Charisse and Vicky Pasche went on Season 14 of "Shark Tank" to pitch Dapper Boi. They asked for $250,000 in return for a 5% equity. As Vicky quickly pointed out, the business has earned about 3.5 million in sales since launching in 2015. Although they find selling direct-to-consumer works best for them, they're not opposed to incorporating third-party vendors in the future. As the Pasches explained to the Sharks, they use a pre-order strategy to motivate customers. What's more, a Dapper Boi shirt costs about $9.40 to produce — the retail price is $60. Meanwhile, jeans are sold for $99 and cost $15 to make, and 51% of shoppers come back for more. Suffice it to say their brand already had a loyal fan base before "Shark Tank."
That being said, they were still struggling financially — in fact, they were about $450,000 in debt. "I will admit here, COVID killed us," said Vicky, adding, "We just sold our house." After their post-pandemic struggles came to light, the Sharks expressed skepticism. "Guys, something doesn't add up for me," said Mark Cuban, wondering how the brand could have lost so much money given their impressive margins. Daymond John said he'd mentor the Pasches, although he wasn't comfortable financing them. Lori Greiner and Kevin O'Leary both said, "I'm out," and Dapper Boi didn't have what Barbara Corcoran looks for in a business either. "The clothes are secondary," Mark Cuban told the couple, explaining that they should take a community-driven approach.
