Jennifer Paschall and Gita Vasseghi brought in their company, No Mo-Stache, a product to aid hairy situations for women, into the
Shark Tank No Mo-Stache Update
- Entrepreneur: Jennifer Paschall and Gita Vasseghi
- Business: On-the-go discreet waxing strips for women
- Ask: $100,000 for 25% equity
- Result: $100,000 for 25% and a $1 royalty until $200,000 was reached
- Shark: Lori Greiner and Bethenny Frankel
As the only on-the-go waxing kit on the market, No Mo-Stache has done $400,000 in sales in over two years. Jennifer and Gita’s product has been picked up by beauty giant, Sephora. The issue is they went from being in 200 stores, down to 60 stores.
The No Mo-Stache wax strips for lips give you salon style lip waxing the easy way. These are easy to use wax strips for hair removal. Take one of these two in one lip wax strips, warm up in your hands for 20 seconds and peel away to get a smooth skin.
After much discussion by the sharks on how this product is no different than the Sally Hansen wax strips that have been around for ages, guest shark, Bethenny Frankel, tried the strips on Mark Cuban’s arm.
Bethenny was more than impressed by the quality of the wax. There was also no residue left behind like when using the competitor’s products. This prompted Kevin O’Leary to make an offer of $100,000 for 10% with a $1 royalty fee on each product sold until $100,000 is recouped.
Bethenny offered $100,000 for 40%, with the idea of making a kit to help women with more than just hair removal products. Lori Greiner came in on the offer with Bethenny. Mark Cuban dropped out.
The entrepreneurs countered with $100,000 for 35% equity. Kevin dropped his royalty down to $0.75 per item, and then again to $0.50. Lori and Bethenny then changed their offer to $100,000 for 35% with a $1 royalty per unit until they receive $100,000.
Jennifer and Gita countered Bethenny and Lori with $100,000 for 25% and a $1 royalty until $200,000 was reached. The girls made a deal!
Where are these wax strips today at the time of this No Mo-Stache update? Currently, they have wax strips and hair removal kits for other parts of the body available on their website.
You can also purchase their products in 10,000 retail stores and online at Target, Amazon, and Ulta Beauty. The net worth of the company is around $4 million currently. It’s safe to say that this No Mo-Stache update is a success!
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