Bridal Babes – Bridesmaid Dresses
DEAL
EPISODE SUMMARY
🕓 Air Date: October 21, 2022
Asking For:
$250,000 for 10%
Investor:
Emma Grede
Deal:
$250,000 for 20%
PRODUCT SUMMARY
Bridal Babes is a bridal fashion company specializing in inclusive sizing and a wide range of shades for multi-cultural women and women with curves.
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Background Story
Ashley and Charles, high school sweethearts turned business partners, founded Bridal Babes in Washington, D.C. Their journey began when they struggled to find perfect bridesmaid dresses for their own wedding. Ashley had a frustrating experience at traditional bridal shops, leading her to search online extensively.
Finally, they found dresses that worked, and their unique bridesmaid looks went viral, prompting them to realize the potential in this niche. With a background in marketing, Ashley brought her digital expertise, while Charles, a former child psychiatric specialist and detective, added a unique perspective to the business.
The Product
Bridal Babes offers bridesmaid dresses in inclusive sizing, ranging from sizes 2 to 32, and a wide range of shades to suit all skin tones.
They have two collections: the Classic Collection with dresses priced at an average of $44.05 and the Luxe Collection featuring more high-end dresses at an average price of $228.
The key to their success is the stretchy fabric that drapes curves perfectly and minimizes returns. Brides and bridesmaids can shop through live virtual consultations or their social media community.
The company’s commitment to inclusivity and diversity sets it apart, as it aims to showcase underrepresented brides and couples in its media campaigns.
How It Went
The company’s position before Shark Tank
Bridal Babes has achieved impressive growth with lifetime sales of $2 million, reaching $850,000 year-to-date, compared to just $30,000 in year one. They have 90,000 Instagram followers and 60,000 on TikTok, making strong use of social media for customer acquisition. In 2019, they made $20,000 in profit and pay themselves a salary of $60,000 each. They spend approximately 30% of their revenue on advertising.
Bridal Babes only sells directly to consumers and maintains a 70% profit margin on both their Classic and Luxe Collections. Currently, the company consists of just the two founders working full-time, with one seasonal contractor. They source their dresses from overseas manufacturers with a production time of two to three weeks.
The Negotiations:
The negotiation process on Shark Tank saw two sharks bowing out due to the industry’s specialized nature. However, Emma offered $250,000 for 25% equity, which was higher than the founders’ initial ask of 10%. Although Emma’s offer seemed high, Charles and Ashley countered with a proposal of 17.5%.
However, Emma countered at 20%. In the end, they agreed on Emma’s offer of $250,000 for 20% equity. This negotiation allowed Bridal Babes to secure the funding they needed to fuel their growth and achieve their ambitious goal of becoming a $500 million company.
