NBA star walks into ‘Shark Tank’ mid-pitch — and helps founder score $250K deal for his unique shirt brand
Danh Tran and Gary Falkenberg entered the tank with their product ButterCloth. The contestants appeared on ‘Shark Tank’ Season 10 with a big name from the world of basketball as their celebrity spokesperson. Ron Artest, also known as Metta World Peace, joined the contestants on the show as their investor. Seeking $250,000 for 10% of their company, Tran and Falkenberg presented a straightforward pitch.
It was Tran who invented ButterCloth. The contestant described it as “the shirt that makes you feel like you are wearing your favorite T-shirt but still look fully employed.” Addressing the sharks, Falkenberg added that the product is made out of “unique fabric,” which is “100% natural, sustainable long-fiber cotton.” Welcoming the big name to the tank, Falkenberg stated, “But don't take my word for it; let's bring in our long-fiber in-house scientist, Metta World Peace.” His words stunned every investor on the panel as the basketball player made a grand entrance, holding a ball in his hand. To the intrigue of everyone, the sportsperson even showcased some of his skills.
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Artest was seen dunking a ball while wearing a comfortable ButterCloth shirt. In a way, he demonstrated how flexible the product was and how easy it was to play basketball in it. According to the Shark Tank Blog, ButterCloth was being promoted via social media. The company adopted the online marketing strategy in 2017 and achieved around $500,000 in sales. Robert Herjavec then asked what the company would do with the $250,000. Falkenberg explained that two-thirds of the investment would go to additional inventory, and about a third of it would be invested in additional marketing.
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The contestants were not only seeking investment amounts but also a bit of advice. Falkenberg explained that they needed guidance on whether they should adopt in-house marketing. Thinking that they were expensive, Kevin O’Leary backed out of making any deal. Meanwhile, Mark Cuban thought that the company should spend more on marketing and not on inventory, also stating, “For those reasons, I am out.” Citing conflicts with her other similar brands she had invested in, Lori Greiner also chose not to go ahead with ButterCloth. The guest shark, Charles Barkley, felt that the company was too risky, opting out as well.
The contestants were left with Herjavec, who, fortunately, loved the online marketing strategy. The shark thought he could be helpful and offered the brand $250,000 for 25%. While Tran tried to negotiate with counteroffers, Herjavec stood firm on his deal. The company eventually shook hands with Herjavec for a 25% stake. According to Shark Tank Blog, the deal helped Butter Cloth gain more celebrity endorsements. The sale was upscaled right after they made an appearance on ‘Shark Tank.’ Within a year of their appearance, the brand launched the Robert Herjavec Collection. This was introduced in Season 11.
