'Shark Tank' contestants get the judges to wear wigs before making them fight for a deal
Some pitches on "Shark Tank" lead to hilarious moments where sharks are invited to participate as well. But on one occasion, not only did sharks become a part of the fun, but they also ended up getting into a battle. Co-founders Adrienne and Stephanie chose a unique way of making the men of "Shark Tank" relate to their beauty and haircare products. They made them wear wigs and become redheads to get the appeal. In the end, they got two wig-wearing Sharks, Kevin O'Leary and Mark Cuban go head-to-head as well, before closing a $350,000 deal with the latter.
In the episode, the two sisters introduced themselves as redheads who are fierce. While they embraced their unique looks and qualities, they shared that fellow redheads typically don't. "Aside from enduring all the annoying ginger jokes growing up, there was no place to turn to for beauty advice because no one was targeting redheads. Redheads have been kicked to the curb," they claimed.
That’s why they created 'How to be a Redhead,' a beauty brand that caters to people with red hair. They shared that their offerings include eyebrow and mascara products in red hot shades to complement the fair lashes. They also made a glossy shampoo that helps to strengthen and hydrate their unique red hair.
Apart from their products, the company also focused on creating a community for redheads to empower them and instill confidence. To help with their mission, they sought a $350,000 investment for 10% of their company. Along with the samples, the two entrepreneurs presented the male Sharks with wigs as well. Cuban had a long straight hair wig while O'Leary got a big curly redhead wig. Meanwhile, Robert Herjavec looked graceful with a bob-cut wig. "Kevin you look like a 70’s rocker!" Cuban joked as he got into character.
After the fun, the Sharks got down to business, and Lori Greiner asked if any other brand offered the same shades as theirs, and the entrepreneurs claimed that they were the only brand to do so. On the other hand, O'Leary wasn't convinced that the market was big enough, as the sisters revealed only 2% of the world's population had red hair. To convince O'Leary, the sisters shared impressive sales figures.
They shared that during the year of filming, they were projecting $1.1 million in sales, and they closed the previous year with $833,000 in sales. On top of that, they were also profitable as their margins were significant. Impressed with the duo, Greiner complimented the sisters and the brand offered advice on their logo, before dropping out of the deal, saying it wasn't a good fit for her.
Herjavec followed suit, citing the same reason, and Barbara Corcoran went out as well. This left O'Leary and Cuban in a head-to-head battle as both of them looked interested. Mr Wonderful made the first offer of $350,000 for a royalty of $2.50 per order until he gets his money back.
When the entrepreneurs shared their ideas, Cuban seemed convinced and offered $350,000 for 15% equity. While O'Leary said he liked his offer better, the sisters immediately accepted Cuban's deal.
In the end, Cuban told the entrepreneurs that they were going to have a lot of fun and he was going to link them up with celebrities soon.
