Highlights
- Stefan and Cora Miller pitch Young King, their line of natural, plant-based hair care products for boys and men of color, seeking $225,000 for 2.5% equity.
- Despite impressive sales growth from $4,100 in 2019 to over $1.54 million in 2021, the Sharks were concerned about valuation and offered royalty deals, which the Millers declined.
- Post-show, the company continued to thrive, expanding to over 3,000 Target and Walmart stores by 2022 and experiencing significant sales growth.
Overview
| Category | Details |
|---|---|
| Name | Young King |
| Founders | Stefan and Cora Miller |
| Industry | Hair Care, Multicultural Grooming |
| Product | Natural hair care products for boys and men of color |
| Funding | Sought $225,000 for 2.5% equity on Shark Tank |
| Investment Ask | $225,000 |
| Equity Offered | 2.5% |
| Valuation | $9 million |
Stefan and Cora Miller seek a Shark investment for Young King, their line of hair care products for men of color, in Shark Tank episode 1316. The couple created the new line in 2019 after they couldn’t find quality, natural hair care products for their son or other men and boys with natural, curly headed hair. Their mission is “redefining male grooming for the next generation of multicultural men, giving them the confidence needed to be their best selves.”
Stefan has a food and beverage industry background which includes stints at General Mills and Coca Cola. Cora’s background includes education and healthcare. Together, they curated their line of hair care products to be the number one grooming brand for men and boys of color. Young King products include shampoo, conditioner, leave-in conditioner, curling cream and essential oils. There are no sulfates, parabens, mineral oils or other harmful ingredients in any of their products. They also sell apparel and accessories.
One of their best sellers is the Royal Treatment Essentials Set which includes leave in conditioner, curling creme, essential oils, a carrying case and a tee shirt. That will set you back $75. The three products work in unison. First you massage the leave in conditioner thoroughly into your hair, then follow that with a small amount of curling creme and the essential oils. The products were accepted into Target’s accelerator program and they’re also in Wal Mart. All told, they’re in around 1500 stores. You can also but them on Amazon. Before taping, they received a $1.6 million venture capital investment and 2021 sales were 544% more than 2020. The couple is currently in negotiations with other retail outlets, they probably want a Shark’s help managing their rapid growth.
Company Information
Video
Posts about Young King on Shark Tank Blog
Young King Hair Care for Men and Boys of Color
Young King Shark Tank Recap
Stefan and Cora enter the Shark Tank seeking $225,000 for 2.5% of their business. A video of their very cute son comes on and this lightens the Sharks up. The couple says he inspired the business as they show a photo of him with VERY thick hair. Young King is the first and fastest growing hair care company for multicultural kids and young men. The Sharks examine their samples and the questions start,
The couple tells about their backgrounds. Cora went looking for products for her son and she thought she was on to something. Stefan talks about his background. They have competition, but there aren’t many with plant based ingredients and none focused on boys. Robert asks Daymond what he used when he had hair and Daymond says he went super natural. Stefan, who is bald, says the hair care aisle hasn’t changed in 20 years.
Robert questions the valuation and asks about sales. Their first year, 2019, they did $4100. In 2020 they did $362,000, in 2021 they have $1.54 million year to date (they taped in September) and they are on track to finish the year with $3 million. They are not profitable yet. Costs are $2.35-$3.50 depending on the SKU and they sell for $6-$6.50 wholesale and $14 retail. 70% of their expenses go towards marketing so they can build their brand. They raised $1.6 million on a convertible note.
Lori says they should put their son’s face on the packaging. She says it’s a super competitive business and it’s not for her; she’s out. Daymond says he can’t get behind the valuation and Stefan asks “what can you get behind?” After a commercial break, Daymond goes out. Mark says Stefan markets like a big company and he prefers a lean and mean approach; he’s out. Robert says he likes it but he can’t get over the valuation; he’s out. Stefan asks if there are any venture debt deals the Sharks would entertain.
Kevin likes their sales. He offers the $225,000 for a royalty of $1 per SKU until he gets his money back then the royalty drops to 50 cents in perpetuity. Robert offers says he’ll offer $225,000 for a 50 cent royalty until he recoups $450,000 and he gets 5% if they sell the company. Stefan says they have a cash flow issue and they can’t accept either royalty offer. They leave without a deal.
Young King Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The company saw the typical uptick in sales after the original air date. As of July, 2022, the products are in over 3000 Target and Wal Mart stores. The Shark Tank Blog will follow-up on Young King & Stefan and Cora Miller as more details become available.
