Nearly Newlywed – Online Bridal Boutique
NO DEAL
EPISODE SUMMARY
🕓 Air Date: November 16, 2012
Asking For:
$35,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Nearly Newlywed is an online boutique offering high-end, nearly new wedding dresses at affordable prices, with a unique sell-it-back guarantee.
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Background Story
Jackie Courtney, founder of Nearly Newlywed, faced challenges finding an affordable yet stylish wedding dress for her own wedding. Her experience in the fashion industry, working as a fashion publicist in New York City, inspired her to create Nearly Newlywed. She observed the trend of celebrities borrowing outfits for events and realized the potential to apply a similar concept to wedding dresses. With the aim of making dream wedding dresses accessible to modern brides, Courtney launched Nearly Newlywed from her one-bedroom apartment in Brooklyn.
The Product
Nearly Newlywed offers a wide selection of high-end wedding dresses at significantly discounted prices. Brides can browse and purchase dresses online through the company’s website. One of the key features is the sell-it-back guarantee, allowing brides to resell their dresses back to Nearly Newlywed for 50% of the purchase price after their wedding.
This unique offering provides flexibility and affordability to brides who may not want to keep their dress forever or who want to recoup some of the cost after their big day. Additionally, Nearly Newlywed has partnerships with designers, boutiques, and stylists to source inventory, ensuring a diverse selection for customers.
How It Went
The company’s position before Shark Tank
Nearly Newlywed has experienced rapid growth since its launch, tripling its inventory within a week and attracting attention from notable publications such as “The Washington Post,” “Marie Claire,” and “Mashable.” The company operates on a consignment model, acquiring inventory from brides, stylists, and designers without upfront capital investment. Sales data is promising, with four dresses sold out of the initial inventory of 30 within the first 30 days. Additionally, Nearly Newlywed is in talks to collaborate with Kleinfeld’s, a renowned bridal boutique, further enhancing its credibility and market reach.
The Negotiations:
Despite Courtney’s passionate pitch and impressive traction, the Sharks expressed concerns about the early stage of the business and the unproven model. While Kevin O’Leary made an offer of $35,000 for 40% equity, Courtney declined, citing the high equity stake and her vision for the company’s growth. Other Sharks raised objections based on personal opinions or business preferences, ultimately leading to no deal being struck. Despite the rejection, Courtney remained determined and optimistic about Nearly Newlywed’s future success in disrupting the wedding dress industry.
