Tipsy Elves Founders Present Their Holiday Sweaters On Shark Tank
Highlights
- Tipsy Elves was brought to Shark Tank in its fifth season
- Entrepreneurs Evan Mendelsohn and Nick Morton bagged a deal from a prominent face on the panel.
- The sweater company has been achieving immense success after Shark Tank.
Shark Tank is currently making waves in the reality TV world with its sixteenth season. In the past sixteen years, some Shark Tank products have superseded others with their uniquely creative ideas. An example of the same was seen during the ‘Tipsy Elves Shark Tank’ pitch.
Brought by the entrepreneur duo of Evan Mendelsohn and Nick Morton, Tipsy Elves appeared in the fifth Shark Tank season. The entrepreneurs stated that their company offered a line of holiday sweaters prepared with the most unique designs. After grabbing a deal, it has been scripting new success stories every year.
Here are detailed insights into how the holiday sweaters by Tipsy Elves went wild after Shark Tank. Alongside, there is a flashback into the Tipsy Elves Shark Tank journey, including the pitch and final deal.
Tipsy Elves Shark Tank: Success After The Show
Once Tipsy Elves managed to leave its mark on Shark Tank, there was no looking back. After the deal with Robert Herjavec in 2013, Evan and Nick’s entrepreneurial venture reached a $6 million sales figure in a few months. This is why Robert called it one of his best deals on the show.
Based on the above developments, Tipsy Elves found its place in the update segment of Shark Tank’s sixth season. In the update, the entrepreneurs revealed that they were projecting an $8 million sales in 2014. Plus, the Christmas holiday sweater brand had expanded its product line to cover other holidays as well.
Another breakthrough in the Tipsy Elves Shark Tank journey came when it became the first business to be featured in the Beyond the Tank Episode segment. Following this, the company bagged another mention in an update segment of Shark Tank season 7.
During this update, Evan and Nick revealed that they had launched a fresh new line of sweaters. Plus, their sales had gone past $20 million, and Tipsy Elves’ employee count had reached 20. Their sweaters had become so popular that they were featured in ‘The Night Before,’ a Christmas comedy movie.
Regardless of the demand for their holiday sweaters, Evan and Nick started experimenting by adding to their product line through the years. Some other offerings by the quirky sweater brand include Hawaiian shorts, shirts, ski suits, Halloween costumes, and leggings.
By 2022, with an annual revenue of $6 million, Evan Nick’s brand made more than $120 million in lifetime sales. Additionally, the Tipsy Elves Shark Tank journey reached another high in 2023 by being named the eighth most successful business on the show. Its lifetime sales last year were $317 million.
While the Tipsy Elves Shark Tank journey had been exemplary till then, Evan and Nick tried their luck on the show for a second time in season 15. In the ‘Holiday Special’ segment of Shark Tank Season 15, the entrepreneur duo made a cameo appearance. During it, they introduced their new ‘duck sweaters.’
Tipsy Elves Shark Tank: Pitch Recap
The entrepreneur duo of Evan Mendelsohn and Nick Morton appeared in the fifth Shark Tank season with their line of ‘ugly’ Christmas sweaters through Tipsy Elves. Seeking $100K for a 5% equity, the entrepreneurs stated that their products were unique due to their quirky designs.
The Tipsy Elves’ founders stated that based on the tacky designs, their slogan was ‘Not your momma’s Christmas sweater.’ But to keep the Christmas spirit alive, Evan and Nick’s company donated $2 to ‘Stand Up To Cancer’ from each sweater’s sale.
The duo added that their holiday sweater brand offered many clothing products, including a Hanukkah sweater, a Reindeer matchmaker jumpsuit, an Elf sweater, and a bucktooth Rudolph sweater, in quirky designs. Their business was then spread across 200 nations, and it had made over $800K in sales in 2012.
Evan and Nick had gone to Shark Tank to get help with entering into retail.
Who Finalized The Deal With Tipsy Elves?
The only judges who were willing to make an offer were Kevin O’Leary and Robert Herjavec. Kevin offered a royalty deal of $100K for a $2 royalty till he recouped the invested amount and a $1 for each sweater in perpetuity. On the other hand, Robert proposed $100K for a 10% equity.
Out of the two proposals, the pitchers decided to go with the second offer of $100K for a 10% equity.
Conclusion
The Tipsy Elves Shark Tank journey from being a unique holiday sweater venture to now a million-dollar business demonstrated the strength of creativity in entrepreneurship. Right after its deal with Robert Herjavec, the business has been achieving new strides every year.
From new product lines to collaborations with the movie industry and millions of sales to rising annual revenues, Tipsy Elves’ playful spirit is resonating with global users.
References
- The Night Before, IMDb
- Tipsy Elves, Wikipedia
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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