Ugly sweaters have become popular around the holidays, but choices can be limited. That’s why Evan Mendelsohn and Nick Morton created their own line of novelty holiday apparel. Will their company earn a deal on
Shark Tank Tipsy Elves Update
- Entrepreneurs: Evan Mendelsohn, Nick Morton
- Business:Ugly sweaters, holiday apparel
- Ask: $100,000 in exchange for 5% equity
- Result: $100,000 in exchange for 10% equity
- Shark: Robert Herjavec
Evan and Nick brought their Tipsy Elves ugly sweaters to the tank. They shared that they were tired of searching for the perfect ugly Christmas sweater at thrift stores. So in 2011, they decided to design and manufacture their own line of ugly sweaters.
COMFY COZY Our Ugly Christmas Sweaters for Men are perfect for staying warm and cozy this holiday season. Great for layering or wearing on it’s own, stay comfortable even if the rest of your family makes the holidays awkward.
Kevin O’Leary was stunned when Evan told the sharks that their sales for 2012 were $862,000, giving them a total of $1.35 million in sales in the two years since they began. Each unit cost about $12 to make. Despite a retail price of $65, the ugly sweaters were hot sellers.
Evan explained that most of their orders were online, with about half coming from Amazon. They had recently gotten some wholesale orders from retailers, which they wanted a lot more of. Mark Cuban cautioned the guys about branching out into the wholesale retail markets, and went out.
Lori Greiner added that their sweaters weren’t unique, and others were making similar products. Mark and Lori were out. Kevin made an offer of $100,000 in exchange for $2 per sale, per unit, until his money was recovered. After that, he would get $1 per sale, per unit, in perpetuity. He would take no equity.
Robert Herjavec was next, offering $100,000 in exchange for 10%. Last was Daymond John, who ultimately went out, agreeing with Mark’s concerns. In the end, the two happily accepted Robert’s offer. What happened next for the company? Keep reading our Tipsy Elves update to find out!
We have great news to share in our Tipsy Elves update! The company has been wildly successful over the years, with a net worth that is now estimated at over $6 million. They’ve branched out into apparel for nearly every theme imaginable, and even have a pet line with Petsmart. Products are also available on the Tipsy Elves website, and on Amazon.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!