What Are Goumikids?
Goumikids is a company that offers stylish, practical, and durable infant necessities. Linsey and Lili are the founders of the company. Before deciding to create their own company, Goumikids, Linsey Fuller and Lili Yeo worked for significant companies in the fashion and clothing industries.
Goumikids, a company that specializes in child and newborn clothing and accessories, sells mittens, booties, and sleepers with a two-part closure. This prevents the newborn from scratching themselves or losing body heat through their extremities by securing the things on their body. The clasp also prevents the garment from coming off by accident, allowing it to be used as a blanket.
The goods are easily machine-washable, dryer-safe, and reusable. The creators have created each product with their target clients in mind, ensuring that they are both stylish and functional.
Who Is the Founder of Goumikids?
Lindsey and Lili are the creators of Goumikids; they are from Portland and launched the business in 2012 for personal reasons. The company manufactures clothing and nursery goods with sustainability and usability in mind.
Two new mothers, Lily and Linsey, were seated at the kitchen table discussing baby-related matters. They desire apparel that is attractive, functional, and durable. They were unable to find any products that satisfied all three criteria, so they decided to make their own.
They started Goumikids in 2010 with the intention of dominating the newborn fashion industry. They developed altruism over time. A NICU nurse contacted them and requested that they put their baby gloves through their paces in an effort to prevent accidental situations in premature infants.
The gloves eliminated the problem by 84%! The March of Dimes currently provides mittens to NICUs worldwide. They have distributed over 12,500 pairs of mittens and boots to infants in need. They sell a variety of products, including booties and mittens, onesies, caps, sleepers, and gowns, among others.
Their shirts include integrated gloves, and their pants have knee reinforcements. They are pleased that their clothing is “organic, environmentally friendly, and sustainable.” The company has a well-stocked Amazon Store and sells baby apparel in thousands of mom-and-pop baby stores nationwide.
What Happened to Goumikids at Shark Tank Pitch?
In episode 17 of Season 11 of Goumikids on Shark Tank, Linsey and Lili chose to pitch their product to the Sharks in order to advance to the next level of large box distribution.
Linsey and Lili are seeking $1,000,000 for an eight percent ownership in their $12.5 million-valued company. They provide narrative and example information. They anticipated 2019 sales of $2.5 million and had lifetime sales of $5.8 million.
The Sharks are upset with the value and concerned about the price of the company. Mark, Lori, and Barbara leave as Linsey and Lilli voice their desire for a premium price for a quality product.
Daymond offers $1 million in exchange for a 30% stake in the business. Kevin provides a $1 million loan at 9% interest for 24 months, in addition to a 10% equity stake in the business.
Even though they had a loan with a cheaper interest rate that they have not used, they want a Shark, so they agree to a deal and leave the pitch.
What Happened to Goumikids After Shark Tank?
After concluding a contract with Kevin during the pitch, it never materialized. Even though this episode aired during the Covid-19 outbreak, sales climbed after its transmission. Because they conduct 90 percent of their business online, a drop in foot visitation to their physical stores has no effect on them.
Additionally, a portion of profits will be contributed to Covid-19 relief efforts. The company’s annual revenue is over $900,000 as of December 2021.
Net Worth of Goumikids:
During the pitch, the company was valued at $12.5 million; since then, sales have been strong, with annual revenue expected to exceed $900,000 in 2021. This justifies the increase in the company’s net worth.
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