises.

Other than that, he saw wasted materials are not yet recycled at landfills. Therefore, he was determined to free up the landfills by using all those waste products to create innovative, fashionable, and cozy sneakers.

Remyxx/ReKixx Business Before Shark Tank

Remyxx is generating a lot of attention since it is changing the way people think about shoes and environmentally friendly lifestyle practices through the unique development of new innovation, environmental responsibility, and sustainability.

The company was only 3 weeks old before it was presented on the shark tank show. Prior to the event, the business had not had any sales yet.

Furthermore, in order to avoid confusion with another D.J. named Remix, Gary Gagnon renamed his company ReKixx.

Unfortunately, the name ReKixx was not yet rebranded before entering the shark tank show because Gary had not had ideas to choose the most suitable name for his business besides Remyxx.

Remyxx/ReKixx During Shark Tank Pitch

After launching his business in three weeks, Gary was invited to the shark tank. He began by requesting sharks to finance his business for $50,000 and in return for 10% ownership.

On the stage, Gary made an amazing presentation. He tried to persuade everyone to shift ideas for using eco-friendly products, such as his recycled sneakers and other environmentally-friendly lifestyles.

One of the sharks, Kevin, came up with concerns over this landfill-free sneakers business by asking about sales. Gary informed him that the business had not made any income nor sales yet because it was just 3 weeks old. 

In this case, Garry told the Sharks that he planned on making and distributing the sneakers for wholesale. He is confident in his own concept because of the distinctiveness of his exceptionally unique products.

In addition, Robert wants to know more about how shoes are recycled. ReMyxx allows customers, who want to change their old sneakers to the new one, to bring them for recycling as an incentive. By doing so, it helps promote environmental practice in the community.

Daymond wants to know what pushes Gary’s drive to do what he is doing. Gary stated that his goal is to establish a recycling business footprint via style.

On the other hand, Kevin wanted to discover the patent and proprietary processes within the company. Then, the founder said that the business did not have a patent yet. The shark mentioned that exclusive expertise, processes, and resources are essential instruments for establishing a new product’s position in the market.

However, it seemed that the business carrying no patent would have less advantage in competing in the market.

Robert, a shark with full experience in investment, is of the opinion that Gary’s investment’s request is not enough to run the business. He added that with only a $50,000 budget, you could go bankrupt easily after running. Then, he rejected the investment.

Next comes Kevin. He also rejected to offer the business. The two other sharks, Mark and Barbara, did not hesitate to ignore the investment.

Lastly, it was only Daymond John who negotiated the deal.

Remyxx/ReKixx Closing Deal in Shark Tank

The concept of creating sneakers from recycling waste was appreciated by Daymond John, one of the sharks in the shark tank tv show. He mentioned that it would have been an insane deal if he had to finance the business.

Daymond proposed an 80% equity of Remyxx for the required $50,000 investment. The negotiation progressed with Gary asking the shark to double his initial request and giving 50% stake in his company in return.

Daymond indicated his interest by stating that he would finance the business by licensing products.

Then, Gary tried to propose the same deal. However, Daymond stood by his initial negotiation and refused to bargain.

Without hesitation, Gary Gagnon, the founder of Remyxx, immediately agreed to close the deal of $50,000 investment and 80% stake of his company to Daymond John.

Remyxx/ReKixx After Shark Tank

The deal between the two guys did not work out after the episode of Shark Tank broadcast.

Immediately after his appearance on the show, the businessman began a Kickstarter campaign to raise funding to make tennis shoes. He needed less than $40,000 to run the operation.

After launching the products with the resource from the campaign, Gary went on to change his company to Remyxx. The business continued to sell over 1000 pairs of recycled sneakers.

In addition, the business attracted so much recognition that it was expected to become the world’s biggest and potential recycled sneakers company.

Current Update: Is Remyxx/ReKixx Still In Business?

Despite the fact that Gagnon received a great bargain from Daymond, the agreement did not work out. Moreover, Daymond preferred to provide Gary with consultation and assistance throughout the business processes rather than running on his own.

Because the company had raised funding on Kickstarter and started with the production, it could generate more than $40,000 in sales revenue.

The business continued to grow steadily. Since its establishment, the company has been appreciated and satisfied by the media and customers with few returns and complaints.

After many years of sweat, tears, commitment, and hard work, Gary Gagnon eventually announced that his business is no longer operating on 10 April, 2017 on the ReKixx Facebook page. However, its Facebook page and website are well-recognized and active to date.