Behave Bras
DEAL
EPISODE SUMMARY
🕓 Air Date: March 11, 2022
Asking For:
$150,000 for 15%
Investor:
Kevin O'Leary
Deal:
$150,000 for 20%
PRODUCT SUMMARY
Behave Bras, developed by Athena Kasvikis, utilize patented Stayz technology to provide support and comfort for women with large breasts, eliminating issues like boob smash, jiggle, and sweat.
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Background Story
Athena Kasvikis, the founder of Behave Bras, is rooted in Boston, Massachusetts, where she drew upon her personal experiences and professional background to create her innovative product. Growing up in a large Greek family, Athena faced the challenge of finding adequate support for her larger breasts during her athletic pursuits, which motivated her to seek a solution. With a strong background as a brand manager at Procter & Gamble, Athena acquired valuable insights into consumer behavior and product development.
Her subsequent experience working with startups equipped her with the necessary skills to navigate the entrepreneurial landscape, despite starting with limited resources. Athena’s personal struggles and her understanding of the limitations of existing undergarment options led her to develop the patent-pending Stayz technology, a revolutionary solution aimed at providing comprehensive support and comfort for women with larger breasts.
Her vision for Behave Bras emerged from a deep-seated desire to empower women with comfortable and functional lingerie, addressing not only the physical challenges associated with inadequate support but also the emotional confidence that comes with feeling comfortable in one’s own skin. With her background and passion, Athena continues to drive Behave Bras forward, striving to revolutionize the lingerie industry and enhance the lives of women with larger bust sizes.
The Product
The key feature of Behave Bras is the incorporation of the proprietary Stayz technology, represented by stretchy fabric pieces strategically placed within the cups of the bras. These Stayz pieces effectively encapsulate each breast, providing unparalleled support and stability, ultimately eliminating common issues such as discomfort, excessive movement, and sweat accumulation.
Distinct from conventional wired bras, Behave Bras prioritize comfort and functionality, featuring a wire-free design that ensures a seamless and pleasant wearing experience even during extended periods. The padded straps further enhance the overall comfort and support for the wearer, aligning with the brand’s commitment to prioritizing both functionality and aesthetics.
Behave Bras are exclusively available for purchase through the company’s website, providing a convenient and direct-to-consumer shopping experience. With a retail price of $75, the bras are positioned as premium offerings, reflecting the superior quality and innovative technology embedded within the product. The brand’s commitment to customer satisfaction is underscored by its significantly low return rate of 12%, well below the industry average, indicative of the high level of comfort and satisfaction experienced by their customers. As Behave Bras continues to gain traction, it stands as a beacon of empowerment and comfort for women seeking reliable and supportive lingerie solutions.
How It Went
The company’s position before Shark Tank
Behave Bras has demonstrated a robust performance since its inception in 2020, showcasing impressive sales figures of $110,000 within the span of 18 months. This notable growth trajectory is further bolstered by the company’s commendable margins of 87% on bras and 83% on panties, indicating a strong financial position and efficient cost management. The company’s lean operational structure has contributed to its ability to maintain a focused approach and capitalize on the rapidly expanding wire-free lingerie market.
Currently operating exclusively through their website, Behave Bras employs a direct-to-consumer model, allowing the company to establish a direct and intimate relationship with its customer base. This approach not only fosters customer loyalty but also provides valuable insights that inform product development and future business strategies. Moreover, the company has succeeded in maintaining an exceptionally low return rate of 12%, a testament to the high quality and functionality of their products, surpassing the industry average of 20-40%.
At present, Behave Bras does not have any publicly disclosed partnerships or wholesalers, primarily emphasizing their direct-to-consumer strategy. The company’s current funding primarily stems from the founder’s personal savings, demonstrating Athena Kasvikis’ unwavering commitment to the business. Despite the financial challenges posed by the need to rely on personal savings, this steadfast dedication underscores the founder’s belief in the product’s potential and her determination to realize the company’s vision.
The Negotiations:
During the negotiation phase on Shark Tank, Athena Kasvikis, the founder of Behave Bras, initially sought $150,000 for 15% equity. This prompted a swift and enthusiastic offer from Kevin O’Leary, famously known as Mr. Wonderful, who proposed the same investment amount but for a 20% stake in the company. Other sharks expressed their interest in the innovative product, with Lori Greiner presenting an offer of $150,000 for 17% equity, reflecting her confidence in the brand’s potential.
Despite the competitive offers, Athena ultimately accepted Mr. Wonderful’s proposal, acknowledging the value of his expertise and reputation in driving business growth. His quick deal offered a 20% stake, emphasizing his confidence in the product’s market potential and the founder’s capabilities. Throughout the negotiation process, Athena demonstrated a keen understanding of her company’s worth and potential, reflecting her strategic mindset and strong business acumen. She effectively navigated the negotiations with a clear focus on securing a deal that not only provided the necessary funding for the company’s expansion but also offered valuable guidance and mentorship to support its future growth.
The successful negotiation on the show not only highlighted the product’s appeal and market potential but also showcased the founder’s ability to leverage her vision and expertise to secure a valuable partnership, setting the stage for Behave Bras to achieve further success and recognition in the lingerie industry.
