Kit Lender – Ski and Snowboard Clothing
NO DEAL
EPISODE SUMMARY
🕓 Air Date: December 1, 2019
Asking For:
$200,000 for 7%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Kit Lender is an online outdoor gear and apparel rental company, offering affordable and convenient solutions for skiers and snowboarders to access quality gear without the need for a significant upfront investment.
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Background Story
Forrest Shinners, the founder of Kit Lender, grew up in Stowe, Vermont, where his parents owned a ski shop for 45 years. With a deep connection to the ski industry, Shinners identified a common problem: the high cost of outfitting for winter sports, especially for occasional skiers.
The idea for Kit Lender emerged when Shinners noticed that friends visiting from New York didn’t have ski clothing, leading him to offer them gear from his family’s closets. Recognizing the potential, he launched Kit Lender in 2015 after finding no similar services online. The company became his full-time focus after he quit drinking and decided to pursue Kit Lender alongside his day job.
The Product
Kit Lender’s online platform allows customers to rent complete outdoor sports kits, including jackets, pants, goggles, gloves, and boots, with prices starting as low as $30 per day. The service offers a range of sizes from toddler to 3XL for both men and women.
The rental process is simplified, with customers selecting kits online, receiving them with free shipping at their chosen resort or vacation rental, and returning them in pre-paid packaging after use. The company aims to alleviate the hassles of storing and transporting gear, providing a cost-effective solution for occasional outdoor enthusiasts.
How It Went
The company’s position before Shark Tank
Kit Lender has shown promising growth, achieving $755,000 in sales in the previous year with a notable $106,000 in EBITDA. Shinners shared his journey of managing the business part-time while working a full-time job, emphasizing his dedication to the venture. The company’s inventory is valued at around $550 in wholesale value, and the founder is seeking a $200,000 investment to further scale the business.
The Negotiations:
Forrest Shinners presented Kit Lender to the Sharks, seeking a $200,000 investment for 7% equity. Despite the positive aspects of the business, Mark Cuban, Barbara Corcoran, and Kevin O’Leary decided to pass on the opportunity. While acknowledging the unique concept, Mark Cuban expressed concerns about the competition and the need for a significant investment to succeed. Barbara Corcoran suggested a potential shift in marketing focus towards children’s gear.
Daymond John, recognizing the potential of the industry, encouraged Shinners to think big and consider deals with major players in the skiing and outdoor recreation market. However, Daymond also opted out of the deal. Robert Herjavec, impressed by Shinners’ dedication and the concept’s brilliance, expressed regret in not being able to join but ultimately decided not to invest.
In the end, despite Shinners’ persistence and appeal to Robert Herjavec, none of the Sharks offered a deal, leaving Kit Lender without a partnership. Despite this, Shinners remained optimistic about Kit Lender’s future growth and its role in promoting outdoor activities.
