Diana Harbour knows just how hard it is can be for busy women to find the time to shop for themselves. That’s why, she and her husband, Josh Harbour, created an online boutique that makes fashion easy and affordable! Will the sharks make them an offer on
Shark Tank The Red Dress Boutique Update
- Entrepreneurs: Diana Harbour and Josh Harbour
- Business: Online marketplace for women, offering curated outfits
- Ask: $600,000 for 5% equity
- Result: $1,200,000 for 20% equity
- Sharks: Mark Cuban and Robert Herjavec
Diana had a dream of opening an online boutique, set apart from all the others. Her husband Josh partnered up with her to make her dream come true. The Red Dress Boutique offers affordable outfits that are paired with jewelry and even include a hand-written thank you note. It was important to Diana that every customer’s purchase felt like a gift to themselves.
During the most recent year before filming, they generated $8 million dollars in gross revenue sales. They were projecting sales to be $12-$15 million in that year. Since the company had only been around for four years, these numbers were extremely impressive to the sharks.
Kevin O’Leary wanted to learn about the customer acquisition costs for the company. Diana and Josh were focused on marketing from a word-of-mouth perspective and didn’t have detailed customer acquisition cost data at the time of their pitch. Kevin was the first shark to drop out because he believed that any further growth would be difficult to generate.
Lori Greiner and Daymond John wanted to be strategic partners but admitted that they would be learning about the industry from the entrepreneurs more so than they would be teaching them. For this reason, they both went out. Mark Cuban asked why they needed $600,000. Josh explained that they not only needed a mentor, but also needed help expanding their website capabilities.
Robert Herjavec said that was his strength, so he offered $600,000 dollars for 15% equity. Josh was unwilling to give up that much equity so he declined that offer. Mark decided to partner with Robert to offer $1.2 million for 20% equity, which they quickly accepted because they felt two sharks were better than one. What happened after the show? Keep reading The Red Dress Boutique update to find out!
Research for The Red Dress Boutique update revealed great news! After securing a deal with Mark and Robert, the company soared to new levels of growth. Diana generated so much revenue within her company that she was ultimately allowed to purchase her company equity back. For more on this company and to purchase their products, visit The Red Dress Boutique website.
Would you like to find out about the other companies featured on Season 6 Episode 5? Follow the links below for the other company updates from this episode.
For even more on companies and products, stop by our Season 6 Products Page!