Shark Tank: The Lapel Project Scores Deal from Mark Cuban for $150,000

First into the tank for week 2 of “Shark Tank” are Sebastian Garcia and Raul Bernal of The Lapel Project, seeking $150,000 for 20 percent equity.

The Lapel Project offers customized lapel and accessories designs; and according to the episode description, “turn a suit jacket into a tuxedo.” Their existing collections include black double and sequins bundle, as well as patterns such as camo and the tribal hipster. Garcia created The Lapel Project as an alternative to buying or renting expensive tuxedos. Many of their featured lapels cost $40. The personalized lapels can be used for branding purposes, as well as events, like reunions or fundraising benefits.

Lori Greiner wonders if it ruins suit fabric, which they assure it does not. They only have one brick and mortar store in Florida and at the time of their “Shark Tank” appearance, did not sell online. Their patent is on the lapel designs turning a suit into a tuxedo.

Robert Herjavec sees it as more of a gag gift since the designs are so outrageous, but Mark Cuban likes the designs and says he would even wear it to a wedding. Kevin O’Leary points out how energetic the founder is and wonders if he’s annoying to work with.

Cuban is the first to make an offer at $150,000 for 30 percent, but he quickly threatens to go out when they begin listening to what the other sharks have to say. Daymond John goes out for not seeing it as a widely-used product, as does Greiner. O’Leary finds it concerning that the fashion guru and woman went out, and they swiftly accept Cuban’s offer.

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.

“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.

Would you try out The Lapel Project’s customized lapels? What kind of design would you choose? Sound off in the comments section below!

Read more:

• Shark Tank: Validated, Shopping and Dining App, Fails to Get A Deal