Women like men do have problems with hair growing on their face, and that's why Jennifer and Gita created No Mo-Stache. They are pitching their product on Shark Tank in Season 9, Episode 8. No Mo-Stache is a hair removal system that comes in a tin and fits nicely in a purse.
No Mo-Stache on Bethany Frankel's Radar in Shark Tank
Guest Shark Bethany Frankel immediately jumps on the idea saying there are already available solutions for the waxing system. However, she is impressed with how well it works. Still, she thinks they have an opportunity by creating a complete kit with other items for ladies.
No Mo-Stache costs $1.74 landed to make and retails for $18. Jennifer and Gita have sold $400,000 over the last two years, and $300,000 were in the second year. They are currently in 60 Sephora locations, having been in 200 Sephora stores formerly. To compensate, they are diversifying their customer base and are coming on with five more distributors. You can also buy through online outlets.
Company: No Mo-Stache
Entrepreneurs: Jennifer Paschall, Gita Vasseghi
From: Las Angeles, California
Episode: Shark Tank Season 9 Episode 908
Sharks: Mark Cuban, Bethany Frankel, Kevin O'Leary, Lori Greiner, Robert Herjavec
Ask: $100,000 for 25% equity
No Mo-stache is a cold wax, not a hot wax and is in a portable tin that you can take anywhere. The product is displayed in the bins at the checkout, so they get a lot of visibility.
What do the Shark Tank Investors say about No Mo-Stache?
- Kevin O'Leary is willing to give them $100,000 for 10% equity and $1 for every lip until $300,000 has been paid back and then it goes away.
- Bethany Frankel thinks that they need a complete kit with other items for the ladies. Bethenny's offer is $100,000 for 40% equity. She wants to do this under the Skinny Girl brand.
- Lori Greiner comes in on the deal with Bethany at $100,000 for 40% equity.
- Mark Cuban is out
- Robert Herjavec tells them that they have a great idea and don't have to build their business under a brand for someone else.
Jennifer and Gita Counter Lori and Bethany's offer with 35% equity.
Kevin O'Leary offers to drop is royalty to $.50, and he is only taking 10%.
Lori and Bethany will go to 35% with a royalty for $1 a kit until they get their money back. They ask them to go to $200,000. Lori says they will take that deal and No mo negotiating.