Pandaloon is a company that went viral when Eugenia Chen made a video of her puppy wearing a panda costume. She was inspired to come onto
The sharks seemed to get a kick out of the demonstration, but only time would tell if they were actually willing to make a deal with Eugenia Chen and her brand. Once we uncover the results of the negotiations, we will proudly give you a Pandaloon update.
Shark Tank Pandaloon Update
- Entrepreneurs: Eugenia Chen
- Business: Pet Costumes
- Ask: $60,000 for 20% equity
- Result: $60,000 for 35% equity
- Sharks: Daymond John
The average cost per costume is just under $5 according to Eugenia and she expected to sell them at a price point of $39.99 when the manufacturing process is completed. The costumes would be sold on an e-commerce store known as ‘Pandaloon’, which already exists and has generated more than $300,000 in revenue since launching three years earlier.
Kevin O’Leary didn’t believe in the idea behind the company and decided to be the first shark to drop out without making an offer. Mark Cuban also believed he wasn’t the right fit for the investment, so he dropped out as well. Lori Greiner felt that the target audience for this type of product was too niche, so she couldn’t convince herself to make an offer.
Daymond John expressed his interest by making an offer of $60,000 in exchange for 35% equity. He also told Eugenia that 10% of his purchased equity would be donated to animal charities. Guest shark, Sara Blakely, was also interested and wanted to make an identical offer. Eugenia ultimately accepted Daymond’s offer.
Our Pandaloon update is exciting because annual revenues have skyrocketed to more than $1 million per year. The company is very much still in business and thriving with the support of Daymond. Daymond also kept his word and donated a portion of his equity’s profits to animal rescue charities.
You can find the other company updates from Season 9 Episode 17 here:
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