SHEFIT Adjustable Sports Bras
DEAL
EPISODE SUMMARY
🕓 Air Date: January 29, 2016
Asking For:
$250,000 for 20%
Investor:
Daymond John
Deal:
$250,000 for 33.3%
PRODUCT SUMMARY
SHEFIT is the first and only fully custom adjustable sports bra, designed to provide comfort and support for women during workouts.
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Background Story
Sara Moylan, a fitness professional with four children, and her husband Bob Moylan, from Michigan, are the creators and founders of SHEFIT. Sara’s inspiration for the product came from her personal struggle to find a sports bra that offered the right fit and support during her workouts, especially during pregnancy.
Frustrated with the limited options for big-busted women, she decided to create a solution herself. With a background in fitness and Bob’s expertise in logistics and finance, they embarked on the journey of creating SHEFIT, the ultimate sports bra.
The Product
SHEFIT is a revolutionary sports bra that distinguishes itself by being the first and only fully custom adjustable sports bra on the market. The bra features a two-inch-wide bust span that eliminates issues like stretching, rolling, or discomfort.
Its design allows for over 10 inches of adjustability, empowering users to set their desired rib fit. The sports bra goes beyond typical adjustability by providing additional customization for vertical lift, addressing the common problem of bounce during workouts. The unique combination of compression and encapsulation ensures comfort and eliminates the “uniboob” look that often occurs with traditional sports bras.
Putting on SHEFIT is made easy with a zipper that allows users to wear it like a jacket, eliminating the need for contortionist maneuvers. The Moylans emphasize the comfort of the product, using wicking fabrics for a lightweight feel. SHEFIT not only provides functionality but also reduces inventory complexities for retailers by offering a versatile size range with fewer SKUs.
How It Went
The company’s position before Shark Tank
Within 18 months, SHEFIT achieved $220,000 in sales, with a recent surge of $50,000 in the last 45 days. They expanded their reach by securing partnerships with 19 retailers, adding to their e-commerce sales. The founders reveal their intention to enter the activewear space, a $15.7 billion industry, with the goal of creating a niche for customizable sports bras. Despite facing challenges in web development, SHEFIT’s success is attributed to grassroots marketing, word of mouth, and strategic use of Facebook ads.
As part of their growth plan, the $250,000 investment sought on Shark Tank is primarily earmarked for inventory funding, aiming to shorten lead times and enhance supplier reliability. Sara Moylan, the face of SHEFIT, plans to transition to working full-time for the company within 90 days, leveraging the freedom earned from their successful day jobs. The product’s attractive margins, with a cost of $14.50 and a selling price of $58.99, contribute to SHEFIT’s financial viability.
The Negotiations:
Lori Greiner and Robert Herjavec express concerns about the thickness of the bra, and Lori questions the need for a new category. However, the founders defend SHEFIT’s unique selling points, emphasizing the customizable aspects and reduction in SKUs. The negotiation starts with Daymond John expressing interest in a deal but proposing a higher equity stake of 33.33% for the $250,000 investment.
The founders, appreciating the value Daymond brings to the table, accept the offer decisively, resulting in a quick and enthusiastic deal. Daymond’s offer aligns with the founders’ expectations, and they eagerly accept, citing their prior knowledge of their maximum acceptable deal terms and their desire to work with Daymond specifically. The negotiation concludes with excitement and a hug, marking a successful partnership between SHEFIT and Daymond John.
