Sauna and fitness suit, the concept seems quite alien to some people, doesn’t it? Well, that’s the main ideology behind Shred Skinz, a company that came on Shark Tank’s 14th Season.
Founded by Kalaii Griffin II, the main objective behind the company was to produce sauna suits that are specific to the fitness and workout regime. During the pitch, Kalaii asked for a $60,000 investment for 20% equity.
Whether or not Shred Skinz secured a good deal and how the company is doing now is something we have penciled down for you in this article.
Shark Tank Shred Skinz Update
- Entrepreneur – Kalaii Griffin II
- Business – Sauna suits for workout and fitness
- Ask – $60,000 for 20% equity
- Result – $60,000 for 20% equity
- Sharks – Mark Cuban
Sometimes, Shark Tank witnesses an array of products that are so unique that Sharks compete to snag a good deal in the company. Shred Skinz did incite a sense of curiosity in the minds of the Sharks, who were considering making an offer.
With how unique the product and the business idea were in general, it isn’t surprising that most of the Sharks had one question in mind, “Will it sell well to the public?” This is where the Sharks urged Kalaii to share more financial specifics regarding the company.
Kalaii explained that the company has been in operation for the past three years and has made roughly $250,000 in revenue to date, which did impress the sharks quite a lot.
After listening to the financial projections as estimated by the company, the first two sharks that dropped out were Kevin O’Leary and Lori Greiner. Both of them didn’t believe in being able to make their money back in the future. Lori even highlighted that she wouldn’t be able to contribute anything towards the company’s growth.
Following that, two Sharks made counteroffers. It was Daniel Lubetzky who made the first offer, agreeing to pay $60,000 for 20%. Mark Cuban didn’t waste any time and offered the same.
Since the amount and equity stated by both the Sharks aligned with what Kalaii was asking, it left him in a state of confusion. After thinking for quite some time, Kalaii decided to accept Mark Cuban’s deal.
After the Shark Tank episode, Shred Skinz was exposed to a global audience, which helped in growing the customer base of the brand and brought in an impressive amount of sales. The company’s projections of making over $250,000 in 2022 were easily made possible after it aired on Shark Tank.
How Mark Cuban is fitting and integrating himself into the business remains a mystery. We have received the confirmation that the deal with Mark went through, which means that he owns 20% of the company now.
You can find Shred Skinz products on their official website. There are no updates as to whether or not they are planning to expand their business or not. But, the good news among all of this is that the company is operational and thriving.