Lord Von Schmitt – Crocheted Clothing
NO DEAL
EPISODE SUMMARY
🕓 Air Date: May 8, 2020
Asking For:
$100,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Lord Von Schmitt offers a line of colorful, sustainable, and recycled crochet designs, including shorts, parasols, and suits, promoting a slow fashion movement.
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Background Story
Lord Von Schmitt, founded by Schuyler Ellers, is a fashion brand that transforms recycled crocheted blankets into vibrant and unique clothing pieces. Schuyler, a visual arts graduate from Columbia University, began his journey into crochet after living in Barcelona and being inspired by the crochet and knitting culture there. With a background as an English teacher, Schuyler’s artistic pursuits led him to create Lord Von Schmitt.
The brand’s origin traces back to Schuyler’s discovery of Afghan blankets in thrift stores upon returning to the United States. Initially a personal project, Lord Von Schmitt gained attention on the Internet, particularly for its men’s shorts made from recycled Afghan blankets. Schuyler’s creations found a niche audience, especially among attendees of summer festivals and the LGBTQIA+ community, embracing the brand’s groovy and expressive style.
The Product
Lord Von Schmitt’s products are handmade, with crochet designs sourced from recycled blankets. While Schuyler initially created the pieces himself, he later outsourced production to Asia due to increasing demand. The line includes shorts, suits, parasols, and thongs, each showcasing vibrant colors and intricate crochet patterns.
The parasols, priced at $128, are manufactured and imported to the United States for $30 each. The shorts, a popular item, sell for $58, while an entire suit can fetch up to $300. Schuyler expressed a commitment to sustainability, emphasizing the slow fashion movement with lower carbon footprints and reduced waste.
Sales primarily occur through the brand’s website, with Lord Von Schmitt generating $188,000 in sales so far in the current year. The brand gained significant attention after being featured on the Internet, particularly for the unique men’s shorts made from recycled Afghan blankets.
How It Went
The company’s position before Shark Tank
Lord Von Schmitt has achieved $188,000 in sales in the current year, showcasing steady growth from the previous year’s sales of $37,000. However, the company’s performance is described as more of a small-scale venture and a full-time job for Schuyler rather than a large-scale business.
Schuyler acknowledged the need for a strategic plan to expand the business further, with a focus on marketing and increasing brand awareness. Despite the brand’s unique and artistic appeal, the Sharks expressed concerns about scalability and profitability. Schuyler emphasized that Lord Von Schmitt is his full-time job, and he sustains himself on the income generated from the business, showcasing his dedication to the brand.
The Negotiations:
The Sharks were intrigued by Lord Von Schmitt’s unique and artistic crochet designs. Schuyler sought a $100,000 investment in exchange for a 10% equity stake in the company. However, the negotiations took an unexpected turn as the Sharks raised concerns about the scalability and profitability of the business. Mark Cuban, while expressing appreciation for the creativity, ultimately bowed out, stating that for him to invest $100,000, Schuyler would need to take the brand to half a million or a million dollars in sales.
Other Sharks, including Lori Greiner and Kevin O’Leary, also expressed concerns about the business’s scalability and profitability. Despite the positive comments about the artistic value of Lord Von Schmitt’s creations, the Sharks collectively decided not to invest.
The lack of a clear plan for scalability and the perception of the business as more of a small-scale venture contributed to the Sharks opting out. Schuyler left the Tank without a deal but took away valuable advice on pricing his unique creations higher as works of art.
