The Fashion Industry has come a long way. Fashion is often associated with the type of dress, kind of occasion. But at the same time, people are judged terribly for their fashion sense and their physique. In today’s time, dealing with the top firms is a way to earn a turnover.
Shark Tank is an Indian Business TV show and a franchise of the American show with the same name. It is observed that before entering the store the average value and the followers in the social media increases by at least 2000-5000. The sales increase by 5-10% if there is a deal in the show.
Well, a lot of apparels and fashion brand owners think that it is easy to make it to the shark and suddenly their businesses will start blooming. A lot more is complicated than that. In fact, it is more than difficult to note down what all can be learnt from the fashion businesses. They are :
- Know the current fashion trends and also your company’s numbers (turnover, profit and loss)
- For pitching the ideas, one needs to be confident in whatever is being said.
- Before pitching, tell the journey of the company. The accurate numbers and the over-exaggerated value will backfire.
- The main agenda behind asking for a deal should be clear.
- Commitment and seriousness should be necessarily there.
While watching Shark Tank, fashion is a tremendously growing industry. Being a business owner, it is important to know the profitable and the loss . The typical questions asked are – How many sold in what period of time, cost of selling, What is your best seller?, What will the money be used for. Followed by which there will be an offer and a counter offer.
One such show based on the dealings is Shark Tank where companies can pitch about their respective businesses and also about their sales. There are a number of fashion brands that have pitched their ideas. Some managed to crack the deal while some could not crack the deal. Companies like Snitch, Angrakha, Girgit are some of the brands which made it to the Shark tank and managed to crack a huge deal.
The emergence of fashion over the past 30 years has become a craze. People want to follow the latest trends. The world has come a long way from Balloon blouse to bell bottom to denims and jeans (also fusions). Recently, some were even seen wearing bell bottoms which was a sign of the revival of bell bottoms. Now too, people can be seen following the trend everywhere.
In the fashion world, plus size clothing entered the market with the “plus size store”. Compared to the 1st season, the second season could witness more and more fashion retailers. This in a way promotes the vocal for locals. The first fashion brand to enter the Shark Tank Season 2 was -Angarakha – a female clothing brand which sells plus size clothing managed to bag a deal of 40 LAKHS FOR 10% EQUITY. Some of the brands in the clothing brand in season 1 and 2 are as follows:
SEASON 1
Heart Up My Sleeves
Heart Up My Sleeves was founded by Riya Khattar. Heart Up My Sleeves is a detachable sleeve which looks sleek and aesthetic. They also include sleeves, capes and brooches. The target audience of Heart Up My Sleeves is ladies aged between 18 and 33. The company started with a $10,000 investment with 1500 daily visitors and a monthly sales of Rs.6 to Rs.7 lakhs.
BUMMER
Bummer has its operations in India and Singapore. Bummer is a comfort wear brand which raised INR 75 Lakhs on Shark Tank season 1. Bummer is an Ahmedabad-based innerwear company. They are focussed on delivering eco-friendly, sustainable and high quality products. The company’s products are targeted at millennials and are made exclusively from micromodal fibers—the softest material—with each pair weighing less than 60 gm, added the statement.
FARDA- CUSTOMIZED STREETWEAR
Farda was started by Chahat Pahuja and Sanskar Mishra with a good knowledge of fashion. Farda fashion promotes positive vibes. Their collection includes clothes for children and teenagers. Their final deal was fixed at Rs.30 lakhs with 20% equity. Their annual sales were 70% of their budget.
Tweeinone
Tweeione is a fashion brand where the same dress can be worn in multiple ways/styles. Tweeione was founded by Niti Singhal in the year 2017 in Mumbai. The startup made Rs. 8 lakhs in 3 years. After 3 years, Tweeinone generated a revenue of Rs.45 lakhs. Tweeinone operates entirely through their website. They have their social media presence on Instagram. They have their own mobile app. The net worth of the company is Rs.4 crores. Their ask was Rs. 30 lakhs for 7.5% equity. They did not crack a deal in the Shark Tank.
URBAN MONKEY
Urban Monkey is a start-up which was started in 2014 in Mumbai. Their net worth is Rs.100 crores.They are a bootstrap company which had a sales turnover of 40% in FY 21-22 Urban Monkey is a street wear cloth brand. It is a streetwear brand for teenagers.
SEASON 2
VERY MUCH INDIAN PAITHANI SAREES,- 50 LAKHS, 3% EQUITY
Very Much Indian was founded by Slony Gambhir in 2016.They are specialized in Pure silks, cotton, cotton silks, linen, Paithani, Maheshwari, Banarasi, Kalamkari and Maheshwari.Very Much Indian is a premium saree brand that sells and produces handmade sarees through their website. They sell sarees across India, Myanmar, Malaysia, Cambodia and Thailand. Their valuation is Rs. 16.67 crore. Their final deal was fixed at Rs.50 lakhs for 10% equity
GIRGIT- CHANGING COLOR CLOTHING- 20 LAKHS FOR 10% EQUITY
Girgit was founded by Benoy Shah and Pooja Bajaj Shah. Girigit is a color changing garment store with more than 3000 products and 1800+ happy customers. Their lifetime sales is Rs.58 lakhs with a gross margin of 79%. Their store is available in Whatsapp and Instagram.The final deal was closed at Rs.20 lakhs with 20% equity with a valuation of Rs.1 crore
FLATHEADS- SHOES/APPARELS-75 LAKHS/3%EQUITY-NO DEAL
Flatheads is a shoes/apparel brand founded by Ganesh Balakrishnan and Utkarsh Biradar. Flatheads are priced between Rs.1000-Rs.5000 per pair. They sell sneakers made up of banana fibers. A revenue of Rs.5.2 crore was gained in April 2021 with a pre-valuation of Rs.28 crore from angry investors. The founder rejected the only offer which was offered. No deal was gained.
HOUSE OF CHIKANKARI- 75 LAKHS FOR 3.75% EQUITY
House of Chikankari was started by a mother-daughter duo a few years back. House of Chikankari is an e-commerce platform. The main aim is to provide the finest chikankari to its customers. There are 15000+ customers through their website. Their total sales last year was Rs.33 Cr. They also deliver in the UK, USA, Canada and Australia. The deal was finalized for 75 lakhs for 3.75% of the company’s equity
ANGRAKHA – CUSTOMIZED CLOTHING-40 LAKHS FOR 10% EQUITY
Angrakha was founded by Asasna Riamei and Vishakha Bhaskar. Angrakha is a plus-size clothing brand which makes cool, trendy and fashionable clothes. They have more than 5500 customers through social media channels. They are only available only through their website. Their sales of FY20-21 was Rs.7 lakhs. Their one source of revenue is Facebook ads. They have spent Rs.2.9 lakhs in marketing and Rs.24 lakhs in sales. A deal of Rs.40 lakhs for 20% equity was grabbed.
SAYONARA STYLE- CUSTOM MADE PETTICOATS- 1CR FOR 10% EQUITY/NO DEAL
Sayonara style is a petticoat brand which was established by Sahil Shaha from Kolkata. Sayonara is a premium and an innovative brand which aims to solve major problems of women while wearing a saree. Sayonara allows a hand-free movement. The petticoats are available in both cotton and silk. The total valuation of the company is Rs.10 crore. The sales is approximately 40% of the total sales. The company could not crack a deal.
SNITCH – MEN’S CLOTHING- ALL SHARK DEAL
Snitch was established by Siddhart Dungrawal in 2012. Snitch is a men’s clothing brand. T-shirts, denims and cohorts for men are their expertise. Their linen is completely made in India and it is a mass premium brand’s company established in 2020. Till now, more than 2000 orders have been fulfilled/. Their vision is to make the brand a global brand. Their conversion rate is 2.5-2.8%/ . Their last month’s sales was Rs.9 crores from their own website (a gross margin of 42% with 48% in marketing, 28% in shopping cost and 10% in operating with 5% of EBITA included). The company is entirely bootstrapped with a loan of Rs.4.5 crores. Snitch got an all shark deal for Rs.1.5 crores at 1.5% equity of all the companies.
CLOUD TAILORS
Cloud Tailor was founded by Rudra Praap, Sushmitha Lakkakla and Mahesh Patel. Their sales in the previous year was Rs.15 lakhs with a valuation of 10.2 crores. Cloud Tailor is a customized tailor which is done using the latest 3D technology. They were not able to get the deal as there was no offer and counter-offer made because of the company looking scattered and unorganized.
FEBRIS-FASHION
Febris Fashion was established by Dr. Vishal Bajaj and Giridhar Bajaj. Their main aim is to make the brand- a luxury brand. The clothing is made up of 5-layered premium mask anti-microbial with febrics batches and coloured hand enamel and gold metal polish.The total valuation of the company is Rs.40 crore.The sals of 2021-2022 was Rs.1.07 crore . From 2022- till now the sales were RS.70 lakhs. The net margin being 20%.Febris Fashion is a clothing brand which makes outfits for hospital staff and doctors. Till now, the company has managed to successfully deliver its outfits to 10 companies. They got a deal of Rs.1 crore for 2.5% equity of the company.
Gavin Paris
Gavin Paris was established in June 2022. It is a clothing brand which sells oversized T-shirts through online mode. The T-shirts are available for both girls and boys. Their profit percent is 19% with 60% savings. Their target audience mainly are youngsters aged between 18 and 20. The sales take place 90% of the time. The price of one t-shirt starts from Rs.650. Their dispatch time is 24 hours. They couldn’t grab a deal at the Shark Tank
Forever Modest
Forever Modest was founded by Sana Farheen. They have a good collection of scrunchies, co-ord sets and hijab collection. Their profit last year was 40.68L. Their target audience are girls and women aged between 15 and 35. The prices of their clothing collection starts from Rs.599. Forever Modest aims to become a multi-millionaire company in the future. Forever Modest cracked a deal of Rs.20 lakhs for 20% equity.
Since the Shark Tank has come into the market, the market value has increased by 3 times in both venture and private equity investments in almost all the industries in India alone in the year 2022. Before entering India, it had a value in the international market where the Shark Tank was capable of increasing the market by $11 billion to $36 billion within a span of 2 years (2021-2021/2022). The impact on fashion is quite low at a point of time but will increase once the industry gets a boost.
