RootSuit Full-body Costume
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 5, 2013
Asking For:
$100,000 for 15%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
RootSuit is a unique full-body costume designed to create an unforgettable experience, perfect for events like concerts, games, or even everyday wear.
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Background Story
Colin Grussing, hailing from New Orleans, Louisiana, drew inspiration for RootSuit from the vibrant atmosphere of his hometown. With a background in mechanical engineering from Yale, he leveraged his problem-solving skills to create an unconventional product that transforms any occasion into an extraordinary experience. RootSuit was born in 2008 and quickly gained popularity, fueled by Colin’s vision to make it a household name.
The Product
RootSuit offers wearers an unparalleled experience, allowing them to stand out in any crowd with its unique charisma. Whether at a concert, game or even the bank, RootSuit guarantees to turn heads and create memorable moments.
The costume provides limited visibility akin to other full-face costumes but offers enough clarity for wearers to navigate their surroundings comfortably. Sold primarily through e-commerce channels, RootSuit is positioned as a lifestyle brand catering to those seeking unconventional fun.
How It Went
The company’s position before Shark Tank
RootSuit saw considerable success, selling nearly 10,000 units and generating over $525,000 in revenue the previous year, with a profit of $140,000. Despite fierce competition in the costume space, RootSuit maintained its position as a pioneer, with plans to expand into retail. Currently, the company operates solely through e-commerce channels, leaving ample room for growth and strategic partnerships.
The Negotiations:
Despite RootSuit’s impressive sales figures and profitability, the negotiation process on Shark Tank proved challenging. While multiple sharks expressed interest, concerns arose regarding competition and brand recognition. Ultimately, Daymond John offered $100,000 for a 50% stake, contingent on entering retail.
However, Colin hesitated, waiting for Mark Cuban’s offer, ultimately leading to Daymond retracting his offer due to indecision. Mark Cuban, recognizing RootSuit’s potential, opted out, urging Colin to pursue his entrepreneurial journey independently. Despite the setback, RootSuit’s future remains promising, fueled by its innovative product and entrepreneurial spirit.
