Naturally Perfect Dolls
DEAL
EPISODE SUMMARY
đź•“ Air Date: January 6, 2017
Asking For:
$200,000 for 20%
Investor:
Daymond John
Deal:
$200,000 for 30%
PRODUCT SUMMARY
Naturally Perfect Dolls aims to change beauty standards by offering diverse dolls that promote self-acceptance, diversity, and empowerment for girls of all backgrounds.
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Background Story
Naturally Perfect Dolls, based in Miami, Florida, was founded by the dynamic husband-and-wife duo, Jason and Angelica Sweeting. Their journey into the world of dolls began with a heartfelt motivation—to redefine beauty standards for their two daughters, Sophia and Sydney. Faced with the challenge of raising girls in a society inundated with narrow perceptions of beauty, the Sweetings decided to take matters into their own hands. Jason Sweeting, passionate about making a positive impact, and Angelica Sweeting, driven by a desire to instill confidence in her daughters, combined their skills and determination to create Naturally Perfect Dolls.
With a background in finance and a love for entrepreneurship, Jason brought strategic acumen to the table, while Angelica, an advocate for diversity and self-acceptance, infused the project with a deep personal connection. The catalyst for their venture occurred during a poignant moment when their daughter expressed a desire for yellow hair and white skin to conform to societal standards of beauty. This revelation propelled the Sweetings into action. Investing all their finances, which, although not substantial, represented their entire commitment to the cause, the couple embarked on a mission to challenge the lack of diversity in the doll industry.
The Kickstarter crowdfunding platform became their launchpad, and within the first 48 hours, they not only met but exceeded their initial goal of $25,000. This resounding success confirmed the widespread resonance of their message and fueled their determination to create dolls that celebrated diversity. The Angelica doll, the first in their line, was sculpted based on Angelica’s and their daughter’s faces, imbuing the dolls with a personal touch. Naturally Perfect Dolls emerged not only as a business venture but as a movement that aimed to empower girls of all backgrounds.
The Product
Naturally Perfect Dolls offers a revolutionary collection of dolls designed to redefine beauty standards and empower children. The dolls showcase a rich diversity of features, including darker skin tones, wider nose shapes, fuller lips, and curly hair, reflecting the true spectrum of beauty. Priced at $85, the dolls represent a high-end product due to the initial limited production run of 1,000 units, emphasizing exclusivity and craftsmanship.
These dolls, beyond being play companions, serve as powerful tools for instilling confidence and self-affirmation in young minds. Each doll carries a message of acceptance and celebrates individuality, promoting the idea that every child is naturally perfect just the way they are.
Naturally Perfect Dolls are available for purchase online, providing easy access to customers worldwide. The company is in the process of exploring new manufacturing partnerships to bring down production costs, making the dolls more affordable and accessible. The dolls have garnered interest from major retailers, indicating a potential expansion into physical stores in the future.
More than just toys, Naturally Perfect Dolls embody a movement toward inclusivity and empowerment. By embracing the unique features of each doll, the product transcends traditional playthings, becoming a catalyst for positive change in how children perceive themselves and others. The dolls stand as a testament to the founders’ commitment to fostering self-confidence and diversity in the next generation.
How It Went
The company’s position before Shark Tank
Naturally Perfect Dolls has demonstrated commendable health and positioning in the market, driven by its unique value proposition and commitment to diversity. The company’s Kickstarter campaign surpassed its initial goal of $25,000 within the first 48 hours, indicating strong demand and widespread support for their mission. With a current valuation reflecting this success, the company stands as a promising player in the dolls and toys industry. Partnerships play a crucial role in Naturally Perfect Dolls’ growth strategy. The founders have attracted interest from major brands, including calls from Dove and renowned hair-care companies looking to collaborate and showcase their products alongside the dolls.
These partnerships not only indicate the dolls’ appeal but also open avenues for strategic alliances that go beyond traditional toy sales. In terms of distribution, Naturally Perfect Dolls has piqued the interest of major retailers. However, negotiations with these retailers pose a challenge due to the desired lower retail price, requiring the company to reassess its production costs. The company is actively engaged in talks with a new manufacturer to explore cost-efficient production methods, aiming to strike a balance between affordability and maintaining the high quality of their dolls.
The customer base for Naturally Perfect Dolls extends beyond a niche market, resonating with parents and children globally who seek inclusive and empowering toys. The dolls have generated interest not only among African-American families but have garnered attention from diverse demographics, reinforcing their universal appeal. Funding for Naturally Perfect Dolls initially came from a successful Kickstarter campaign, showcasing the effectiveness of crowdfunding in validating market demand. The founders are now exploring additional investments to scale operations, particularly in negotiating manufacturing costs to improve profit margins. The company’s financial performance has been positive, with revenues growing steadily, recording a 30% increase over the past year.
The current company structure reflects a streamlined organization, with key departments efficiently managing research and development, marketing, and customer support. The strategic approach to partnerships and a commitment to product quality and diversity have positioned Naturally Perfect Dolls as a socially conscious brand with the potential for sustained growth in the dynamic toy industry. As the company navigates negotiations with retailers, adjusts production costs, and explores strategic collaborations, its continued success seems promising, driven by a dedication to breaking traditional norms and empowering children worldwide.
The Negotiations:
The negotiations for Naturally Perfect Dolls on Shark Tank were a rollercoaster of emotions, showcasing the founders’ passion and resilience. The pitch began with the Sweetings seeking $200,000 for 20% equity. Multiple sharks expressed interest, but as the conversation unfolded, differences in vision and strategy emerged. Ultimately, it was Daymond John who stepped forward with an offer that carried a unique twist. He proposed $200,000 for a 30% equity stake, with the additional proposal that 10% of the equity would go towards a charity dedicated to women and girls’ empowerment.
This innovative approach not only resonated with the mission of Naturally Perfect Dolls but added a philanthropic dimension to the partnership. The negotiation took an unexpected turn when the Sweetings attempted to negotiate the equity down to 25%, prompting a humorous exchange with Daymond John, who playfully insisted on a 33 1/3% equity share for all parties involved. After considering the potential impact of their business, including collaborations with major brands and the global appeal of their dolls, the Sweetings accepted Daymond John’s offer.
The final deal was struck at $200,000 for 30% equity, with 10% dedicated to a charity supporting women and girls’ empowerment. The negotiation not only highlighted the unique aspects of the dolls but also showcased the founders’ commitment to making a positive societal impact. The inclusion of a charitable component added depth and purpose to the partnership, making it a memorable and mutually beneficial agreement on the Shark Tank stage. The positive atmosphere and genuine excitement following the deal emphasized the potential for Naturally Perfect Dolls to thrive under the guidance and support of Daymond John.
