Pretty Rugged appeared on season 14 of Shark Tank. It is a lifestyle brand founded by Tracy Slocum that specializes in spillproof, waterproof, and windproof outerwear and blankets made of faux fur.
The company is known to utilize SatinTex and RuggedTex technology for the production process.
Tracy Slocum entered the Shark Tank show to seek funds for her business. She asked for $200,000 in exchange for 10% equity in her company. Now let’s find out if the sharks found her products impressive or not.
Shark Tank Pretty Rugged Update
- Entrepreneurs: Tracy Slocum
- Business: Lifestyle Brand
- Ask: $200,000 for 10% equity
- Result: $200,000 for 25% equity
- Sharks: Lori Greiner and Robert Herjavec
Tracy Slocum’s presentation on the show was well-received by the sharks. She came to the show to raise $200,000 for 10% equity. She revealed to the sharks that her average margin with the brand is 80%.
The manufacturing cost of most of the products is below $50, while they sell at $200 or more. No doubt, the sharks were impressed to learn the financial figures of the business.
The previous year, the company generated over $1.1 million in sales. Since its launch in 2017, the total company sales is around $3 million. However, the business could retain only $32,000 in profits because of the high costs involved in advertising the brand.
Kevin O’Leary backed out of the deal because he was concerned about the company’s low netting compared to the high gross revenue. The second shark to leave the deal was Mark Cuban, as he believed he couldn’t add much value to the company.
On the other hand, Lori Greiner and Robert Herjavec decided to team up and offered a deal for 25% equity for $200,000. Tracy was glad to receive the offer and accepted it happily.
Pretty Rugged was founded in 2017. Tracy Slocum was inspired to make blankets that would stay dry and warm during the rainy season. She searched the market for something similar, but couldn’t find any. As a result, she decided to take things into her own hands, and that’s how Pretty Rugged was formed.
Tracy made a blanket that was rainproof, waterproof, and windproof. She took inspiration from Captain Joshua Slocum, her great-great-grandfather, and the first man to sail the world alone.
Pretty Rugged deals in outerwear and blankets. The brand relies on SatinTex and RuggedTex technology for manufacturing its products. They sell a variety of items including waterproof accessories, corporate gifts, faux fur, outerwear, boating, and much more.
Additionally, the company offers customization to customers for their outerwear products and outerwear. Interested customers can opt for this option to get their products customized with their names, wedding dates, pets, etc.
At present, Pretty Rugged products are available on their official website and Amazon marketplace.
Tracy Slocum, the woman behind the business previously worked as a salesperson in a pharmaceutical company. She completed her studies at Le Moyne College in New York. She also owned a food store in Albany.