Shark Tank Elephant Pants Accepts Deal with Daymond John for $500,000

Elephant Pants

Last into the tank are Brooklyn-natives Nathan Coleman and James Brooks of Elephant Pants, seeking $500,000 for 10 percent equity.

Elephant Pants works to save the elephants with their comfortable elephant-themed apparel. According to their website, As part of their mission, they donate a portion of each sale to the International Elephant Foundation and have donated $127,404 to date to help save the elephants. They offer harem pants, yoga pants, loungers, kimonos, jewelry and more. Pants range from $24 to $38.

The sharks question the unique designs, but are extremely impressed by the fact that they have, in 2 years, done $7 million in sales. Robert Herjavec is fascinated by their story, but does not like the product so goes out. Mark Cuban congratulates them as well on their cause and success, but worries about the risk associated with Facebook marketing. he goes out too.

Kevin O’Leary offers two deals for their choosing: $500,000 as a line of credit for five percent equity or $500,000 for 20 percent equity. Daymond John then jumps in with an offer at $500,000 for 20 percent. Lori Greiner then joins O’Leary’s line of credit offer for 10 percent equity. They counter that all three sharks join the same deal for $500,000 for 15 percent equity. John does not want partners, though. They counter the sharks at $500,000 for 12 percent, which John counters 17.5 percent with funding orders.

O’Leary and Greiner then decide to go out, prompting Coleman and Brooks to counter John 15 percent with two-and-a-half percent in advisory shares. He accepts.

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.

“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.

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Source: Business 2 Community