Entrepreneur Fleetwood Hicks pitched his bicycle company during
If you’re short on time, here’s a quick overview of what happened to Villy Custom after
Fleetwood Hicks appeared on
|Mark Cuban & Barbara Corcoran
|Accepted deal for $500,000 for 42% equity
Shark Tank Villy Custom Update
- Entrepreneur: Fleetwood Hicks
- Business: Fully customizable fashion bicycles
- Ask: $500,000 for 33% equity
- Result: $500,000 for 42% equity
- Shark: Mark Cuban and Barbara Corcoran
Fleetwood walked into the tank accompanied by his dog, Deville, whom he named his company, Villy Custom, after. His line of customizable bicycles, truly lets his customers design every part of their bicycle.
He says that anyone from aged 8 to 80, can customize and build a bike on his Villy Custom website, choosing colors and parts. Further, he says that you could build over 1 billion bikes, and still not build the same bike, because that’s how many features and options they have.
He basically took his experience in fashion, and transferred that to his custom bicycle business.
Robert Herjavec wanted to know about sales. Fleetwood told him that they were on track for $250,000 during the current year, with the previous year at $129,000, before they shifted to 100% online sales.
Previously, all of his sales were done at a brick-and-mortar retail store. Now that he’s moved to online sales, he says that he hasn’t spend any money on advertising.
Robert asked about the sales prices and Fleetwood said it was an average of $641 for a fully customized bike. Kevin O’Leary thought that the price was a bit high for a bicycle, however, Fleetwood highlighted that it was really a style accessory.
Additionally, those who buy his bikes, don’t even question the price. They’re all about the customization, and the end result.
Barbara Corcoran wanted to know how much it cost to manufacture a bike, and Fleetwood told her it cost $245 with shipping. Kevin O’Leary wanted to know more about profit, of which Fleetwood expected $50,000 that year, but he wasn’t currently paying himself a salary.
Kevin questioned the valuation, but Fleetwood believed in the appeal of the product. Daymond John thought the design was great, but he didn’t want to be in the space, so he went out.
Barbara admitted she was a great customer for the product, because she bought four bikes a year and she saw the great deal in the price point. Kevin couldn’t get past the valuation and went out, despite appreciating Fleetwood’s salesmanship.
Robert thought Fleetwood needed to prove the worth of the product more, especially considering the valuation. He went out.
Barbara said this was a show-off bike, and Mark Cuban agreed with her. She could see the potential for money-making, and she offered to partner up with Mark.
They were looking for more equity, and offered $500,000 for 45% equity. Fleetwood countered with $500,000 for 40% equity, and the shark duo countered that for 42%.
Fleetwood agreed, and they had a deal. What do you think came next? Keep reading our Villy Custom update for more.
Our Villy Custom update shows that the deal with Mark and Barbara came through, and contributed to the ongoing success of the company.
Villy Custom continues to be in operation, making between $3-4 million in annual revenue. Check out these fashionable cruiser bikes on the Villy Custom website.
If we learn anything new about this company, we will certainly let you know! In the meantime, you can check out our other company updates from Season 3 Episode 13 by following the links below!
For even more on companies and products, be sure to stop by our Season 3 Products Page before you go!
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!