Sugardoh's ‘Shark Tank’ dreams sink as owner's huge problem deters investors
LOS ANGELES, CALIFORNIA: On Friday's episode of 'Shark Tank' Season 16 which aired on November 1, 2024, budding entrepreneur Aliyah Marandiz presented her at-home body hair removal kits, Sugardoh, to a panel of Sharks that included Mark Cuban, Lori Greiner, Kevin O'Leary, Daymond John, and Kendra Scott. During her appearance on the ABC business program, Aliyah shed light on the remarkable journey of her company, which offers unique hair removal products. She revealed that her company's sales skyrocketed from a modest $50k to a jaw-dropping $5.6 million over the last four years.
However, the main question was whether Sugardoh could carry on and keep its momentum and continue to thrive in the market. Ultimately, sustainability is a crucial factor for any business's long-term success. For those who may not be aware, Aliyah, the sole founder of Sugardoh, has taken on a debt that amounts to a whopping $1.5 million. After learning more details about the financial situation of the company, the Sharks were hesitant to invest in Sugardoh.
Sugardoh spends $330k annually on interest
In addition to the debt, Sugardoh founder Aliyah Marandiz also pays an annual interest of a staggering $330,000, which represents 22% of the total debt. Both the debt and the high-interest obligations have been significant concerns for Aliyah as she navigates the challenges of the business world.
While appearing on 'Shark Tank' Season 16 Episode 3, Aliyah was seeking $500k for a 5 percent. Sugardoh may have an impressive sales story but its existing debut and annual interest obligations raised various concerns among the Sharks. Ultimately, none of the Sharks chose to invest in Sugardoh due to its financial circumstances.
Sugardoh having to pay $330,000 in interest (22% of $1,500,000) per year hurts. #SharkTank
— Ryan Bartholomee (@RyanBartholomee) November 2, 2024
Where is Sugardoh now?
After her appearance on Episode 3 of 'Shark Tank' Season 16, Aliyah Marandiz took to Sugardoh's official Instagram page and reflected on the entire journey of the company which currently boasts over 63k followers on Instagram. "Hello if you are new here it is probably cause you found us on Shark Tank. My name is Aliyah Marandiz I wanna personally welcome you to Sugardoh we are making hairy people happy with our at-home sugaring kits as one of the most sustainable hair removal options out there," she said.
Aliyah further added, "We're on a mission to be as available as Nair. It's been a crazy four years we've been through supply chain issues with the pandemic. Had to learn all about manufacturing with the hot sticky sugaring paste. I've had to navigate through my social anxiety as an entrepreneur." "I've had two kids and all of this but what has kept us going is our community. Our people are hairy people. So if you wanna join us in this cozy hairy corner of the internet. Please come in," she concluded by saying.
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'Shark Tank' Season 16 airs on Fridays on ABC at 8 PM ET. For those who miss the episode, it will be available on demand the following day and on Hulu. Additionally, viewers can explore past seasons and episodes on Amazon Prime Video and iTunes.
