Fohawx Shark Tank Update – Net Worth 2024

To help parents ensure their children’s safety, a duo of moms from Bayonne, New Jersey, arrived on Shark Tank with their company, Fohawx. The business had a line of multicolored mohawks that made helmets eye-catching for children. 

The business idea was somewhat compelling, but the duo had little knowledge about the market competition and pricing. Kelly Dineen and Jocelyn Fine kept defending their marketing strategy to secure a manufacturing connection in China. Did they succeed in convincing investors? Find out in our Fohawx Shark Tank Update.

Fohawx Net Worth

Jocelyn Fine and Kelly Dineen asked for a $150k investment in exchange for 30% equity in their company. This meant they valued their company at $500,000. However, they did not make a deal with any of the Sharks, so the valuation remained unchanged at $500,000. After the show aired, Fohawx failed to gain significant traction, leading to the company’s closure within a year. With no significant growth and the company going out of business, the current net worth of Fohawx is $0.

Fohawx Shark Tank Update 

What Happened To Fohawx After Shark Tank?

We do not have much information about Fohawx from credible sources. However, it is certain that Fohawx went out of business within a year after its appearance on Shark Tank.

While we received no update from the producers, the company’s official website has vanished from the internet. The inactive social media handles mean that Fohawx failed to win the price battle and got delisted by mass retailers. 

Did Fohawx Get A Deal On Shark Tank?

Fohax did not get a deal on Shark Tank. Jocelyn and Kelly came to the show with a generous valuation of $500,000. However, the pricing strategy, undifferentiated value, and lack of acknowledgment of the completion made the company lose investment. 

Barbara Corcoran admired the love owners had for the product but criticized them for ignoring the problem. Robert Herjavec was unimpressed by the reluctance of owners to acknowledge the competition. Mark Cuban also refrained from investing in a company that focused on the dreams but ignored the reality. 

Daymond John tried his best to find something positive but eventually opted out. Kevin O’Leary gave some harsh feedback to the owners. He did not want to do business with partners who did not listen and ignored the reality.

Shark(s) Name	Offer and Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N/A	N/A
Daymond John	Out	N/A	N/A
Robert Herjavec	Out	N/A	N/A
Mark Cuban	Out	N/A	N/A
Barbara Corcoran	Out	N/A	N/A

Jocelyn Fine and Kelly Dineen’s Backstory

The entrepreneurial mindset and motherhood connection made the duo start a helmet accessory brand to ensure child safety. The idea originated when Jocelyn’s seven-year-old son refused to wear a helmet, and her daughter, Maya, made a mohawk with tissue paper to make her brother wear the safety gear. 

Initial Pitch

Two moms from Bayonne, New Jersey, appeared on Shark Tank with their kids, demanding $150,000 for 30% of Fohawx. Jocelyn Fine and Kelly Dineen explained parents’ struggle to make their kids wear safety equipment. The traditional helmets were plain and boring, but Fohawx could make the ordinary helmet extraordinary. 

An idea inspired by her daughter Maya, Fohawx was a multicolored, multi-styled, funky foam helmet accessory brand. Each strip came with a velcro strip for easy attachment and removal. They wanted kids to collect and swap their products while the company constantly worked to develop other exciting safety equipment for kids. 

Queries About The Product 

Barbara Corcoran immediately asked the duo about their target market. Jocelyn confirmed that Fohawx targeted kids from four to ten years old. Her daughter inspired the product line during a family bike ride. Jocelyn’s seven-year-old son refused to wear a helmet, so her daughter used the glue gun and purple tissue to prepare a mohawk on the helmet. Her son loved it, and she was happy to ensure his safety. 

Robert Herjavec wanted to know how Fohawx was different from other similar products on the market. Jocelyn explained that their versatile product could be attached to any helmet. She pointed out the limitless style possibilities that kids could come up with. 

Robert further questioned about the cost, price, and profits per unit. Kelly clarified that each strip cost the company $5, including packing and landing. The market selling price of each unit was $19.99. As per Kelly, the company started selling a year ago with a lifetime revenue of $50,000. 

Robert went further with his inquiry and asked how the company achieved $50,000 in sales. Kelly disclosed that Fohawx was present in 80 toy retail stores nationwide. The business was in test mode with two biggest mass market retailers, Toys R Us and Walmart. However, they were not actually in retail because mass retailers liked to test the products before putting them on shelves. 

Daymond John instantly stated that the retailers would be eager to put Fohawx on their shelves if the price was $9.99 per unit. Kelly casually shrugged off the claim by clarifying that they experienced no pushback on price.

Mark Cuban and other Sharks emphasized the competition, but Kelly kept disagreeing. Kelly challenged the Sharks and said they could go to any retailer and walk through the helmet aisle to find out that there were no helmet accessories. 

Robert claimed that ski shops on a hill had an entire rack full of helmet accessories. Kelly halfheartedly agreed to the information.

Kevin O’Leary straight up asked the duo about their low sales despite being in 80 retail stores. He said the revenue of $625 per store per year was unacceptable. He argued that the product line was on the verge of getting delisted from the stores because the velocity was slow.

Kelly tried defending her case and shared her future plans regarding expansion and kids’ licensing deals. Kevin discarded the licensing plans and explained that the business was on fire. He suggested the duo fix the problem right away to avoid bankruptcy. 

Kelly asked Kevin if selling Fohawx strips at $9.99 would help the company increase sales. She urged the Sharks to use their connections to help the business contract manufacturers in China. 

Daymond showed some interest in the Chinese manufacturing strategy and asked Kelly if the Fohawx did a flash sale at $9.99 to see the response. Kelly said they partnered with hot flash sale sites, and the inventory sold out. Kelly also showed a commitment to making the product work.

Mark shrugged it off and said that success needed much more than just commitment. Kelly kept arguing that they were moms and needed connections in China to reduce production costs. She expressed her will to conquer the world.

Kevin mocked the duo and asked them to conquer New Jersey first. Kelly brought more arguments to the table, but the Sharks had made up their minds. 

Sharks’ Response And Final Decision 

Barbara Corcoran was the first Shark to bow out of the deal. She explained that sometimes entrepreneurs were blinded by what they love. However, doing what you love never meant that the problems can be ignored. 

Mark Cuban explained that one store having $50,000 in sales would have been impressive, but it was miserable for a company selling products in 80 retail stores. He refrained from investing in the product because Jocelyn and Kelly were selling the dream but ignoring the green. 

Robert Herjavec did not like the lack of acceptance from the owners regarding the competitors. He opted out, stating that Fohawx lacked customers.

Daymond John soon followed suit and explained that he was not disappointed by the sales but the sales per store. He wished the entrepreneurs good luck and urged them to learn and move forward. 

Kevin O’Leary said he did not know what the Fohawx would do in the future because the path led to zero. He opted out after hearing a reluctant response from Kelly Dineen. 

What Went Wrong For Fohawx On Shark Tank?

Fohawx’s pitch on the Shark Tank was a hard pill for its owners to swallow. Despite their efforts to strike a deal, Jocelyn and Kelly failed to get the investment and path to connect with manufacturers in China. 

The major reason behind the rejection was the lack of revenue despite a good platform. Fohawx was listed in 80 stores around the USA but only earned $50,000 a year (making it $625 per store per year). The low velocity highlighted the lack of customers. 

Other than this, Fohawx strips had a high selling price of $19.99 and lacked product differentiation. The owners were reluctant to accept that competition existed. Jocelyn and Kelly were too focused on global expansion and licensing. However, the main problem was the cost and pricing strategy. 

Product Availability 

Fohawx had a product line of versatile and multicolored helmet accessories that kids could attach and remove multiple times. The company wanted kids to collect their strips and swap them. The product was available in 80 retail stores while the company was in talks with Toys R Us and Walmart.

However, things did not go well for the company because it got delisted from the retail stores shortly after the episode went on air. The product is currently unavailable, and the company has discontinued the product line. 

Fohawx lacked product differentiation, and the price was too high for an accessory that targeted kids between four and ten.

Conclusion 

Fohawx’s pitch on Shark Tank tells us one thing: it is okay to make mistakes and have a product that is not different. However, not accepting the existence of competitors and bluntly ignoring the problems is unforgivable. The reluctance of Sharks to invest in the business proved to be the right call because the business discontinued its operation within one year of the pitch. 

A differentiated product can be sold at a high price due to its unique value proportion. A common bike helmet with imitable feature adjustments should at least match the retail market prices. The business world is an unforgiving place for people with weak and irrelevant marketing strategies.