Shark Tank Basic Outfitters Update
- Entrepreneur: Lauren and Michael Dweck
- Business: High-quality and affordable men’s essentials
- Ask: $125,000 for 10% equity
- Result: No Deal
- Shark: None
According to the company’s official website, Basic Outfitters is the “most convenient way to shop for basics.” Its “Create-a-Drawer” feature sends at least 17 different clothing pieces to men with free shipping. Inside are high-quality underwear, loungewear, and socks. The company also sells these items individually for those who’d like to stock up.
To try and get the sharks to bite, Laura offered a nasty statistic about how men kept their underwear for an average of 7 years. Robert Herjavec’s look at that moment said it all. Michael also admitted that he used to be a part of the said statistic, with Laura telling the sharks a story from early on in their marriage.
As Laura and Michael explained the origins of Basic Outfitters, the sharks couldn’t help but feel impressed by the quality of the apparel relative to the price. Daymond John had reservations about the market for the product. The entrepreneurs countered by saying that they expected to make $500,000 by the end of the year.
As impressive as that sales number sounded, the sharks became discouraged when they found out that Laura and Michael only own 25% of the business after selling 75% of it. Because of this, Mark Cuban went out, followed by Robert Herjavec and Daymond, leaving only Kevin O’Leary and Lori Greiner.
Kevin offered $125,000 for 25% for the company if the percentage came from the other investors in the company. Lori Greiner also jumped in to make an offer. Laura and Michael then attempted to counter at 15%, which made Kevin back out as he realized that the two don’t own enough of the business anymore. Lori tried to counter back at 20% before ultimately pulling out for the same reason as Kevin.
The entrepreneurs walked away without a deal. A few years later, we decided it was time for a Basic Outfitters update.
Despite not getting a deal in
Unfortunately, despite getting a lot of traction in the months and years following their
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