Entrepreneur Jennie Nigrosh created a product to make organizing and transporting your dry cleaning an easier, and greener task. Will she earn a deal on
Shark Tank The Green Garmento Update
- Entrepreneur: Jennie Nigrosh
- Business: Green garment bag for dry cleaning
- Ask: $300,000 for 20% equity
- Result: No deal
- Shark: None
Jennie came on the tank to introduce her green alternative to single-use dry cleaning bags– The Green Garmento. Her garment bag functioned as a hamper, hamper liner, duffel bag, and, most importantly, a hanging garment bag. Jennie said she designed it with the intention to phase out the use of single-use plastic garment bags, and take a piece of the $200 million dry cleaning packaging business.
Kevin O’Leary was quick to inquire about the numbers, asking how he should expect to get his money back. Jennie responded that The Green Garmento had $1 million in sales over the past four years. Mark Cuban asked what she had done in the past twelve months, and Jennie answered that she had sold $260,000 in the 12 months prior to filming, and projected to sell $400,000 by the end of the year.
Robert Herjavec asked who pays for the bag– the customer or the dry cleaner. He wanted to know because he allegedly incurred an upcharge at his local dry cleaner since they were using a green alternative to plastic garment bags as well. Robert went on to say that his dry cleaner continually lost the bags and charged him for brand-new ones every time.
Jennie said that Robert’s experience was atypical, but The Green Garmento was more interested in selling to dry cleaners instead of directly to the consumer. She also said that if one customer per year were to reuse her product, the dry cleaner would save $35 to $45 per year, adding up as more customers came aboard.
Daymond John and Barbara Corcoran chimed in to find out more about Jennie’s competitors and the product design, but Kevin was quick to steer things right back to the numbers. He wanted to know how much profit Jennie should expect from her projected $400,000 in sales.
This is where the tide turned for Jennie. She revealed that she would make no profit that year whatsoever, and had made no profit at all from The Green Garmento. The sharks were stunned. Jennie tried to brush past, saying she was “just four years in” and it was too early to expect profits, but the sharks disagreed. How could a company generate $1 million in sales and see no return on investment? For the sharks, this was a massive red flag.
Robert asked how much money Jennie was losing, and Jennie said she was losing $10,000 per month. He asked how much she lost last year, and Jennie claimed that she didn’t know. She violated the
Jennie continued peeling back layers, and revealed that she had invested $380,000 into her product, and also had taken on a collection of “non-equity investors.” The sharks were stunned again, and Mark asked what the investors got for their money if not equity.
Jennie said that these investors were receiving 9% of all revenue off the top until their money was paid back. Mark asked how much money she took from these investors, and Jennie answered that she had accepted $900,000 from them.
Kevin asked how much of the $900,000 Jennie had already paid back, and she said “not very much.” With the truth finally coming to light, the sharks would fall like dominoes. Robert went first, telling Jennie she had a great product, but he couldn’t see past the elephant in the room. For that reason, he was out.
Barbara left next, also applauding the product design, but stating she could not justify “buying into a problem.” Kevin would not go quietly, sharing the cold, hard truth about green products and claiming that everyone wants to save the world unless it costs them something. He said this was the reason why solar “doesn’t work,” wind “doesn’t work,” and why The Green Garmento “won’t work.” He was out.
Mark left the tank with a lesson. He said that many investors followed her path, accruing debt under the assumption that more money would make their business successful. They, and Jennie, would learn the hard way that “debt is not your friend.” With that, Mark was out. The last shark remaining was Daymond, and he didn’t remain long. He too was out.
With no offers from the sharks, Jennie was forced to leave the tank without a deal. How did things go for Jennie after the pitch? Keep reading The Green Garmento update to find out!
We have fantastic news to share in The Green Garmento update! In a shocking twist, they worked out well for Jennie’s company. Exposure on the show opened up a number of doors, getting her product into over 1,000 dry cleaners nationwide. She would then secure deals with WalMart, Bed, Bath, & Beyond, and more. Products are available on The Green Garmento website. As of 2023, the company is worth approximately $5 million!
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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!