Sports bras are difficult to find, especially if you want something you can adjust at multiple points. Sara Moylan was tired of trying to find the perfect sports bra, so she decided to make her own. She developed the SHEFIT Sports Bra, with multiple adjustment points and customization options. Will the sharks see the value in this product on
Shark Tank SHEFIT Update
- Entrepreneurs: Bob and Sara Moylan
- Business: Adjustable, customizable sports bra for women
- Ask: $250,000 for 20% equity
- Result: $250,000 for 33.3% equity
- Shark: Daymond John
Sara and Bob came to the tank looking for an investment of $250,000 for 20% equity. SHEFIT offered the first fully customizable and adjustable sports bra for women, with multiple available sizes. Sara said that this bra would fit better than any other on the market.
Workout Bra With Supportive Stretch: Innovative Power Mesh fabric provides 2-way stretch that reduces bounce and sway during intense workouts and activities; Wear this bra for any and all high-impact sports, including soccer, volleyball, basketball, running, and HIIT workouts.
They passed out samples after their pitch, and the sharks were intrigued. Robert Herjavec and Lori Greiner both note how the bras were thicker and almost seemed padded. The padding, Sara said, was removable. The bras used moisture-wicking materials, and she held a utility patent for the way that the bra adjusted.
Bob told the sharks that they’d sold $220,000 in the past 18 months, with $50,000 of that in the previous 45 days. Most of their sales came from e-commerce, with 19 retail locations stocking the bras.
They needed the money for inventory costs, to reduce lead times, and increasing supply to meet their growing demand. Sara adds that they wanted to improve their website. Each bra cost $14.50 to make and sold for $58.99.
Robert didn’t like how they wanted to create a whole new market, so he went out. Daymond John, on the other hand, decided to make an offer. He said he could add value to the company and offered $250,000 for 33.3% equity. He wanted an answer immediately.
After a few moments of consideration, Sara and Bob accepted Daymond’s offer. Let’s see if Daymond did add value to this company in our SHEFIT update.
It’s excellent news for Sara and Bob! During our SHEFIT update research, we found that the company is thriving, with annual revenue of about $7 million. The bra is endorsed by Olympian Val Smith and featured on The Today Show, the Doctors, and other daytime TV appearances.
These bras have really taken off in the activewear market! You can purchase one on the SHEFIT website, or from Amazon.
Don’t forget to look at the other company updates from Season 7 Episode 15. You can find our recaps and updates below!
Make sure to stop by our Season 7 Products Page to find more on companies and products.