Wondry appeared on
Shark Tank Wondry Update
- Entrepreneurs: Chaz Gates and Whitney Gates
- Business: Cocktail Wines
- Ask: $185,000 for 8% equity
- Result: $225,000 for 15% equity
- Sharks: Mark Cuban
With a variety of different cocktail wines already developed and selling on the market, the sharks wanted to hear about financial details relating to Wondry’s business.
Kevin O’Leary considers himself an expert in wine, but he wanted to know what price point Wondry was selling their beverages at. They responded by telling him that they are currently selling wine at $18.99 through retail and direct-to-consumer methods.
A single bottle costs just under $4 per bottle, while retail stores buy the bottles from Wondry at just under $14 per bottle. These margins were reasonable, but not exceptional.
The sharks were fairly pleased with what they were hearing, especially since the business had only been operating for just under twelve months. The company expects to net a profit of $60,000 on more than $250,000 in sales from the past year. That puts the company’s net profit margin at approximately 25% overall.
Mark Cuban decided to make an offer of $225,000 in exchange for 15% equity. Chaz and Whitney Gates quickly accepted his offer and became his partner. Now that we know about the preliminary deal between Mark Cuban and Wondry, let’s jump ahead to look to the future.
Our Wondry update is still fresh, but we do know for sure that the company has received a major boost in sales since appearing on the show. Further, the deal with Mark Cuban will certainly benefit the company as it grows.
The company’s high-quality cocktail wines are continuously being sold on its website. We can’t wait to share our next Wondry update.
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Jeremy is a regular contributor at Shark Tank recap. He has a ton of passion for the show and enjoys researching information about what all the companies are up to now. His favorite Shark Tank companies are The Cookie Dough Cafe and Kronos Golf!