Credit: Forbes
Highlights
- Barbara Corcoran has been a part of Shark Tank since its debut season.
- Her preferred areas of investment include food, lifestyle, and fashion.
- To date, she has made countless deals, which collectively amount to $5 million.
The ‘Shark Tank Barbara Corcoran’ journey has been a rollercoaster of intense debates and passionate negotiations with fellow judges and entrepreneurs. Though she joined the hit show in its debut season, she has invested in the least number of businesses to date.
Does this mean she’s hesitant to take risks? Well, you may say so. But what’s noteworthy is that her chosen businesses have gone on to become hugely successful. Be it Cousins Maine Lobster or Grace and Lace, the returns she’s acquired signify her nose for potential companies.
Each of these investments highlights the classic Shark Tank Barbara Corcoran quality, i.e., choosing quality over quantity. But here, we will not focus on all her investments.
Below is a detailed summary of her biggest Shark Tank win, i.e., The Comfy.
The Pitch
The entrepreneur duo of Brian and Michael Speciale made their way to the panelists pitching their venture titled ‘The Comfy.’ Having appeared in the ‘Holiday Special’ segment, their product was exceptionally curated for the theme.
The Comfy was a sweater cum blanket that was oversized and hooded so as to offer the perfect snuggly feel in the cold winter season. This reversible clothing item was better than a blanket because it allowed the body heat to stay trapped within the hoodie.
The entrepreneurs approached the judges seeking $50K for 20% equity in their company. To grab the attention of the Sharks, they started their pitch, singing a promotional song for The Comfy. Further, they handed in the samples to the investors, who wore the oversized sweatshirt and chuckled throughout the pitch.
The idea for this perfect lounging clothing accessory was a brainchild of Michael when he saw his nephew wearing a huge sweatshirt and chilling on a couch. The Speciale brothers further revealed that although the product had not reached the production stage, they were ready with a prototype.
Furthermore, they did start a Kickstarter campaign but dropped the idea due to a lack of preparation.
The Negotiations
While the Sharks enjoyed the entertaining pitch, their excitement disappeared on hearing that the company had made zero sales till then. Additionally, they felt a striking similarity with ‘Snuggy,’ an infomercial product that had an uncanny resemblance to The Comfy.
But the entrepreneurs negated any such statements saying the plush material along with the pocket set their products apart.
Despite this, Lori opted out of the deal, stating that she was already in touch with the owners of Snuggy. Mark felt they were still not ready; he was out of the agreement as well.
Knowing the high demand for Snuggy, which had already sold more than 20 million products, Robert proposed a deal at $50K for 50% equity. Barbara was next in line and proposed an investment at $50K for 30% equity.
The Final Deal
Finding Barbara’s offer somewhat reasonable, Michael made a counteroffer at 25% equity. But Barbara didn’t budge.
The only Shark left was Kevin, who chose to step out of the deal.
After an intense round of further discussions, the entrepreneur duo decided to go ahead with the offer by Barbara at $50K for 30% equity.
Success Post Shark Tank
Witnessing the ‘Shark Tank effect,’ The Comfy managed to sell their entire inventory within just 24 hours. Barbara’s help further escalated their growth; they sold throughout the summer. They even tried their luck on QVC and saw positive results.
Further, in 2018, their products found a prominent presence on Amazon, Bed Bath & Beyond, Costco, The Paper Store, Zappos, and Kohl. After this phenomenal success, The Comfy received a mention in the ‘Shark Tank Update’ segment. It was then revealed that the company had made $20 million in sales in 2018.
Going ahead in 2019, USA Today stated with lifetime sales of $150 million, The Comfy had risen as the fifth largest business in the show’s history.
The massive success of The Comfy can further be ascertained from the fact that in 2020, it was listed as the ‘Greatest of All Time Special’ on the show.
They kept on enjoying the success ride by securing licensing deals with Disney and Marvel. Additionally, they made the most out of the pandemic situation by presenting The Comfy as an ideal work-from-home costume.
The Latest Update
The company kept earning the love of its customers and made about $15 million in annual sales by 2022. Barbara Corcoran herself claimed that the company’s lifetime sales by September 2022 were more than $400K.
Additionally, it was included in the Top 15 Shark Tank Businesses list in October 2023. Having earned $550 million in lifetime sales, the Comfy was placed at number 6.
In 2023, it further made a partnership deal with Tower 18 Beauty to create and sell a co-branded form of Comfy. The same year, it encashed on the Holiday Season by finding a place in Kohl, Target, Macy’s, Al’s Sporting Goods, Fred Meyer, The Paper Store, Sportsman Ski Haus, Amazon, AAFES, and Bob Wards.
Conclusion
The Comfy was a breakthrough moment in the Shark Tank Barbara Corcoran history. When others feared investing in a business with zero sales, she took the risk and went ahead because of her self-belief.
Whether it be touching the landmark figure of $550 million in lifetime sales or emerging as one of the most successful Shark Tank businesses, The Comfy went beyond all expectations. It is investments like these which reaffirm the unmatched business acumen of Barbara Corcoran.
References
1. ‘Shark Tank’ exclusive: The new list of the 20 best-selling products from the show, USA Today, Gary Levin and Bill Keveney
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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