Any parent knows how hard it can be to get through bath time without tears. When water or soap gets in their child’s eyes, it can be a real struggle. That’s why Ray Phillips and Alvin Uy came up with a solution to this problem. Will the sharks be interested in their bath time product on
Shark Tank SoapSox Update
- Entrepreneurs: Ray Phillips and Alvin Uy
- Business: Wash cloth animals for kids
- Ask: $260,000 for 10% equity
- Result: No deal
- Sharks: None
Ray and Alvin’s company, SoapSox, specializes in manufacturing washcloths for children. They created seven different washcloth designs with different themes and characters for each one. While the washcloths look like stuffed animals, these toys serve another purpose. Their specialized design allows the parent to keep water out of their child’s eyes during bath time.
SOAP POCKET : A patented soap pocket transforms lovable SoapSox into a sudsy, fun wash cloth in the bathtub. Just add a bar of soap or liquid soap, lather and scrub your little one. It’s the way kids want to be washed.
The sharks liked the design, but were certainly skeptical. They wanted to hear more about the sales numbers before making a final decision.
At the time of filming, SoapSox had only been on the market for a little over six months. Ray and Alvin had generated more than $250,000 in gross revenue sales. With the future bright, they also told the sharks that they were going to have their products featured in Nordstrom stores across America.
A single unit costs $3.66 to manufacture and sells at a price point of $19.95. While these margins are acceptable, the sharks were worried that they were too expensive for the average family to afford for their kids.
Ray and Alvin were confident their company would reach nearly $600,000 in sales by the end of the calendar year.
Mark Cuban didn’t feel like he could help out SoapSox, so he dropped out. Kevin O’Leary had different concerns, primarily around the product’s price point and the company’s imputed valuation. He dropped out shortly after Mark. Robert Herjavec was next to go out for similar reasons.
Daymond John was interested, but he wanted 33% equity in exchange for $260,000. Ray asked Lori Greiner if she wanted to add anything to the conversation.
She liked the product but shared her concerns about patent issues before going out. Daymond restated his offer which would make him equal partners with Ray and Alvin.
Ray was not comfortable with the thought of giving away so much equity in SoapSox. He countered Daymond with an offer of $350,000 for 15%, to which Daymond said he was going to stand firm on his original offer.
Before Ray could answer, Lori and Robert offered to buy out the company for $1 million. In the end, Ray and Alvin rejected both offers and left
Did the outcome of Ray and Alvin’s
We have exciting news to report! Research for our SoapSox update revealed that the business is still performing well even though they weren’t able to make a deal on the show.
SoapSox products are available on their website and are also featured on Amazon and in many different retail stores, including Target. The company generates just under $10 million per year in gross sales, according to estimates.
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!