Parents Stefan and Cora Miller couldn’t find any hair care products specifically for young men of color with natural hair. To remedy this, they created Young King Hair Care and decided to pitch it on
Shark Tank Young King Update
- Entrepreneur: Stefan and Cora Miller
- Business: Haircare products for men of color
- Ask: $225,000 for 2.5% equity
- Result: No deal
- Shark: None
Stefan and Cora were inspired by their son to create a line of hair care products specifically for men and boys of color. They worked hard to build their company. Their first-year sales were just $4,100, which didn’t impress the sharks. However, Stefan quickly revealed that their year-to-date sales were a staggering $1.54 million. This definitely got the sharks interested.
However, they weren’t profitable yet, which raised some eyebrows on the panel.
Lori Greiner was the first to go out. She told them that it wasn’t for her and that the space was really competitive. Daymond John loved the product, but he thought any offer he’d make would be insulting. He went out, too.
Mark Cuban, on the other hand, didn’t think that Stefan could market as a small business. He said that the company was marketed like a corporation, which might not work. He went out, too. Robert Herjavec thought the product was amazing, but the niche wasn’t for him. This, paired with the equity cost, caused him to go out.
After that, Kevin O’Leary was the last shark that could make a deal. He liked the sales and made an offer: $225,000 for $1/unit royalty until $225,000 is paid, then $0.50/unit in perpetuity. However, Stefan and Cora weren’t happy with this deal.
Robert came back in with an offer of $225,000 for $0.50/unit royalty until he recouped $450,000. After this, he wanted a 5% equity conversion if the company sold. After a quick consultation, Stefan and Cora decided to decline both royalty offers and walked away without a deal. Where did this leave the company? Keep reading our Young King update to find out.
Our Young King update research found that the company has been featured on Good Morning America, Essence, BeuatyIndependent, and more. It has a ton of products and most can be used by any age! The company seems to be doing well, despite not getting a deal on
Before you go, make sure to check out the other company updates from Season 13 Episode 17 below:
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