Byoót Company Swimsuits
DEAL
EPISODE SUMMARY
🕓 Air Date: February 19, 2021
Investor:
Kendra Scott
Deal:
$0 for 5%
PRODUCT SUMMARY
Byoót offers a fashionable one-piece swimsuit with convenient side buttons to make bathroom breaks hassle-free.
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Background Story
Elyce and Nathan Billany, the founders of Byoót, embarked on their entrepreneurial journey with a vision born out of necessity and innovation. Their story began during a memorable vacation in Jamaica, where Elyce, pregnant at the time, faced a common and frustrating problem that many women could relate to – the impracticality of using one-piece swimsuits, especially during pregnancy.
As Elyce grappled with the inconvenience of trying to enjoy a swim while grappling with her one-piece swimsuit in the bathroom, a lightbulb moment occurred. Right there, in the hot and humid confines of a Jamaican restroom, the idea for Byoót was conceived. The struggle with pulling off and putting on a one-piece swimsuit in such conditions was something that women universally understood, and Elyce was determined to find a solution.
Upon returning to their hometown in eastern Iowa, Elyce began sketching her innovative swimsuit concept. This endeavor was quite a leap of faith, especially considering that she had no formal background in design. However, Elyce’s creative spirit was ignited, and she was driven by a desire to create a product that would solve a common problem for women.
Elyce and Nathan had previous entrepreneurial experience, having operated a skincare company from their basement. This prior experience in running a business provided them with valuable insights and skills that they would later apply to Byoót. Their shared passion for creating and running a business made them the perfect team to bring their innovative swimsuit idea to life.
The Product
The Byoót swimsuit is a game-changer for women who want both fashion and functionality in their swimwear. It features stylish design elements, including a sheer panel, giving it a retro vibe.
However, the standout feature is the strategically placed side buttons that allow for quick and easy bathroom breaks without the need to completely remove the swimsuit. This innovation eliminates the frustration of struggling to put on a wet swimsuit, especially in situations like pool parties or beach vacations.
Byoót offers a range of sizes to cater to a diverse customer base, and Elyce even provides virtual fittings to ensure a perfect fit. The company is working on reducing the cost of production to make the suits more affordable while maintaining high-quality standards.
How It Went
The company’s position before Shark Tank
Byoót has gained traction in the swimwear market, with approximately 10,000 units sold, generating around $10,000 in sales. However, the company faced a setback when they discovered that the initial batch had issues with torso length and the mesh panel. Despite these challenges, they halted further sales to address the problems and prevent customer dissatisfaction.
Elyce’s unique approach to online sales, such as virtual fittings, has helped in establishing a loyal customer base. The target demographic for Byoót is primarily women aged 40 and above who value quality and are willing to invest in a comfortable, fashionable swimsuit.
The company is actively working on improving production processes to reduce costs, aiming for a cost of goods between $16 and $20 per unit. They are open to exploring partnerships and collaborations to expand their reach. Currently, Byoót is structured as a small, agile business, with Kendra Scott’s recent loan and equity offer providing a promising opportunity for growth.
The Negotiations:
During the pitch, the sharks were intrigued by Byoót’s innovative approach to swimwear, but they also expressed concerns about the challenges of the industry. Kendra Scott recognized the potential in Byoót’s personalized approach to online sales. She appreciated the unique selling point of virtual fittings and understood the importance of building a brand based on personal customer interactions.
Kendra offered a $50,000 loan with 10% interest and a 5% equity stake. Her experience in building a successful brand resonated with the founders, who believed that her guidance would be invaluable. With Kendra’s offer, Byoót saw an opportunity not only for financial support but also for mentorship from a seasoned entrepreneur in the fashion industry. They accepted the deal with enthusiasm, feeling that it aligned perfectly with their vision for the future of their company.
Mark Cuban and Lori Greiner, on the other hand, decided to opt out. They recognized the challenges of the swimsuit business and the need for substantial investment in inventory and production. Daymond John expressed a willingness to help in the future but felt that Byoót needed more time to prove itself in the market. Robert Herjavec humorously remarked on the difficulty of making money in the swimsuit industry, injecting a lighthearted moment into the negotiation.
Ultimately, Byoót secured a partnership with Kendra Scott, providing them not only with financial support but also with a seasoned mentor who understood the nuances of building a fashion brand. This deal represented a promising step forward for Byoót as they navigated the competitive swimwear market. The founders left the Shark Tank with newfound enthusiasm and a valuable ally in their corner, poised to take their innovative swimsuit company to new heights.
