The Lapel Project Tank Pitch
The Lapel Project provides an affordable solution to formal wear, turning your suit coat into a tuxedo with a custom lapel that attaches to your suit. Now, you don't have to pay for expensive tuxedo rentals, and continue to use your suit jacket. Select from numerous designs that fit your suit coat.
Sebastian and Raul say that the Lapel Project creates opportunities for branding as well. They believe it is the evolution of men's fashion, and the Sharks appear to love the idea. Even Lori is asking if they have something for her, which they do, bringing in a jacket for her. Women are able to exercise their jackets as well.
Kevin asks can they use it again, and they can up to five times, without ruining the suit. They sell in a single store in Florida at the time of the Shark Tank pitch, and they are there to setup their online presence. It is Sebastians store, and they have $16,000 in sales over six months. They have a utility patent pending. Cost is $5-8 and retail is between $49-100.
The Lapel Project target demographic is between 13 to 35 years old.
The Lapel Project Episode Data
- Company: The Lapel Project – Website
- Entrepreneurs: Sebastian Garcia and Raul Bernal
- Ask: $150,000 for 20% equity
- Episode Season 8 Episode 802
- Companies in this episode:
- First Aired: 09/30/2016
- Deal: Mark Cuban $150,000 for 30%
What do the Shark Tank Investors say about The Lapel Project?
- Mark Cuban – loves this product and would love to use it in sports. He makes him an immediate offer of $150,000 for 30%. They stop listening to the Sharks talk, and tell Mark that they have a deal.
- Daymond John – says people love him and he is the best salesmen ever. Daymond thinks people don't use these functionalities so he is out.
- Kevin O'Leary – asks if Sebastian is a pain in the ass to work with.
- Lori Greiner – gets the functionality, but as a woman she does not dig it. She goes out.
- Robert Herjavec –
The Lapel Project after Shark Tank
Mark closed the deal on The Lapel Project, being a given for branding at sporting events and more. Look for Mavericks lapels at the games.