The Swilt Convertible Sweatshirt
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 10, 2012
Asking For:
$30,000 for 35%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
The Swilt is a hybrid garment combining a sweatshirt with a blanket, ideal for various scenarios such as sitting on cold bleachers, traveling, or cheering at sports events.
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Background Story
Ivori Tennelle, the founder of Swilt, hails from Irvine, California. She conceived the idea for Swilt to address the discomfort experienced by soccer moms, travelers, and sports enthusiasts. Her background includes experiences with local marketplaces and flea markets, where initial sales were made. Ivori’s vision for Swilt stemmed from her desire to provide a convenient and comfortable solution for chilly environments, which led her to create a versatile garment that combines the warmth of a sweatshirt with the functionality of a blanket.
The Product
Swilt is a multi-functional garment designed for comfort and convenience. It can be worn as a regular sweatshirt or converted into a full-body blanket by unhooking and snapping it into place. The foot pocket is lined with water-resistant nylon, providing protection against damp or dirty surfaces.
Swilt is marketed towards soccer moms, travelers, and sports enthusiasts who seek comfort and warmth in various settings. It can be purchased through the company’s website, which requires optimization for better visibility, and more inventory is needed to meet potential demand. The product’s price point and distribution channels were not specified in the pitch.
How It Went
The company’s position before Shark Tank
Swilt has sold only 100 units through local marketplaces, indicating a limited market presence. The company seeks funding for website optimization and increased inventory to expand its reach. While Ivori expressed interest in pursuing retail partnerships, the company currently relies on direct sales through marketplaces and potentially its website. Profitability and financial performance metrics were not disclosed during the pitch.
The Negotiations:
Despite interest from multiple sharks, Ivori ultimately left the tank without securing a deal. The negotiation process unfolded with various sharks expressing both skepticism and interest in the Swilt. Daymond John, known for his experience in the apparel industry, was particularly targeted by the other sharks as the potential investor for Swilt due to his background with FUBU. However, despite encouragement from the other sharks, Daymond ultimately chose not to invest, citing concerns about the product’s aesthetics and market saturation.
Kevin O’Leary also raised objections, comparing the Swilt to the Snuggie, a product that had once saturated the market but had since declined in popularity. Lori Greiner, who had experience with the Snuggie through her infomercial partnerships, echoed Kevin’s sentiment, expressing doubts about the Swilt’s potential given the market saturation of similar products.
While some sharks, such as Mark Cuban, acknowledged the practicality of the Swilt, they ultimately decided not to invest due to concerns about its market viability and attractiveness as a product. Despite Ivori’s efforts to persuade the sharks of the Swilt’s potential, the negotiation ended without a deal, leaving Swilt to continue its journey without additional investment from the sharks.
