'Shark Tank' Season 15: Internet defends Gatsby Chocolate's brand name amid heavy criticism from Sharks
LOS ANGELES, CALIFORNIA: Gatsby Chocolate is the newest food firm to feature on 'Shark Tank'. Despite the fact that their endeavor was successful, viewers are dissatisfied with the Sharks' acquisition given their motive behind the brand.
On the September 29, Friday's episode of 'Shark Tank,' brothers Doug Bouton and Ryan Bouton pitched Gatsby Chocolate, a low-calorie chocolate firm.
Gatsby Chocolate was founded by Doug Bouton, co-founder of Halo Top Ice Cream, and Ryan Bouton, the first employee of Halo Top Ice Cream, with the goal of rewriting the norms of the chocolate industry, just as Halo Top Ice Cream did.
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Gatsby Chocolate, according to the manufacturer, has half the calories of luxury chocolate brands like Godiva, Ghirardelli, and Lily's, as well as 80–90 percent less sugar, carbohydrates, and fat per serving.
Gatsby Chocolate presently sells four types of chocolate bars: Fudge Brownie, Sea Salt Extra Dark, Almond Dark, and Cookies & Cream.
In the tank, Doug and Ryan confronted five ravenous sharks: Mark Cuban, Kevin O'Leary, Lori Greiner, Daymond John, and special guest Shark, Candance Nelson, asking for $500,000 for 5% of the company.
Lori and Mark made Doug and Ryan an offer of $250k plus a $250k loan for 20% interest, which climbs to 30% at $10 million in sales and 40% at $50 million in sales.
Fans unhappy with Gatsby Chocolate accepting deal on 'Shark Tank' Season 15
Well, 'Shark Tank' is back with a slew of new triggers to get people talking, starting with Gatsby Chocolates.
The Guest Shark's initial remark was that the packaging was so flawed that it could only have been done by a man. Mark went on to say that his brand is too large to be the face of a product.
Kevin offered a loan instead of genuine money, and he demanded hefty interest and 12% free equity.
On Reddit, viewers wrote, "I feel like if you’ve read The Great Gatsby, the link between Jay Gatsby’s indulgence and the name is not that far off-brand. The problem is what percent of people actually remember reading it?"
Another user agreed, "I think the premise is pretty much common knowledge. Even if somebody had no idea about the connection, the name is pretty easy to remember. I know that I’m going to be looking for them."
One user further called out the Sharks saying, "Odd that they're buying into a product which they say they're going to change the name and packaging and image of. They could simply start from scratch and avoid all the costs and headaches."
While another quipped, "I thought it was funny Candice told millennials that millennials wouldn't like the low-calorie aspect. Pretty sure they would know what millennials like more than her."
One viewer also questioned, "Personally I'm not understanding why the Gatsby guys agreed. If this venture does $50 million in sales, they'll be able to sell it for at least a hundred million dollars, likely much more. But they'll be losing 40% of those hundreds of millions to Mark and Lori. And for what? $250k that this guy already has in his couch cushions."
The same viewer also added, "Would you give up $40+ million in exchange for $0.25 million? If they want a "face" they can just pay some real celebrity or influencer's day rate. Worst case, they have to offer the celebrity a few bps of equity, not half the company. This deal made no sense."
Who is 'Shark Tank' product Gatsby Chocolate's founder?
Founder and CEO Doug Bouton brought 'Gatsby Chocolate' to the Sharks, but this isn't Bouton's first time running a profitable company, nor is it his first time producing low-calorie versions of great delicacies.
The entrepreneur co-founded Halo Top, a low-calorie ice cream brand that raised its sales from $2 million in 2015 to $350 million in 2017, knocking out Ben & Jerry's and Haagen-Dazs to become the top ice cream pint in America, according to Forbes.
Doug founded Halo Top in 2012 with Justin Woolverton, whom he met at a lawyer basketball league. The lawyer-turned-entrepreneurs promptly joined forces, shared tasks, and created Halo Top, one of the first ice cream firms of its sort at the time.
Despite skyrocketing sales, outperforming industry leaders, and making lists such as Time Magazine's "25 Best Inventions of 2017," the entrepreneurs faced several hurdles; Halo Top had expanded too rapidly, and competition was entering the market.
Doug and Justin sold Halo Top to Iowa-based Blue Ribbon Classics owner Wells Enterprises in the middle of falling sales in 2018 and 2019.
Although Bouton remains the CEO of Halo Top, following the sale, he began to consider adapting the low-calorie concept to another sweet delight, and with ice cream out of the picture due to a non-compete clause, he turned his attention to another popular category: chocolate.
'Shark Tank' airs every Friday on ABC at 8 pm ET