Joe Chay wanted to provide his customers with the ultimate luxury suiting experience. His custom clothing brand produces high quality suits, made by master tailors with years of experience. Now he wants to expand to a different business model, but will the sharks be convinced to offer him a deal on
Shark Tank Bello Verde Update
- Entrepreneurs: Joe Chay
- Business: Custom made, luxury men’s suits
- Ask: $360,000 for 6% equity
- Result: No deal
- Sharks: None
Joe brought a couple of familiar faces into the tank. UFC superstar Urijah Faber and Superman actor, Dean Cain modeled their Bello Verde, custom suits. When the sharks asked Dean why he buys Joe’s suits, he described how he hates to shop, but the Bello Verde service made his unique build look good while making the process easy.
When the sharks moved onto talking numbers, Joe told the sharks that his company is expected to reach about $2 million in revenue before the end of that calendar year. His company would net a profit of about $500,000. The sharks were growing frustrated as Joe continued to pitch his company, but seemed to not get the information out quickly enough.
Kevin O’Leary wasn’t satisfied with Joe’s vision and his incredibly high valuation, so he was the first shark to drop out. Lori Greiner was next to go out because she didn’t want to be in the men’s suit business. Robert Herjavec was confused by the business plan, and he went out next. Mark Cuban didn’t see himself investing, so he went out too.
With four sharks out, Daymond John was the last shark left. He decided to offer $360,000 in exchange for 33% equity to which Joe countered him at 7% equity. Daymond countered him back with 25%, and after some back and forth, Joe rejected the offer. He ultimately departed
Our Bello Verde update is actually pretty good considering that the company missed out on an opportunity to partner with a shark. The company is still in operation and it is estimated that Bello Verde generates around $2 million in annual yearly revenue. You can find out more about the brand and shop their products on the Bello Verde website.
Would you like to find out more about the other companies featured on Season 6 Episode 15? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!