'Shark Tank': Barbara Corcoran pulls off $100K royalty deal with Kawaii Lighting, upsets Kevin O'Leary
Kevin O'Leary was left feeling salty after Kawaii Lighting founders and Barbara Corcoran snubbed him on 'Shark Tank'
While the rivalry between Kevin O'Leary and Barbara Corcoran is a tale as old as time, the Sharks once again butted heads on the recently aired episode 22 of 'Shark Tank' Season 13. It all began when Kawaii Lighting's founders Chloe Loop and Lan Bui walked into the tank to pitch for their cute and uniquely shaped ring lights.
Though all the Sharks agreed that ring lights became a necessity post-pandemic thanks to zoom calls and video meetings, sadly they all decided to sit out on the deal except for Barbara Corcoran and Kevin O'Leary. The Kawaii Lighting's founders came in seeking an investment of $88,000 for a 22% stake in their brand. After hearing that the brand was a little over a year old, the first question that popped into Barbara's head was if Kawaii's Lighting's ring light shapes were patented. The duo explained that they didn't file for any patents as they first wanted to gauge the interest of the customers in the ring lights before going ahead with filing for patents. Barbara was thoroughly impressed with the reply and decided to make an offer. The Shark decided to take a page from her fellow Shark Kevin O'Leary's book and rolled out a royalty deal.
Barbara made an offer of investing $100K for a 22% stake and a royalty of $10 per unit sold until the $100K is paid off. Kevin chimed in and declared that Barbara's deal wasn't a good one, and tried making his offer while Barbara was still speaking. This irked Barbara to no end and she snapped at Kevin for cutting her off and not letting her finish what she wanted to say. She then continued to explain why her offer was a win-win situation for both the Kawaii Lighting's founders and her. Once she was done with her explanation, Kevin swooped in and made his infamous royalty offer with investing $88,000 for a 22% stake and a $5 royalty per unit sold until the $88,000 is paid off.
Barbara decided to one-up Kevin and brought down her royalty to $5 as well. Considering she was offering more capital, it was a no-brainer for Chloe and Lan to pick Barbara's deal. So, they chose her to be their investor and closed the deal, while Kevin sat looking upset at Barbara and the entrepreneurs.
'Shark Tank' Season 13 airs every Friday at 8/7c on ABC.
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