- The Basics Corporation: Hold on to your haunches
- Erin Bickley and Jenny Greer are the owners.
- Shapewear for ladies is a product.
- Price: $75,000 for a 20% stock stake.
- Final Offer: $75,000 with a line of credit for 40% ownership.
- Barbara Corcoran and Lori Greiner are two sharks that took the bait.
Before you enter the Shark Tank, keep your hunches up
Season/Episode: Episode 23 of Season 5
The “head haunches” of Hold Your Haunches, a women’s shapewear garment brand, are Erin Bickley and Jenny Greer. They’re two daring Southern belles from Macon, Georgia, and their inventive product reflects their entrepreneurial attitude. “We’re as tough as a peach pit when it comes to business.”
Both of the women are moms with three children. They’ve observed that their reflections have altered with time, especially when it comes to their legs and derriere. They started to Hold Your Haunches to create their own shapewear brand, which is form-fitting, slimming, and flattering.
“We’re on the verge of something big, but the business we’re in demands a lot of money and knowledge just to get to the doors, much alone open them.” To break into the business and make it large, they need the Sharks’ support. “We’ve poured our blood, sweat, and tears into this, and we’ll be sad if we don’t receive a contract from the sharks.”
On Shark Tank, Keep Your Haunches Up: A Quick Recap
Erin and Jenny present their clothing line, which consists of fashionable leggings with a built-in shapewear liner. It’s a one-of-a-kind cream that provides soothing and slimming help for people of all ages. It’s appropriate for every occasion, from the carpool lane to a cocktail party.
The two charmingly describe how, despite their best attempts at diet and exercise, they’ve been unable to prevent their behinds from drooping beyond their underpants line as they’ve gotten older, resulting in the “two-butt effect.” They couldn’t locate a legging in shops that incorporated shapewear. “We made our ideal pants since we couldn’t find it anyplace else on the planet.”
The before and after photo impresses the sharks. Jenny gives over fabric samples, and the sharks admit they’ve never felt a shaper fabric like this before.
Kevin is the one who has decided to start raining on their parade.
“Women of a particular age with a Rubenesque body, to provide an example.” Assume they utilize your service. “They meet a single man who views them in a specific light,” Kevin continues, as Barb and Lori moan. “However, on the third date, it’s time…and they learn the terrible reality. This is deceptive marketing. There should also be legal action.”
Robert is also curious as to who will wear their shapewear if the cloth is too thick and hot. “It’s very hot.”
Lori steps in to defend the competitor. “All I have to do now is educate my fellow male sharks here since I believe Barbara already knows: ladies adore shapers,” says the narrator. Yes, they do. If they have muffin tops, unappealing thighs, or whatever it is.”
Calculating the Facts
Before the women can even talk about financial matters, Mark, Robert, and Kevin bail out, but Lori finally gets around to asking about figures.
- Cost of production: $18 per pair in Asia; $30 in the United States.
- $69 at wholesale
- $139 retail price
- 87 percent profit margin
- Profits from the previous year: $50,000, which were completely reinvested in the company.
- Since 2010, total sales have totaled $280,000.
- $165,000 in yearly sales
The profit margins excite the males, and it’s comforting to know that their inherent misogyny forced them out of the bidding before they ever heard the statistics. (It’s about time, Kevin!)
Mark leaps in to add that although he realizes that “every push requires a tush,” this isn’t his area of expertise, and he’ll be out. (It seems that this episode’s stats part will be skipped altogether — no sales breakdown? Is there no mention of profit margins? The sharks must be worn out.)
Robert is the next to go, claiming that he can’t see anybody using it since it’s so heavy and thick. “Which only goes to prove, I’m clueless.”
“Why is it that every time we have a female-oriented product on our program, you men run out immediately away?” Barbara asks, pointing out sexism.
Kevin, on the other hand, denies being a sexist and says that he “knows a lot about shapewear,” but claims that his issue with the product is that it is “false advertising.”
Lori and Barb Shark are a godsend, should the whole program implode in the chauvinist conflagration. Lori and Barb rescue the day with a terrific offer that both fierce Southern mothers are pleased to accept once the males drop out like a simpering pack of gutless weasels.
Final Offer: $75,000 plus a line of credit for a total equity of 40%.
After Shark Tank, sit on your haunches
Erin and Jenny’s company is growing so well that they were awarded the Georgia Grown award, one of Georgia’s most distinguished business distinctions, in 2016.
The caustic Southern combo was featured in a Where Are They Now? the piece on Shark Tank, where it seemed that the company was thriving and sales were better than ever. They, like other firms, had a large increase in sales after their debut on Shark Tank.
The whole Hold Your Haunches shapewear collection is now available on the brand’s website, Amazon, and a variety of smaller stores.
Disclaimer: This material is for informative purposes only; Royal Pitch is not linked with Hold Your Haunches Shapewear, Shark Tank, or any of its subsidiaries.
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