Nicepipes, a company for yoga-inspired apparel, was featured on Shark Tank in 2016. The founder of the business, Lisa Binderow, claimed that her company was worth $1 million at the time, just two years after starting to sell leg and arm warmers.
Although the investors on the panel in the Shank Tank episode had a variety of opinions on the product and business concept, they all agreed that Binderow’s $1 million valuation was overly ambitious. Having sold only $80,000 worth of workout apparel at the time, they didn’t think that the company as worth $1 million. Is Nicepipes still in business and how much is it worth now?
Nicepipes Shark Tank appearance
ABC first started airing Shark Tank in 2009. In a style modeled after the Japanese "Dragons’ Den" format from the Nippon Television Network Corporation, a panel of wealthy investor judges sits through televised pitches from entrepreneurs looking to grow their businesses.
There are several regularly-featured Sharks who invest their own capital in these businesses in exchange for a percentage or stake in the company. Some longtime Sharks include Dallas Mavericks’ owner Mark Cuban, QVC maven Lori Greiner, Kevin O’Leary, Barbara Corcoran, and Daymond John.
Binderow scored an appearance on the unscripted series Shark Tank in hopes of growing her yoga apparel business. According to the Shark Tank blog, she had been employed by a national yoga studio chain, Yoga Works, and would often have to run to the studio in chilly weather.
In order to solve the problem of getting cold en route to the yoga studio, she fashioned leg and arm warmers out of a similar yoga pant material and Nicepipes was born. At the time of the Shark Tank appearance, Binderow had been selling her products on Amazon with some success.
Binderow spoke on the show about selling her products for $32–$46 while making them at a cost of $7.50–$10 apiece. Her goal on the Shark Tank appearance was a $100,000 investment for a 10 percent stake in the company, giving Nicepipes a purported $1 million valuation.
Sharks Robert Herjavec and Cuban were skeptical of Binderow’s valuation estimate since she had only sold $80,000 worth of product at that point. Due to other concerns, most of the Sharks on the program chose not to make an offer to Binderow for Nicepipes.
The sole investment offer Nicepipes received was from Corcoran, who offered her $100,000, but for a 40 percent stake and a requirement to partner with Grace and Lace. Binderow countered with a 25 percent stake, which Corcoran declined. Binderow ended up leaving without taking a Shark Tank deal.
Nicepipes business after Shark Tank
The Shark Tank blog reports that Nicepipes was still in business with Binderow as the CEO as of May 2021. The company was bringing in a reported $4 million in revenue annually at that time.
Nicepipes products are available to consumers on Amazon as well as on the firm’s own retail website, nicepipesapparel.com. The products are all U.S.-made, sweat-wicking, and made with UP 50+ SPF.