Stakt bags $100K deal for their $86 foldable yoga mat, 'Shark Tank' fans say TJX sells them for $20
LOS ANGELES, CALIFORNIA: The 'Shark Tnak' fans can be equally if not more, tough critics of the pitches featured on the ABC show. While Lori Greiner was head-over-heels after listening to Stakt pitch, featuring a $86 foldable yoga mat, fans didn't share the same feeling.
Stakt founders Millie Blumka and Taylor Borenstein stepped into the tank seeking $100,000 for a 10% equity stake in their foldable yoga mat brand. The duo explained how traditional yoga mats may not be suitable for several workout forms, unlike Stakt which can easily be adapted for various workout styles such as sculpt, pilates, cardio, etc, while also providing adequate joint support and transforming into a block. Mark Cuban, Kevin O'Leary, Daymond John, and even guest Shark Kendra Scott backed out from making a deal citing various reasons ranging from lack of knowledge about the fitness sector to finding no need for the product itself. But the mat's quality and utility caught the eye of Lori Greiner, who decided to make an offer.
Lori initially made a royalty offer seeking 15% equity stake in the brand and also a return of $1 per unit sold until the $100K she invested is paid off. The Stakt founders were understandably unhappy with the royalty clause and tried negotiating with Lori. But eventually they closed the deal on Lori's offer but brought down the royalty to 75 cents instead of. a dollar. Though Millie, Taylor, and Lori seemed very happy about closing the deal, fans however were unimpressed.
Several fans questioned the hefty $86 price tag of the mats, while others wondered if there was more to the story after watching how the duo haggled with Lori over a dollar royalty. A fan tweeted, "#SharkTank $86 for a MAT?!? Target has a folding one for $19 & Walmart has one for $35. Not to mention the COUNTLESS extra foamy ones at TJX stores for $20 - seriously these sharks are SO out of touch with average consumer." "They already sell these type of mats everywhere. Aldi has some right now for like $20. They also didn’t answer the question. I’m out. #SharkTank," wrote a fan. "Foldable matts ? Just not seeing it being a hige market #SharkTank," pointed out a fan. Another fan commented on Reddit with, "You can find foldable yoga mats all over Amazon, but these basic b****** wanna charge other basic b****** almost $100 for this one." "
#SharkTank $86 for a MAT?!? Target has a folding one for $19 & Walmart has one for $35. Not to mention the COUNTLESS extra foamy ones at TJX stores for $20 - seriously these sharks are SO out of touch with average consumer. pic.twitter.com/brH24NUafv— sammy odice (@SammyOdis) October 8, 2022
They already sell these type of mats everywhere. Aldi has some right now for like $20. They also didn’t answer the question. I’m out. #SharkTank— Kari M (@MissKari24) October 8, 2022
Foldable matts ? Just not seeing it being a hige market #SharkTank— Phil Brady, Work Space Wellness Designer (@ergogym) October 8, 2022
"Pretty solid product. The odd back and forth over the royalty with those $50+ margins is a bit interesting. Makes me think there's something else going on," wondered a fan. "It did seem quite suspicious. They definitely have a lot of competition out there that they glanced over. It won’t surprise me at all if this deal does not close," added a fan. "The way this deal ended convinced me it’s not going through. Haggling over 1$ vs 75cent royalty the financial girl didn’t look happy," seconded a fan.
Guess we will have to wait for 'Shark Tank' update to see how things pan out for Stakt after leaving the tank.
'Shark Tank' Season 14 airs every Friday at 8/7c on ABC.
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