Twist It Up Comb
DEAL
EPISODE SUMMARY
🕓 Air Date: January 27, 2019
Asking For:
$225,000 for 15%
Investor:
Daymond John, Mark Cuban (50/50)
Deal:
$225,000 for 25%
PRODUCT SUMMARY
Twist It Up Combs offers a solution for individuals with Afrocentric hair, allowing them to effortlessly embrace natural twists without harmful chemicals or tedious maintenance.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
Noel Durity, the charismatic founder of Twist It Up Combs, brings a unique blend of personal experience and entrepreneurial spirit to the table. Hailing from an undisclosed location, Noel has navigated the challenges of maintaining Afrocentric hair, a struggle shared by millions. His personal journey with textured hair inspired him to create a product that would revolutionize the grooming routine for individuals with similar hair types.
Noel’s background weaves a story of determination and innovation. With a passion for solving real-world problems, he delved into the realms of product development, drawing from his own frustrations with traditional hair care tools. Growing up with Afrocentric hair, he encountered the daily ordeal of picking out his hair, a process that often involved pain and discomfort. This led him on a quest to develop a solution that would allow individuals to embrace their natural twists without resorting to harmful chemicals or tedious routines.
The inception of Twist It Up Combs was born out of Noel’s desire to simplify the lives of those with textured hair. Combining his personal struggles with his entrepreneurial spirit, Noel created a patent-pending comb that not only addressed the unique challenges of Afrocentric hair but also offered a stylish and effective alternative to traditional methods. While the exact location of Twist It Up Combs remains undisclosed, Noel’s journey from personal frustration to entrepreneurial success resonates with those who have faced similar challenges. The founder’s commitment to providing a practical and innovative solution to a widespread grooming issue underscores the authenticity and passion behind Twist It Up Combs.
The Product
The Twist It Up Comb stands as a game-changing solution for individuals with Afrocentric hair, offering a hassle-free and chemical-free way to embrace natural twists. Priced at $29.95, inclusive of shipping and tax, this innovative comb addresses the unique challenges posed by textured hair.
Its patent-pending design allows users to effortlessly create and maintain twists without resorting to painful picking methods. Unlike traditional picks that may cause discomfort, the Twist It Up Comb’s woven structure ensures a smooth experience without pulling on the hair. The comb’s functionality is rooted in its ability to compress and bring down the hair, providing a natural and stylish look.
The product is not only practical but also compact, allowing users to carry it conveniently in their pockets, making it a handy accessory for spontaneous styling. Available for purchase online, with 70% of sales occurring through the company’s website, the comb caters to a broad audience. The $3.50 production cost ensures a reasonable price point for consumers.
With plans to expand into major retailers like CVS and Sally’s, Twist It Up Comb is poised to become a go-to grooming tool for those seeking a pain-free and stylish solution to Afrocentric hair care.
How It Went
The company’s position before Shark Tank
Twist It Up Combs has demonstrated a promising trajectory in its performance and market positioning. The company’s financial health and strategic partnerships have played pivotal roles in its growth. While the exact location remains undisclosed, the company’s success is evident in its sales figures and expansion plans. The company has strategically aligned itself with key partners, including major tech retailers like CVS and Sally’s, showcasing its commitment to broadening its market reach. With a product that is 70% sold online and 30% through wholesale channels, Twist It Up Combs has successfully established a diverse distribution network.
Wholesalers have become integral partners in the company’s supply chain, contributing to its sales and visibility. The comb’s availability in major retail outlets not only enhances its accessibility but also solidifies its position as a market leader in Afrocentric hair care. Twist It Up Combs caters to a diverse customer base, including both men and women seeking a convenient and effective solution for styling textured hair. The brand’s online presence has been fortified through strategic advertising efforts, with approximately $18,000 invested in Facebook advertising to date.
In terms of financials, Twist It Up Combs reported sales of $95,000 in its first year, with a notable surge to $101,000 in the subsequent four months. The company has faced challenges related to manufacturing disruptions in China, impacting inventory management. Despite this, projections indicate a potential increase to $500,000 in sales if manufacturing can resume. Funding primarily comes from a combination of online sales revenue and strategic partnerships, with no specific mention of external investment. The company’s financial structure, including profits and losses, may be further clarified once a more robust accounting system is in place, as Noel Durity recently hired a bookkeeper to organize the company’s financial records.
The Negotiations:
In the high-energy negotiation on Shark Tank, Noel Durity, the founder of Twist It Up Combs, faced a flurry of offers from the Sharks, ultimately securing a transformative deal. Noel initially sought $225,000 for a 15% equity stake in his company, Twist It Up Combs. The Sharks, particularly Lori Greiner and Daymond John, recognized the innovation and market potential of the product and eagerly engaged in negotiations. Daymond John, impressed by the product’s uniqueness, made an offer of $225,000 for a 25% stake, contingent on securing licensing deals. Lori Greiner, not willing to be left out, also joined the offer.
This proposition presented an opportunity for Noel to leverage Daymond’s expertise in licensing, potentially expanding the reach of Twist It Up Combs even further. Mark Cuban, recognizing the potential of the product, made a separate offer of $225,000 for 25%, emphasizing his ability to assist with Chinese manufacturing challenges and online strategies. The negotiation reached a pivotal moment when Lori and Daymond modified their offer. They proposed a joint deal wherein Daymond would handle licensing, and if successful, both Sharks would invest $225,000 for 25%.
After some consideration, Noel accepted this joint offer from Lori and Daymond. The deal marked a significant turning point for Twist It Up Combs, aligning the company with seasoned entrepreneurs who could provide not only the necessary capital but also strategic guidance and industry connections to propel the business to new heights. The negotiations showcased the Sharks’ recognition of the product’s potential and their willingness to collaborate, resulting in a mutually beneficial agreement for both Noel and his innovative grooming tool.
