Dapper Boi – Body-Inclusive Apparel
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 14, 2023
Asking For:
$250,000 for 5%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Dapper Boi offers a genderless and size-inclusive apparel line designed to provide confidence and style for people of all body types, breaking away from traditional gender-based clothing sections.
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Background Story
Dapper Boi is based in San Diego, California, and was founded by Charisse and Vicky. The idea for the company emerged from Charisse’s personal struggles with finding clothing that suited her style and body type. She used to shop in the women’s department but never felt confident in those styles, and switching to the men’s department felt like a bold step that paid off in terms of confidence and personal style.
This revelation led to the birth of Dapper Boi seven years ago, with a simple pair of jeans as the starting point. They saw a need for clothing that combined the style and fit they desired. Over time, they realized many others faced similar challenges, and Dapper Boi became a mission-driven brand aiming to provide clothing for all, irrespective of gender. The founders initially bootstrapped the brand, relying on pre-order campaigns to fund their business. Their clothing has found a dedicated and supportive community that identifies with their mission.
The Product
Dapper Boi offers a wide range of genderless and size-inclusive clothing items, including shirts, jeans, and more. The clothing is designed to fit people of various body types comfortably.
For instance, they mentioned a shirt with a landed price of $9.40, which they sell for $60, and jeans with a landed price of $15, which they sell for $99.
Customers can purchase their products online, and Dapper Boi has created a sense of urgency by offering introductory pricing with a 50% margin. They have a substantial repeat customer rate of 51%.
How It Went
The company’s position before Shark Tank
Dapper Boi has done approximately $3.5 million in sales over the last seven years. Their business model relies on pre-order campaigns to fund production. Last year, they achieved $1.2 million in sales. They have faced challenges with COVID-related delays in product delivery, which increased waiting times for their customers. The founders mentioned they currently have around $100 in cash, and they’ve had to sell their house to support the business. However, despite these challenges, they remain committed to their brand and mission.
The Negotiations:
The sharks were intrigued by Dapper Boi’s mission and products. They asked about the company’s sales, margins, and marketing efforts. Charisse and Vicky revealed that they spent over 30% of their revenue on marketing, which had led to negative cash flow. The sharks were concerned about the company’s financial situation and whether the $250,000 investment would be sufficient.
Mark Cuban offered to mentor them but declined to invest. Kevin O’Leary, Barbara Corcoran, and Lori Greiner also chose not to invest, expressing concerns about the financial health of the business and its marketing strategy. The sharks emphasized the importance of Dapper Boi’s community and its mission but ultimately decided not to invest due to differences in the founders’ vision for the company. The founders left the tank without a deal but expressed gratitude for the mentorship offered by the sharks.
