'Shark Tank' contestant brings a shirtless model to promote her business — and it doesn't end well
From celebrity endorsements to dance troupes on the set, entrepreneurs on “Shark Tank” employ a number of tactics to make their pitches more eye-catching. But even that doesn't guarantee a good deal, because the sharks are shrewd negotiators and have their eyes on the numbers even if a product impresses them. Aliyah Marandiz was one such founder who had to go home empty-handed, despite bringing a shirtless model on the show. She was seeking $500,000 for just a 5% stake in her business, Sugardoh, which sold an at-home body hair removal kit, as an alternative to waxing.
To demonstrate the product, Marandiz asked guest shark Kendra Scott to come up to the stage and remove the hair from a topless male model’s chest. Scott seemed excited at the prospect and enjoyed the experience. Mark Cuban, who was simply watching the whole thing go down, said that it was satisfying. The product worked well, but hair removal is something that has seen innovations for centuries.
Kevin O’Leary found it tough to wrap his head around it, but he was interested in learning about Marandiz’s sales. The entrepreneur said that she’d made $50,000 in her first year, $2.6 million in the second after going viral on TikTok, and $5.6 million the year prior to the taping. The growth was astronomical, but too much of anything can cause problems, even growth.
But it turns out that Sugardoh had a whopping $1.5 million in debt with an interest rate of more than 20%. As a result, the Marandiz did not make any profit from her humongous sales. This put off every single shark. The entrepreneur also said that they had lost more than $400,000, which added to their debt. The company had no cash, which was the reason why Marandiz was on the show and a ton of inventory. This was definitely not good news. Mark Cuban was the first to say no to a deal, as he did not have a clear idea about the product or the industry, and Mr. Wonderful followed suit as well.
He had already felt that the entrepreneur was asking for a massive valuation, and the whole debt factor killed any interest that he might have had due to the company’s fantastic sales. Daymond John simply did not believe that he’d be able to make his money back and said no. Guest shark Scott, who took part in the demonstration, also said no as she did not feel it was her type of business.
Lori Greiner did not talk about Marandiz’s debt, but believed that the market for such products was highly competitive. So if the business isn’t profitable, it’s doubtful how long they’d be able to survive. Therefore, she too decided against offering a deal to the entrepreneur.
More on Shark Tank:
Bodybuilder takes off his shirt during 'Shark Tank' pitch and the judges didn't seem to mind it
'Shark Tank' offers a 6-figure deal to entrepreneur who came up with a special underwear for men
'Shark Tank' offers a life-changing deal to entrepreneur who cut her hair boldly on live TV
