Beddley – Zippered Duvet Covers
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 3, 2020
Asking For:
$150,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Beddley is an innovative duvet cover with a three-sided opening, making the process of inserting or removing a duvet easier and more user-friendly.
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Background Story
Lola, the founder of Beddley, holds a degree in chemistry and physics and originally hails from Nigeria. After immigrating to the U.S., she pursued a career in investment banking on the technology side. While working full-time, Lola earned her MBA from Columbia. The idea for Beddley stemmed from her entrepreneurial yearning and the frustration of dealing with the tedious task of changing a duvet cover.
Recognizing a common problem, Lola sought a solution and created Beddley to simplify the process. Her journey reflects a combination of scientific background, business acumen, and the determination to address a real-life challenge.
The Product
Beddley is a duvet cover designed to alleviate the common struggles associated with changing duvet covers. Lola highlighted the complexity of the task, emphasizing the difficulty of aligning corners and the discomfort of crawling inside the cover.
Beddley’s solution is a three-sided opening with a signature nylon zipper, allowing users to easily insert or remove their duvets without the need for crawling or complicated maneuvers. Lola demonstrated the simplicity of the process, emphasizing that even a child could handle it.
The product is currently sold online, and Lola mentioned plans to approach retail, including potential placement in Macy’s. She acknowledged the need for better packaging representation, hinting at the challenges customers might face in understanding the product’s features at a retail store.
How It Went
The company’s position before Shark Tank
Lola acknowledged that Beddley’s sales figures were not impressive, with $28,000 in revenue for 2018 and $12,000 year-to-date in 2019. She disclosed that she invested $91,000 of her own money into the business, highlighting her commitment and hustle. The product is currently made in the U.S., with costs amounting to $57.50 per unit, and it is sold for an average price of $130 to $140.
Despite the limited sales figures, Lola expressed optimism, mentioning the inclusion of Beddley in a Macy’s pop-up shop and ongoing discussions with QVC. She recognized the need for improved marketing but stressed that most customers discover Beddley through online searches.
The Negotiations:
The Sharks were critical of Beddley’s sales figures, expressing concern about Lola’s ability to market the product effectively. Despite her relentless efforts and personal investment, the Sharks were skeptical about the business’s potential for success. Lori Greiner pointed out the need for better packaging representation, emphasizing the importance of clear communication in a retail setting.
Mark Cuban and Kevin O’Leary were straightforward about their lack of interest, citing concerns about the product’s market viability and Lola’s approach to building the brand. Robert Herjavec praised Lola’s courage and determination but ultimately opted out due to uncertainties about the product’s market fit and branding strategy.
Daymond John empathized with Lola’s journey but expressed reservations about the product’s sales performance and Lola’s marketing strategy. In the end, none of the Sharks made an offer, and Lola left the Tank without a deal. The Sharks encouraged her to gain self-awareness and rethink her approach to branding and marketing.
