Thompson Tee Update | Shark Tank Season 8
Billy Thompson and Randy Choi of Thompson Tee got a chance to pitch their clothing company on
Shark Tank Thompson Tee Update
- Entrepreneur: Billy Thompson and Randy Choi
- Business: Patented sweat-proof undershirt
- Ask: $700,000 for 7% equity
- Result: $700,000 for 25% equity
- Shark: Robert Herjavec
Thompson Tee uses “sweat-proof” technology to address the awkward sweat stains that appear on most shirts. The patented sweat-proof undershirt company projected $4 million in sales the year that they were pitching on
Lifetime sales were $2.6 million for the company, and with both numbers and a proven product backing them up, it didn’t take long for the offers from the sharks to come in droves.
One of the first to speak to Billy and Randy was Kevin O’Leary, who referred to Thompson Tee’s undershirt as an “armpit diaper.” Meanwhile, Robert Herjavec worried that the product didn’t have massive appeal and that the valuation was too high. As for Mark Cuban, he saw Thompson Tee as more of a marketing gimmick.
Eventually, the sharks dropped out one by one. Kevin didn’t think that the t-shirt was anything special, so he went out. Daymond John followed, stating that its inventory issue felt too complicated for him. Mark repeated himself by saying that Thompson Tee wasn’t in the right business for him before going out. Lori Greiner thought the product was good but went out anyway.
Only Robert was left. He decided to offer $700,000 for 25% equity. It was at this point that Kevin came back to offer $700,000 as a loan at 18% interest for 7% equity. After hearing this, the founders of Thompson Tee decided to go with Robert’s offer.
We’ve got good news and bad news in our Thompson Tee update. The bad news is that the deal with Robert fell through. The good news is that business has done just fine in spite of the lack of a deal.
Thompson Tee boomed as a result of its exposure from
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