Stacking hats can get really annoying when you have too many of them. There’s no place to hang them in the cupboard, they take up too much space in the drawer, so where to store them? Dome Dock is here with a perfect solution.
John and Chelsea Giles, a couple who love creating items that simplify life, claim they have created a design that will solve your “hat storage” problem. With that claim, they appeared on Shark Tank.
The question is, will the sharks find their design innovative enough or their business profitable enough to invest in?
About Dome Dock
| Category | Details |
| Founder (Plural if multiple) | John and Chelsea Giles |
| Product Type | Hat rack |
| Funding (Pre-Shark Tank) | Self-funded |
| Investment Asked | $100k |
| Equity Offered | 5% |
What Happened on the Shark Tank Episode?
A married couple, John and Chelsea Giles, brought their venture to Shark Tank, looking for the Sharks to invest and guide them further. They delivered a very interesting pitch to sell the idea of their hat rack design.
- The Sharks questioned the couple about their sales. Since launching in 2019, the company has made $7.5 million in sales. The Sharks were both impressed and shocked at the same time.
- The next question was about production and selling costs. It takes $2.91 to make one unit, and it sells for $24.99. Apart from fulfillment fees, the rest goes into their pocket. This year, their net profit is about 15%.
- In their first year, 2019, sales were $136,000. They launched their own website in March 2020, and nearly hit $1 million in sales. They reached $1.4 million in 2021. They experienced significant growth, reaching $2.4 million in 2022. Then in 2023, their sales were $2.08 million.
- Year-to-date, their sales stand at $885,000, but they expect to reach $1.4 million–$1.5 million by the end of the year. The reason for the lower sales this year is the rise of knockoff products.
- The couple revealed that they learned about business from Shark Tank and consider the Sharks their educators.
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What Makes Dome Dock Unique?
Dome Dock offers innovative hat racks that easily mount on the wall, keeping your hats organized and intact.
- Each rack can store up to 20 hats together.
- The design ensures safe storage without ruining the front of your hats.
- Its slim structure saves space, maximizing vertical storage.
- The Dome Dock hat rack is available for $24.99.
Did Dome Dock Get a Deal on Shark Tank?
After a fun pitch, with hats falling all over the place, they ended by asking the Sharks if they wanted to “cap-italize” on the opportunity.
The Sharks then asked the founders of Dome Dock about their business strategy. The couple expressed their interest in expanding into retail. Currently, they are already in one major sports retail store, Scheels.
- Mark says the business is not big enough for him, so he won’t be investing.
- Robert says that since it is a single-SKU product, he is out, although he believes in the entrepreneurs.
- Kevin also decides to back out.
- Lori suggests that they should hire one of those companies that take down knockoffs, but she does not feel right investing.
- Daymond offers $100K for a 25% stake.
- Kevin makes an offer after seeing the negotiations between the entrepreneurs and Daymond. He offers $100K for a 15% stake.
John and Chelsea Giles finally say yes to Kevin’s offer.
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What Happened to Dome Dock After Shark Tank?
The business Dome Dock is featured on Shark Tank’s social media platforms, attracting a surge of netizens to their official accounts.
Google Trends shows that searches for Dome Dock have peaked in the past few hours, ever since the episode aired.
Where Can You Buy It?
Buy an amazing Dome Dock hat rack on their official website. The product is also available on Amazon.
Quick Summary
- John and Chelsea Giles, a married couple, founded a hat rack business called Dome Dock.
- Its sleek design allows you to store up to 20 hats at once, keeping them neatly intact.
- The couple closes a deal with Kevin.
