Whitney Lundeen came to
Shark Tank Sonnet James Update
- Entrepreneurs: Whitney Lundeen
- Business: Women’s Clothing
- Ask: $350,000 for 25% equity
- Result: $350,000 for 25% equity
- Sharks: Sara Blakely
With 75% margins and her dresses being manufactured locally in California, Whitney was pleased to admit to the sharks that her company margins are reasonable. A single dress can be made for about $35 and her average sales price is well over $120. All of her sales are direct-to-consumer through her own website as well, a positive thing for the sharks to hear.
Let’s take a look at some of Whitney’s sales numbers for her company. In the first year the company was launched, it managed to generate $84,000 in gross sales. In the most recent year, Sonnet James generated more than $1.2 million in online gross sales.
Almost all of the sharks were moved by Whitney’s personal childhood story of overcoming abuse, but Kevin O’Leary raised some concerns about the valuation. He asked Whitney to justify the $1.4 million imputed valuation that she was asking for, but guest shark, Sara Blakely, quickly interrupted Kevin and instantly made an offer of $350,000 for 25% equity.
Whitney quickly accepted an offer that would give her and her company exactly what she was asking for when coming on
Let’s shift the focus now to our Sonnet James update to see how the company is doing since its appearance on
Whitney’s dresses have appeared on popular magazine covers and her sales continue to exceed more than $5 million annually. This is one of the great company success stories that has come from
You can find the other company updates from Season 10 Episode 11 here:
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