Highlights
- David Stankunas pitched BeardHead on Shark Tank.
- Stankunas enters seeking $250,000 for 25% equity.
- BeardHead features bearded headwear, with designs ranging from team colors to characters like Santa and Vikings.
Overview
| Category | Details |
|---|---|
| Name | BeardHead |
| Founder | David Stankunas |
| Industry | Apparel, Accessories |
| Product | Bearded headwear and winter accessories |
| Funding | No deal secured |
| Investment Ask | $250,000 |
| Equity Offered | 25% |
| Valuation | $1 million (at the time of Shark Tank pitch) |
David Stankunas pitches BeardHead, his successful “bearded headwear brand,” in the Shark Tank Holiday special, episode 712. Like most good ideas, BeardHead was born out of the need to solve a problem: David’s face got cold while snowboarding. To warm up his face, he decided to attach a knitted beard to a ski cap. The first prototypes were made out of yarn, but the brand has extended to faux hair, hand warmers, tee shirts and socks.
There are many styles in BeardHead’s collection, including team themed colors, a Duck Dynasty line, crazy characters like vikings, knights and even Santa! The beards can detach from the hat for those warmer days, too.
Stankunas has a background in product design and corporate experience in the apparel industry, so he knew how to go about starting a hat company. He began the business in 2006 in his apartment, knitting the hats himself. Since then, BeardHeads are sold worldwide in several thousand retail locations and on the BeardHead Website. The hats range in price from $12.99 up to $39.99.
Mr Stankunas is likely looking for a Shark to help him grow even bigger.
BeardHead Shark Tank Recap
David enters seeking $250K for 25% of BeardHead, “the next essential winter accessory. He says “it’s cold out there, people; how do you keep your face warm?” Beardhead has over 200 designs, some of which are on display onstage. The Sharks appear amused.
Before he goes further he says, “I have an important question I mustache: who wants to help me take BeardHead to the next level?” Robert loves the products, but he’s seen it before. David says competitors have copied him. To date, David sold a little over $5 million in product with 25%-35% net margins. Last year sales were down to $900K (from $1.3 million the year before) because the company was involved in a patent infringement lawsuit brought by a competitor.
Did Shark Tank Invest In BeardHead?
Robert is interested, but wants to see consistent, growing profits. David says he’s at a point where he can scale and grow, particularly through licensing. Barbara says she doesn’t get the product, She’s out. Mark wants to see an angle where it can get to $10-$20 million in sales; he doesn’t see it, so he’s out. Lori thinks the product is cute and faddish, but she’s out – though she says she’ll be watching his progress. Kevin sees the vision for licensing, but he’s not excited about it, so he’s out too.
Kevin says “then there was one Shark involved in drunk elf sweaters left.” Robert doesn’t like the flat line in sales, he wonders if David isn’t running fast enough. David says he can do the same thing as Tipsy Elves, but Robert doesn’t see it; he’s out. In the hall, David says he thinks the Sharks were too focused on the one down year.
BeardHead Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. BeardHead was a huge success and did millions in sales after appearing in the Tank. They’re still going strong in 2021. As of September, 2022, annual revenue is $3.8 million.
Posts About BeardHead on Shark Tank Blog
Tipsy Elves vs. The Beard Head
BeardHead Company Information
Website
Video
“Coming Soon…..”
More products from this episode! Check out other businesses that participated alongside BeardHead.
