'Shark Tank': Why Mark Cuban made an $80,000 deal for something called the Shower Toga via CNBCMakeIt
A product that Kevin O'Leary deemed"a garbage bag with a string on it" scored an $80,000 deal with Mark Cuban and guest judge and Drybar founder Alli Webb on Sunday's episode of"Shark Tank."
The idea for the Shower Toga stemmed from Peterson and her family's participation in obstacle races and mud runs. After the competitions, they were always left dirty and muddy, with no privacy to shower off and change into clean clothes. Peterson told the Sharks Shower Toga can also be used by people like surfers, hikers and music festival attendees.No, Peterson said."That's like saying a balloon is the same thing as a condom.
The other judges were intrigued, however. Shower Toga had good margins, had done $80,000 in sales and had attracted interest from a range of people, including caretakers for the elderly and race car drivers. When asked by guest judge Webb what the business means to her personally, Peterson got emotional.
Cuban and Webb are sold — although they note the name of the product needs to change to convey more clearly what it actually is, they said. Peterson was seeking $80,000 for a 33 percent stake in her company, but Cuban and Webb offered a joint deal of $80,000 for 40 percent. Peterson accepted.
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