What Are Elephant Pants?
In Northern Thailand, both tourists and locals frequently dress in elephant pants. The trouser has an elephant print and is loose and comfortable. Harem pants and hippie pants are other names for elephant pants.
Friends In 2014, James Brooks and Nathan Coleman traveled to Thailand. During their journey, Coleman made use of the local clothing stores in the area, many of which sold items honoring elephants.
Giving several pairs of elephant-print pants made in the tourist destination of Chiang Mai and receiving positive feedback gave rise to the concept for the business.
Who Founded Elephant Pants?
The creators of Elephant Pants are James Brooks and Nathan Coleman.
What happens to Elephant Pants at the Shark Tank Pitch?
They successfully raised $8,426 through a modest yet effective Kickstarter campaign to launch their business. The pants are one size fits all and cost $24.95. All of their designs are offered on Amazon, in numerous yoga studios, and in a variety of local boutiques across the nation.
They started off with six distinct styles of trousers, but have now expanded to include other items like fleece-lined pants, yoga pants, shorts, and shirts. The African Wildlife Foundation’s Say No campaign, which spreads awareness about the origins of ivory in nations with significant demand, receives one dollar from each sale.
The program seeks to lower the demand for ivory through education. To date, they have given the campaign more than $127,000. James and Nathan enter the room carrying a huge paper-mache elephant and demand $500,000 for 10% of their company, which they value at $5 million.
They attempt to persuade the Sharks that this is their line of work while the elephant is clothed in pants. They come upfront and disclose both the real product and their approach to saving elephants.
The sharks receive samples from them. While Kevin admits that he owns more than 40 pairs of comparable pants, Nathan asserts that their primary target market is females between the ages of 18 and 24.
Daymond thinks they’re disgusting, but the Sharks are all delighted when Nathan claims they’ve made $7 million in sales in just two years. The guys say they conduct numerous targeted Facebook campaigns when Mark asks about client acquisition.
Last month, they spent $75,000 on Facebook, which led to sales of $434,000 instead. The lads responded to Daymond by saying they require the $500,000 for additional promotion. Robert congratulates them but declines to use the product, making him the first Shark to go.
Mark is particularly frustrated by how heavily they rely on Facebook marketing. Two options are presented by Kevin: a $500,000 line of credit for 5% ownership or a $500,000 line of credit for 20% ownership. Kevin offers Lori $500,000 for a line of credit with 10% equity since she wants to partner with another Shark.
Daymond asserts that he is not dependent on Kevin or Lori. He offers $17.5 percent for $50000. 12% of the boys respond, but Daymond remains unconvinced. Daymond is in conversation as Lori and Kevin depart. In the end, they settle on a $500,000 deal for 15 plus 2.5 percent advising shares.
Elephant Pants After the Shark Tank Pitch:
Elephant Pants made a lot of money and donated $30,000 to temporarily aid in the rescue of elephants. As of February 2019, there is no longer any activity on the corporate website. In December 2018, the most recent Facebook post was made. Additionally, their products are no longer available on Amazon.
It seems that the agreement with Daymond was never finalized. TheElephantPants.com shut down at the end of 2018, according to an email from Joe @ Harem Pants in July 2021. They offered their business to a Chinese vendor.
Elephant Pants Net Worth:
James and Nathan enter the room and want $500,000 for 10% of their business, putting a $5 million valuation on it. Nathan Coleman and James Brook received a $500,000 offer from Daymond John for 15% plus 2.5% in advisory shares. The company is now valued at $3.3 million as a result.
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