DudeRobe – Men’s Bathrobe
NO DEAL
EPISODE SUMMARY
🕓 Air Date: January 14, 2018
Asking For:
$150,000 for 18%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
DudeRobe is a revolutionary mix-and-match collection of men's loungewear, including a robe, hoodie, pants, and shorts, designed for comfort and style.
WATCH HERE
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Background Story
Howie Busch, a Long Island native, ventured into entrepreneurship during his first year of law school by negotiating NFL contracts. His journey took an unexpected turn when, in the late ’90s, he declined equity in a then-small company called Under Armour, missing out on a significant financial opportunity. Building on his experience, Howie founded DudeRobe, seeking to transform the traditional men’s robe into a contemporary and stylish loungewear collection. His legal background and agency-building experience positioned him to navigate the complexities of the fashion industry and bring DudeRobe to life.
The Product
DudeRobe disrupts the stagnant men’s loungewear market with its four-piece collection featuring a robe, hoodie, pants, and shorts. The inner lining, made of absorbent towel material, addresses the discomfort associated with traditional robes, while the outer layer boasts premium sweater material, providing a modern streetwear vibe.
The versatility of DudeRobe allows men to seamlessly transition from home to public spaces, catering to activities like post-shower routines, beach outings, workouts, or casual Sundays.
Despite facing manufacturing challenges mentioned during the pitch, DudeRobe successfully raised over $65,000 on Kickstarter within three months, with the full set emerging as the most popular option at $219.
How It Went
The company’s position before Shark Tank
While the initial Kickstarter success showcased promise, DudeRobe’s long-term position in the market remains uncertain. The sharks probed Howie about the competitive nature of the fleecewear industry and questioned the potential challenges in marketing a product that might be perceived as similar to existing offerings.
Specific details about the company’s current financial health, partnerships, wholesale agreements, and customer demographics were not thoroughly discussed during the pitch. However, the pitch highlighted Howie’s determination to overcome manufacturing hurdles and establish DudeRobe as a notable player in the loungewear space.
The Negotiations:
Despite the Sharks acknowledging Howie’s entrepreneurial background and the uniqueness of DudeRobe, they ultimately passed on making a deal. Concerns were raised about the crowded nature of the fleecewear market, with the Sharks emphasizing the importance of differentiation. The challenges of marketing, given the perceived similarities to existing products, were discussed, and the Sharks were skeptical about the potential success of DudeRobe in a highly competitive sector.
Howie, despite the rejection, remained confident in the product’s potential and expressed disappointment that the Sharks might have missed out on a lucrative opportunity, drawing parallels to his own missed chance with Under Armour. The negotiation concluded with no deal, leaving DudeRobe to navigate the market independently.
