'Shark Tank' Season 14: Why did KENT Underwear founders pick Daymond John over Robert Herjavec's $200K deal?
LOS ANGELES, CALIFORNIA: What if you were told that you can turn your old underwear into pretty flowers? Did that pique your interest yet? Well, you wouldn't be alone for this pitch managed to spark an intense bidding war amongst four Sharks on the premiere episode of 'Shark Tank' Season 14. Stacy and Jeff Grace walked into the tank all geared to pitch for their plant-based, compostable underwear!
The duo came in seeking $200,000 in exchange for a 5% equity stake in their company which has a valuation of $4 million. As expected, the Sharks were almost immediately put off by the high valuation and low equity stake. but the branding and the concept behind this unique compostable underwear clubbed with the founders' ambitious plans of expanding into men's underwear line, and t-shirts line prompted the Sharks to take the bait.
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The first Shark to make an offer was Barbara Corcoran, who offered to invest $200K but for a 20% equity instead. After Robert Herjavec learned from the audience poll that they replaced their underwear every year, he jumped in with an offer of a 15% equity stake for a $200K investment. Soon, Lori Greiner and Daymond John followed Robert's lead and made the same offer. Despite having three same offers, Stacy and Jeff decided to close the deal with Daymond, who was the last Shark to make an offer. So why did KENT founders pick Daymond over Robert and even Lori?
After hearing all the offers from the Sharks, Stacy and Jeff decided to pick Daymond as their Shark. When Robert heard their decision he was surprised and questioned the duo on their choice. They replied with an explanation of how they always wanted to work with Daymond, who they considered the "fashion king". But Robert wasn't willing to back down, he pointed out how though Daymond may be considered the fashion king, in reality, he had more fashion brands in his portfolio than Daymond. Unfortunately for Robert, his arguments fell on deaf ears as the KENT founders had already made up their minds about walking away with Daymond's deal.
'Shark Tank' Season 14 airs every Friday at 8/7c on ABC. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. You can also watch old seasons and episodes on Amazon Prime Video and iTunes.