SockTABS Update | Shark Tank Season 7
Sick of losing socks? So were Glen and Tracie Burress. That’s why they created SockTABS, a tab that helps attach your socks. This way, they don’t get lost in the laundry. These tabs are simple to use and can save you a lot of money on replacement socks. With an ask of $50,000 for 20% equity, this husband-and-wife team hopes to make a big splash in
Shark Tank SockTABS Update
- Entrepreneurs: Glen and Tracie Burress
- Business: Tabs that keep socks together for laundry
- Ask: $50,000 for 20% equity
- Result: $50,000 for 30% equity
- Shark: Daymond John
If your least favorite part of doing laundry is losing socks, SockTABS might be able to help. Glen and Tracie gave a soap opera pitch featuring socks – and how sad the socks got when their partners went missing. They passed out samples, which the sharks liked – some said they couldn’t even feel the tab when they had it on.
Each SockTAB was $1.25 to make, and they sold wholesale for $4.99. In the six months prior to filming, SockTABS had $20,000 in sales. Most of their revenue came from retail, with 40% coming from online sales. The sharks were quick to get to business with this product. Lori Greiner said she had a conflict with another company, so she went out. Robert Herjavec praised Tracie but went out as well.
Daymond John, of course, had the successful Bombas socks in his portfolio. He said he couldn’t back this product, as Bombas relies on people purchasing new socks. He went out.
Mark Cuban simply said he didn’t want to be in the business of selling sock tabs. $50,000 wasn’t a huge issue for them, but he didn’t want to be part of it. He goes out. Kevin O’Leary didn’t like that Tracie isn’t 100% in the business, as it was part-time for her. Kevin went out too, leaving SockTABS with no deal.
However, Daymond jumped up as Glen and Tracie were leaving. He offered $50,000 for 30%, as long as Bombas would agree to the deal. Glen and Tracie accept! Let’s find out where the company is now in our SockTABS update.
There’s good news in our SockTABS update! The deal with Daymond closed, and SockTABS was featured on the Home Shopping Network after airing. They got into Bed Bath and Beyond in Chicago, too.
You can find the product on the company website. It is estimated that they are making about $200,000 a year in annual revenue.
Before you go, make sure to check out our company updates for the other products featured in Season 7 Episode 9.
Be sure to stop by our Season 7 Products Page for more on companies and products!
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!