Manscaped Shark Tank Update 2022: What Happened to Grooming Kit After $500k Shark Tank Deal?

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manscaped shark tank update

What Exactly Is Manscaped?

Manscaped is a men’s grooming business in San Diego, California. It manufactures and distributes male grooming equipment and hygiene items under the Manscaped brand. Paul Tran founded it in 2016 after noticing a need in the market for a men’s hygiene product.

With the addition of co-founder Steve King to the group, the men set out to fill that hole by launching the world’s first specialized male grooming and hygiene brand into the manscape industry.

Manscaped was launched in 2016 by Paul Tran, the company’s founder, and CEO, with the purpose of delivering male grooming products that focus on pubic hair removal. The company’s branding is based on the word manscaping, a long-standing neologism that is defined by Merriam-Webster.

It has also established a brand by utilizing the shock factor in addressing male hygiene taboos, as well as pun-based comedy and paid celebrity appearances.

Manscaped Quick Facts:

Name

Manscaped

Company Net Worth:

$700 Million (Approximation)

Pitch:

Below the Waist Grooming for Men

Entrepreneur:

Paul Tran

Asked For:

$500,000 for 7% equity

Deal:

$500, 000 for 25% equity (Deal fell through)

Shark:

Mark Cuban & Lori Greiner

Who Is the Founder of Manscaped?

Paul Tran.

How did Manscaped do at the Shark Tank Pitch?

On October 28th, 2018, Manscaped was featured on ABC’s “Shark Tank” season 10 episode 4, represented by Tran’s business partner and co-founder Steve King and their son Josh King, who sought $500,000 for a 7% investment. This equates to a $7.1 million price tag.

The Sharks laugh as they deliver their pitch and describe their story. When they’re finished, they hand out samples. 73 percent of males’ manscape, according to reports. They made $1.7 million in 2017 and lost $133,000, but they’ve made $2.8 million so far this year, illustrating the Sharks’ impressive development.

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It costs $12 to create the kit and $51 to sell it. Because client acquisition costs $16, they’re investing all of their earnings in paid ads. For every dollar they spend, they get $2.50 back.

O’Leary was also unhappy with the company’s poor profit margins and high ($16) client acquisition costs. He wasn’t with us anymore. Manscaped isn’t Charles’ cup of tea, so he’s out. Robert has landscaped the property and is asking $500,000 for a portion of it.

Lori likes it, so Mark offers to go with her, only to watch her sell it on QVC. They’re giving $500,000 in return for a quarter-share of the company. Because Cuban and Greiner’s offers were greater, Robert rescinded his offer. Josh answers with a 20% offer, which Mark turns down. The offer is accepted.

Manscaped after the Shark Tank Pitch:

The deal between Mark and Lori was never finished. They sponsor both the San Francisco 49ers and UFC fights. In late 2020, the corporation is rumored to be looking at further funding options.

At the time, investors included Kaktus Capital, Longley Capital, Rx3 Venture Partners, and Scala Ventures. The NFL’s Rob Gronkowski and US sportswear supermodel Camille Kostek both appeared in a major marketing campaign for the brand around the same time.

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According to Bloomberg, they had $100 million in annual revenues as of 2021 and were looking to be bought by undisclosed sources. In July 2021, Manscaped was discovered to be in discussions with Bright Lights, a blank-check corporation located in Los Angeles, to establish a merged entity worth up to $1.4 billion.

Bright Lights, managed by former Dick Clark Productions CEO Michael Mahan, went public on the Nasdaq stock market in January 2021 for $230 million with the intention of identifying a merger target in the consumer products or media sectors.

manscaped shark tank update

Manscaped Net Worth:

As of 2022, the Manscaped Company’s net worth is estimated to be above $700 million. Manscaped has done incredibly well in the business sector despite not having a formal agreement with a Shark:

They’ve not only sold millions of goods, but they’ve also managed to get many investments from business moguls who recognized the product as a big moneymaker. Partnerships with the NFL, UFC, and other sports organizations are among these investments. These collaborations have enabled the corporation to forecast values of over $700 million.

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