Shark Tank Deal: Sonnet James Accepts $350,000 from Sara Blakely

Sonnet James, a company founded by Whitney Lundeen, came to the Shark Tank in hopes of securing a business partner and financial investor to contribute $350,000 in exchange for 25% equity in her company. Whitney is a single mom of two boys who developed the Sonnet James line of women’s dresses to allow moms to have one outfit for every occasion. Whether they are in a business meeting, out to dinner, on the playground or riding bikes with their kids, women would have an option for clothing that is comfortable and fashionable for all occasions. Not only has Sonnet James introduced a high-quality product into the mommy market, but they have also created a network of moms which is very important for brand awareness and advocacy.

Does this single mom have the solution to everyday style? #SharkTank #SonnetJames

— Shark Tank (@ABCSharkTank) January 21, 2019

Whitney is reminiscent of her own childhood that contained abuse and addiction and she wants better for her kids. She developed the Sonnet James line to remind her to be a mom who is present and plays with their kids while feeling confident and put together. The dresses in the Sonnet James line are all washable and made of a heavy fabric that has stretch and compression so that it retains its shape throughout washing cycles. Whitney has designed all of the dresses in her line as well as taught herself how to sew and how to design and create a website.

The business currently operates direct to consumer through their website and had $1.2 million in sales last year with a 75% product margin. The average order size is 2 dresses and their rate of return is 23% which is below the retail average of 30%. Sara Blakely, who likes to invest in female entrepreneurs, offers $350,000 for 25% of her company. Whitney accepts Sara’s offer before any of the other Sharks could make any additional offers. Kevin O’Leary compliments Whitney on a job well done and shares that he felt her presentation was the best clothing presentation they have seen over 10 seasons of Shark Tank.

To overcome so much adversity and build a brand from scratch is simply remarkable. Never give up. #SharkTank pic.twitter.com/Mt0HYFQMKB

— Shark Tank (@ABCSharkTank) January 23, 2019

What do you think of Sara’s investment in Sonnet James? Would you purchase this product? Sound off in the comments below!

For a full summary of this episode, check out this article. Shark Tank airs on Sundays at 9:00 PM EST.

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