Proof Eyewear Update | Season 4
Brothers Brooks, Taylor, and Tanner Dame, created a line of snappy wood-framed shades. Will they earn a bright deal on
Shark Tank Proof Eyewear Update
- Entrepreneurs: Brooks, Taylor, and Tanner Dame
- Business: Wood-framed eyewear
- Ask: $150,000 for 10% equity
- Result: No deal
- Shark: None
Brooks, Taylor, and Tanner, hailed from Idaho where they were accustomed to working for the family wood business. Brooks used this expertise when he created Proof Eyewear, his own company centered around wood-framed shades and eyewear. As he began working on his vision, he decided to bring his brothers on as partners.
Daymond John cut right to the chase and asked about sales. Brooks was proud to share that the company had sold $433,000 that last year from grassroots marketing and trade show appearances alone.Kevin O’Leary asked what it cost to make and package each unit. Brooks said the shades cost $14 all in, sold to wholesalers for $50, and retailed at $100 minimum.
When Lori Greiner asked if any celebrities had sported the shades, the brothers were eager to share that Snoop Dogg, Beyoncé, Kelly Rowland, and Shannon Brown were among the many spotted with Proof Eyewear.
Robert Herjavec asked how much they expected to sell by the end of the year, to which Brooks replied that they expected to pull in between $850,000 and $900,000. He also added that, of the $433,000 gross sales the previous year, $150,000 was profit. Lori interjected, sharing that due to a conflict of interest created by another line of eyewear that she sold, she was out.
Robert asked what the brothers wanted the investment for, and Brooks said they were trying to finance more inventory because of a pending offer with Pacific Sunwear.
Mark Cuban didn’t like this answer, feeling it was a shortsighted strategy. On the one hand, securing a shark today would provide the needed capital to fund the inventory and get it into stores. On the other hand, he stated it was common for entrepreneurs to do well while sales are slow but, as demand ramps up, they are unable to fill orders and get phased out by competitors before long. For this reason, Mark was out.
Daymond said it was impressive to sell nearly half a million during a down economy, and also elicit interest from a major retailer like PacSun. However, he also said he dealt with hip, cool, trendy products before, and they tend to “be broke” because they feel they’re too cool to go into chains like WalMart. For this reason, Daymond was out.
Kevin O’Leary offered $150,000, but asked for 25% equity and slapped a $2.50 royalty on each unit sold until his money was recouped, at which time it would drop to $1 in perpetuity. Robert then matched Kevin’s offer– $150,000 for 25% equity– but without the royalty.
The brothers stepped into the hall for a moment to make a call, and discuss the offers. Upon returning, Brooks countered Robert with $200,000 for 20% equity, plus assurance that Robert would finance future orders as needed.
Robert said he would definitely provide financing for orders and advice as needed, but he felt his offer of $150,000 for 25% equity was fair. After a brief pause, Brooks declined the offer and the brothers left the tank. What happened next for their company? Keep reading our Proof Eyewear update to find out!
We have great news to share in our Proof Eyewear update! After the episode aired, the brothers immediately tripled their gross revenue, selling $1.4 million in 2013 with a projected $2.5 million for 2014. Their success continued, which led them to open a brick-and-mortar location in their home state o Idaho. The company then began offering eye exams and screenings in the Philippines for less fortunate individuals. Proof Eyewear continues to expand their line, and as of 2023, they are still in business, with an estimated annual revenue of $6 million.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!