'Shark Tank' contestant makes the judges dance to his tunes — but still wasn't able to get a deal
Investors on "Shark Tank" are serious about business, but that doesn't stop them from shaking a leg and enjoying themselves during a pitch. The founder of 'Lord Von Schmitt', Schuyler Ellers, made sharks groove to music and fall in love with his crocheted clothing. But he had to walk out of the Tank empty-handed as the judges didn't have faith in the business. Nevertheless, Ellers managed to give the viewers some unforgettable moments.
In the episode, Ellers entered the Tank seeking $100,000 for 10% equity in his clothing company. During his pitch, he presented the line that he created, using handmade items that he bought from thrift stores. He explained that he repurposed old fabric to make crocheted clothing that brings people back to a time when everything was groovy and simple.
He then presented all the Sharks with samples of his crocheted fashions, and the judges tried them on to perform an impromptu dance and fashion show. As Mark Cuban put on the groovy pants and shook his behind, Daymond John took off on a ramp walk. Meanwhile, Lori Greiner and Robert Herjavec danced under the umbrella.
When Sharks asked for his story, Eller shared that he is a former English teacher in Barcelona, Spain, and he took up crochet and eventually opened up an Etsy shop. Fed up with seeing only crochet blankets, he decided to bring it to clothing and launch his own brand.
Greiner then asked if Eller had a problem with producing large quantities, as the pieces were handmade. The entrepreneur explained that the clothing was made in Asia based on his designs. Coming to the numbers, he shared that a crochet parasol costs him $30 to make, and it sells for $128 on his website. Furthermore, he told the Sharks that he had done $188,000 in sales since launch.
With everything laid out, Mark Cuban made the first move to drop out of a deal. Cuban believed that the entrepreneur should treat his products as art and charge way more than the current prices. "You're still not charging enough. You don't have to sell a ton of these when they're art. You only have to sell seven," he told Ellers.
Next to drop out was Herjavec, who thought Ellers should focus more on the fashion aspect. Greiner followed the lead, with John dropping out as well, saying it was too early for him to invest. In the end, Kevin O'Leary was the last Shark left, and after a brief discussion, he too dropped out of the deal.
Despite walking out empty-handed, Ellers did great with his business. According to Shark Tank Recap, the company continued to witness growth, and the brand is still active on social media, its website and on Etsy.
More on Market Realist:
'Shark Tank' contestant turns down offers from three judges as he refused to give up 10% of his firm
'Shark Tank' contestants get two judges to invest in a berry that makes anything taste sweet
