Highlights from Shark Tank: NineteenTwenty’s Innovative Convertible Fashion
On November 8, 2024, the popular television series Shark Tank showcased a new cohort of entrepreneurs striving to secure investment from a panel of seasoned investors. Among them were Ashley Sankar, a former U.S. Army Logistics Officer, and her husband, Zach. The couple unveiled their creative venture, NineteenTwenty, often referred to as 1920: a fashion brand with a patented utility for convertible clothing. Their goal was to attract an investor who saw the potential in their unique offerings.
Introducing Innovative Convertible Clothing
NineteenTwenty specializes in multifunctional clothing, featuring jackets and skirts that can effortlessly transform into a tote bag or a pillow, catering to modern-day needs. The couple articulated their vision, positing that their products address the challenges of contemporary lifestyles by blending practicality with style.
Investment Pitch and Offers
During their pitch, Ashley and Zach sought $250,000 in exchange for a 10% equity stake, placing a valuation of $2.5 million on their company. Their demonstration captivated multiple investors, resulting in offers from Kevin O’Leary and Robert Herjavec, but ultimately, the couple settled on a deal with Robert: $250,000 for 25% equity.
“I’d rather have 70% of something than 100% of nothing. We came to make a deal,”declared Ashley, emphasizing their commitment to growth and collaboration.
Revolutionizing Fashion with Functionality
The couple’s innovative offerings included jackets capable of converting into a blanket or a tote bag with the capacity to carry items weighing up to 40 lbs. Their line-up also featured windbreakers, designed with a hood that could transform into a crossbody bag. This feature emphasized the versatility of their products, making them suitable for various settings, from farmers’ markets to gym workouts.
“Our convertible clothing adapts to your busy lifestyle instead of you needing to adapt to it,”expressed Ashley during their presentation.
Financial Overview and Market Potential
Ashley and Zach shared that they had garnered significant attention after one of their social media videos amassed over 66 million views. Since launching in December 2022, they achieved sales of $78,000 in their first year, increasing to $269,000 in 2023, which totaled $505,000 in lifetime sales. However, they indicated that they could manage no more than four product launches each year, which raised questions among the Sharks regarding their growth strategy.
“One of the biggest challenges is fully understanding accounting and managing your cash flow,”noted Mark Cuban, highlighting a critical area for any emerging business.
Shark Reactions and Final Deal
Despite the entrepreneurs’ enthusiasm, Mark Cuban and Daniel Lubetzky expressed concerns about the competitive nature of the garment industry and the couple’s grasp of their financials. Kevin O’Leary, however, remained impressed with the business model and put forth an offer of $250,000 for 30% equity. In a competitive bidding exchange, Robert Herjavec proposed $250,000 for 25%, which the couple ultimately accepted.
Catch Shark Tank Season 16
Shark Tank continues to air new episodes on Fridays at 8 PM ET on ABC, showcasing an array of innovative products and the dynamic personalities behind them.
For more details on Ashley and Zach’s journey with NineteenTwenty, visit Sportskeeda.
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