Sharon and Kate are on Shark Tank seeking an investment in Frill Clothing, a company that designs custom clothing for your sorority, wedding, or other event.
Since sororities often dress alike during ‘rush week,’ the founders say they were tired of buying expensive and unflattering clothing in order to dress like her sorority sisters. They say that the outfits are often bulk ordered, which means that the members don’t get to try them on, and there can be fit issues — as well as the possibility of another sorority picking the same clothing.
Frill solves these problems, Sharon and Kate say, by visiting each sorority individually, hosting fittings, and designing unique outfits for each group. The same pieces may be used across the country, but they assure that two sororities on the same campus will never have an issue of having the same outfits.
They are asking for an investment of $100,000 and offering a 20% equity in his company.
The team asked about some typical pieces — the sample skirt they brought to show the sharks costs $24 to make, and can sell for $60-70. The pieces are made in America, and the team has done just over $400,000 in sales since launch. This all came from a company that was started with $500.
They’ve also started a bridal division, after one of their photos gained a large amount of attention on social media.
They want an investment so they can increase production, and increase margins by paying less per piece.
Mark Cuban was the first shark out, saying that he thinks the team is on the right track, but that he doesn’t think he’s the right fit for the product.
Barbara Corcoran was ready to make an offer. She’d give the requested $100k, but wanted 33% of the business.
Kevin O’Leary said he’d make the same offer. “You can’t even entertain that for a moment,” Barbara warned, “because he’d scare everyone.”
Robert Herjavec was ready to beat that, though. He said he’d give the team exactly what they’d asked for: $100k for 20%.
Lori Greiner said, “I’d make you an offer, but I think Kevin would have a heart attack. He wants it so bad.”
Kevin began arguing for a deal with him and Barbara together, and Barbara began telling of other businesses she’s worked with successfully.
Kate and Sharon asked if Kevin and Barbara would be willing to come down to 30%, and after a glance and some nods between the two sharks, a deal was made.
Final Deal: Barbara Corcoran and Kevin O’Leary teamed up to invest $100,000 in Frill for a 30% stake.
Photo: Frill Clothing