FRENDS builds fashionable headphones for women. Their headphones allow you to change your headphones caps
FRENDS Jewelry Headphones Apple and Best Buy deal
The smaller headphones sell for $150, and the larger headphones sell for $200. The did $2.9 million and were on target for $6 million. They had Apple, and Best Buy approach them wanting to carry their product.
The previous year, they did $2.5 million and lost $1.3 million. Apple had a holdback clause, and you only get paid for every single piece.
They have raised $1.5 million with convertible notes. FRENDS are consistently selling out of their inventory. They have done Year to date, $850,000 and they think they will do $6 million this season.
Sheen and Keir are launching into mass fashion with a new piece that is like jewelry, or a necklace that plays music. Cost is between $3-500, and the cost is $60.
He thinks they will do $34 million and will make $3 million. They have lost $9 million since inception.
Entrepreneur: Sheen Moaleman and Keir Dillon
Ask: $1,000,000 for 7.6% equity
Companies in this episode: Petnostics, popSLATE, Slyde Handboards,
Season: Season 7 Episode 724
Sharks: Mark Cuban, Ashton Kutcher, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 04/15/2016
Deal: No Deal
What do the Shark Tank Investors say about FRENDS
Mark Cuban believes from an investment perspective; it is a singular million dollar bet. For that reason, he is out.
Ashton Kutcher thinks the company is cool, but he feels like they are hiding something, and he is out.
Kevin O'Leary believes they are going to run out of cash and go to zero. He is out.
Lori Greiner says they look nice, but she doesn't have confidence in the way they run the business so she can't invest. She is out.
Robert Herjavec they look nice, but he doesn't know if the market is there. The projections are astronomical. He is out.
FRENDS after Shark Tank
FRENDS took the criticism from the Sharks seriously and refined their business. They did not place the bet on one item at Christmas and instead focused on several products. They also made significant adjustments and cut expenses by 65%.