Lori Greiner On Shark Tank Season 16
Highlights
- Shark Tank Season 16 has become a hot topic of discussion in the media.
- Lori Greiner passed on a deal in a sneaker brand in the pilot episode.
- Lori’s previous experiences with Muvez and SneakERASERS shaped her decision to refuse the deal.
Ever since the pilot episode of Shark Tank Season 16 aired on television, new headlines have kept emerging. Be it captivating deals or intense Q&A rounds between investors and pitchers, discussion topics from the latest season are countless. One of these is the reason cited by Lori Greiner in exiting a sneaker brand’s deal.
Since its fourth season, Lori Greiner has been a regular panelist on the show. In her long journey, she poured money into a wide range of ventures, especially those centered on retail.
She has even gotten into bidding fights with fellow judges to get a deal.
However, in the pilot episode of Shark Tank season 16, Lori surprised everyone by saying that ‘she is not a sneaker person.’ Below is a detailed explanation of why her response shocked the viewers.
Shark Tank Season 16: 1587 Sneakers
1587 Sneakers was introduced on Shark Tank Season 16 to the investors by Adam King and Sam Hyun. The business was started in 2023 to cater to the ignored Asian-American consumers who form a decent share of the US footwear industry. They sought $100K for 15.87% equity.
Other than sneakers, the company sold t-shirts, slippers, and caps. The reason why Adam and Sam approached the Sharks was to get help with entry into the retail space, which is Lori’s area of expertise. So, viewers expected her to take a bite of the deal.
To everyone’s surprise, Lori chose to stay away from making an offer, saying that she was not a ‘sneaker person’ and felt it was not the right business choice for her portfolio.
Why Lori Greiner Did not Want to Invest in the Sneaker Business?
If you have been a regular viewer of Shark Tank or followed the show closely, you will find that the answer to this question lies in Lori’s previous experiences with sneaker brands. There have been earlier instances where she invested/tried to invest in sneaker brands. While she failed to bag some deals, others did not follow through.
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Below are detailed insights into Lori’s previous experiences with sneaker-based businesses on Shark Tank.
1. Muvez
The entrepreneur trio of Eric Cruz, Kevin Zamora, and Ryan Cruz pitched Muvez to the panelists in the eleventh season of Shark Tank. The company offered unique sneakers that could be easily changed into slippers. The trio sought $200K for 15% equity in the business.
A chemical rubber engineer mentored them in developing the prototype of Muvez. By 2019, the entrepreneurs had raised over $33K through a Kickstarter initiative. Their products were available in different colors, and the cost of a single pair was $7.99.
By the time they appeared on the show, they were selling only through their website. They wanted Shark’s help to enter global manufacturing and distribution.
While others were reluctant to make an offer, fearing the cost of consumer education, Lori Greiner and Daymond John showed their interest. Lori told the entrepreneurs that she was willing to make an offer if another investor joined her. But Daymond declined straightaway and sealed the deal solo for $200K at 20% equity.
After the episode was telecasted, Lori took to her social media and expressed her sadness, saying her ‘buddy’ ‘threw her under the bus.’ This reflected how keen she was to bag a deal with the sneaker brand.
2. SneakERASERS
University buddies and entrepreneurs Kevin Consolo and Chris Pavlica approached the Shark investors with their unique offering for cleaning sneakers. SneakERASERS in Shark Tank season 12, offered a convenient way to clean up scuffed sneakers with circular sponges. They sought $200K for 8% equity in the business.
The landing cost of the product was $1.98, and it was available in the market for $9.99. SneakERASERS was completely free from debt, and its sales figures by 2019 were $202K. Plus, by the time of their appearance in 2020, they had already earned $1.1 million.
The entrepreneurs also claimed that there was no other similar product in the market.
The judges were impressed by the product and pitch presentation. Everyone, except Barbara Corcoran, proposed their offers one after the other. But after intense negotiations, Lori Greiner managed to bag the deal with a joint offer from her and guest Shark Alex Rodriguez. The deal was finalized at $200K for 20% equity.
Although the deal was recorded on camera, it never went through after the episode aired. This is how Lori failed to score big again through her investment in a sneaker brand.
Thus, Lori Greiner’s experiences with sneaker-based businesses on Shark Tank were filled with turbulences. This is possibly why she was hesitant to make an offer again to the founders of 1587 Sneakers on Shark Tank Season 16. Additionally, the company was still in its early stages during its appearance on the show.
Conclusion
Lori Greiner’s decision to refrain from investing in 1587 Sneakers reflected her cautious approach to sneaker businesses. It also reiterated her strategic choice to invest in companies that aligned with her area of expertise. This part of the latest Shark Tank episode also shows that past experiences impact present decisions in the entrepreneurial space.
References
1. ‘Shark Tank’: Daymond John threw Lori Greiner ‘under the bus’ to invest in this sneaker company, CNBC, Taylor Locke
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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