Cincha Luggage Belt Update | Shark Tank Season 14
Ashley Sharma and James Baker have come up with a product that makes airport travel easier. Their belt strap secures personal bags onto bigger luggage, making for less items to carry. Will they earn a deal on
Shark Tank Cincha Update
- Entrepreneurs: James Baker and Ashley Sharma
- Business: Travel belts
- Ask: $200,000 for 15% equity
- Result: $200,000 for 25% equity, half of the cash as a credit line
- Sharks: Barbara Corcoran
James and Ashley brought their company and travel product, Cincha to
AS SEEN ON SHARK TANK - See for yourself why the Cincha Travel Belt became such a hit on the TV show, Shark Tank.
TRAVEL HANDS-FREE – Cincha luggage straps secure your personal bag to your carry-on or checked luggage handle, so you can maneuver through the airport hands-free.
As he usually does after pitches, Kevin O’Leary wanted to hear about sales numbers over the last several years. James responded that in 2019, the company had only generated about $5,000 in gross revenue.
That number rose up to about $32,000 in 2020 and more than $250,000 in 2021.
Cincha was projecting to do more than $1 million in sales in 2022 and had already generated more than $800,000 in revenue year-to-date. All sales are direct-to-consumer up to this point.
A single traditional travel belt costs $4.61 and sells at a price point of $40. James also shared the customer acquisition cost, which comes out to about $29 for an average order.
Guest shark Gwyneth Paltrow, Mark Cuban and Lori Greiner were not interested, but Barbara Corcoran was. She offered $200,000 for 33% equity, but half of the money would only be a credit line instead of cash.
Kevin O’Leary wanted $200,000 for 20% equity and wanted a royalty of $4 per unit until he gets his money back, and then he wanted to keep the royalty at $0.50 in perpetuity after that.
James and Ashley countered Barbara for 25%, and she accepted. What happened after
Our Cincha update research found that the company continues is still in business and is expected to easily beat 2022’s gross revenue numbers. With the exposure from the show, Jordan and Ashley were able to lower their customer acquisition costs and improve profitability.
With Barbara on the team, we are confident that our next Cincha update will be even better. Products are available on the Cincha website and on Amazon.
Do you want to learn about the other companies featured in Season 14 Episode 19? 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 14 Products Page!
Jeremy is a regular contributor at Shark Tank recap. He has a ton of passion for the show and enjoys researching information about what all the companies are up to now. His favorite Shark Tank companies are The Cookie Dough Cafe and Kronos Golf!