This week on “Shark Tank,” fashion and cosmetics were very much the name of the game. After all, we had pitches this week involving purses, nail polish, and tank tops. In other words, things that do not appeal to at least three of the sharks when it comes to their personal interests.
Even with this in mind, there were still some success stories this week.
Duality Cosmetics – We actually really love this idea. What young woman wouldn’t want a nail product that contains everything you need to do your nails — whether it’s polish, pads, and a file — in a single package? We are in the age of convenience,
We don’t see Lori Greiner on every episode of this show, but she has a heck of an argument whenever she wants to make a deal — not only does she have the money to make an idea into something big, she also has the resources to put the product on QVC almost immediately and sell it to thousands upon thousands. Of course, Lori did have some competition courtesy of “Mr. Wonderful” himself Kevin O’Leary, who offered inventor Barbara the same amount of money ($50,000), but for 40% of the company rather than 51%. Through some negotiating (and some rather hilarious arguments), Lori eventually lowered her price to Kevin’s, and Barbara accepted. Lori’s right — this idea could sell millions.
Debbie Brooks Handbags – Wait, $540,000 for 20% of the company? We love it when the show is pulling some serious money here!
The actual product here is pretty simple — a lineup of purses that have interchangeable magnets that you can put on them to give a different look for every occasion. The pitch, however, was a little confusing since they were selling the brand rather than just the technology. There were also some issues with the patent here, and it caused enough trouble that all of the sharks said “no.”
Could these bags still be successful? Sure (and being on the show probably helped), but this is hardly the slam-dunk that Duality Cosmetics is.
TriMi Tank – Lindsay and Nicole want $57,000 for 30% of their company, but the problem with this tank-top innovation (which gave women an opportunity to customize their clothing with some straps of their choice) was that there was really no benefit for the sharks to jump on board. They had only $3,500 worth of sales, and initial interest in their product from many buyers was simply not there. In other words, this was the quickest pitch of the night.
Lollacup – Mark and Hanna Lim have come up with a rather unique baby product, but they do have a rather steep asking price in $100,000 for 15% of their company. Was it worth it? We think so.
The product was effectively a sippy cup with a weighted straw that was not only easy to use, but also easy to clean and can be used both in a car and at the dinner table. This is the sort of thing that every parent needs, and this could become an incredibly valuable business.
As for the sharks’ offers, what happened here was incredibly entertaining. Almost everyone other than Lori wanted in, and they were so interested in making a deal they were able to avoid a bad decision the couple made with a sales agent. In the end, the couple decided to split a deal for 40% of their company with both Mark and Robert; even with the higher share, though, the overall stake remained the same.
Out of all the products you saw on the show this week, which one would you want to buy the most?