People nowadays frequently struggle to locate the ideal furniture that is both fashionable and efficient. It’s difficult to stay organized while keeping a sleek appearance, whether you have a messy home full of board games, comic books, and other relaxation stuff.
This is where Shark Tank’s Robert Gifford entered the picture with a novel solution. His business, Geek Chic, produced furniture with features like hidden compartments and designs intended especially for those with geeky interests. Robert thought that in order to store gaming and hobby-related stuff without compromising style, consumers needed well-made, functional furniture.
Robert pitched his company on Shark Tank, requesting an investment in expanding it. He sold a range of furniture items, including tables and chairs, all made from hardwood from North America and created to appeal to the expanding “geek” market. He requested $100,000 for 5% equity. Did the entrepreneur get a deal on Shark Tank? Check out our Geek Chic update to find out!
Geek Chic Net Worth 2024
Robert Gifford requested $100,000 for 5% equity in Geek Chic, which valued the company at $2 million. After negotiations, Robert Herjavec offered $300,000 for 25% equity, which Robert Gifford accepted, valuing the company at $1.2 million. After the show aired, Geek Chic saw a big increase in website traffic, sales, and social media exposure. Despite these gains, the company faced financial challenges and ultimately closed its doors in 2017. Since Geek Chic is no longer in operation, the current net worth of Geek Chic in 2024 is $0.
Geek Chic Shark Tank Update
As for a Geek Chic update, unfortunately, the tale of Geek Chic didn’t end happily, although Robert Gifford could secure a contract on Shark Tank. The agreement with Robert Herjavec was never formally concluded after the show aired, which restricted the company’s expansion. Despite having a devoted following and making some great sales, Geek Chic suffered with cash flow and could not grow at the rate required to remain in business.
Geek Chic was forced to permanently close its doors in 2017. Even with the creative designs and Robert Gifford’s love for the brand, the business could not handle its financial difficulties or meet the demand for production. Since Geek Chic is no longer in operation as of today, this is the last update on the company’s history.
Yes, Geek Chic was successful in landing a deal on Shark Tank. Initially, Robert Gifford requested $100,000 for 5% equity; however, after some negotiations, Robert Herjavec made an offer of $300,000 for 25% equity, which Gifford ultimately accepted.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavec | $300,000 for 25% equity | N/A | Yes |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | $200,000 for 25% equity | $500,000 for 15% equity | No |
| Mark Cuban | Out | N/A | N/A |
Geek Chic Shark Tank Pitch
Robert Gifford found geek Chic in response to his own desire for better, more useful furniture. He was a self-described geek who enjoyed board games, comic books, and other geeky things. But like many others, he had trouble figuring out how to keep and arrange everything he owned without making his house appear disorganized. That’s when he got the idea to design upscale furniture with secret storage spaces besides gorgeous looks.
He founded Geek Chic because of his love of design and his knowledge of the geek culture, but the company had several difficulties early on. The main challenge was increasing output to match demand. Despite Gifford’s ability to produce outstanding high-quality goods, the expensive labor and material costs caused cash flow problems.
Robert Gifford pitched Geek Chic as a furniture brand that focused primarily on geeks with its secret design characteristics as soon as he stepped into the tank. He showed off a gorgeously made hardwood table with sections to hold drinks, store games, and add additional elements to enhance the gaming experience. He made a $100,000 offer for 5% shares to the Sharks.
Robert underlined that Geek Chic can appeal to a broad population and wasn’t merely a niche business. He revealed that his business produced $2 million in sales the year before and offered nineteen distinct types of furniture. The business continued to lose money, with a negative $100,000 net profit. Keep reading our Geek Chic update to see what happens next!
When Lori Greiner questioned if the table that was displayed during the pitch was the only item available, Gifford said that the company has nineteen different pieces of furniture.
When Daymond John asked if they also built chairs, Gifford responded yes.
When Lori Greiner asked how much the table cost, Gifford replied it was $3,500 at retail.
When Mark Cuban inquired about sales, Gifford replied that although they had made $2 million the year before, they were still losing money.
Kevin asked about the projected cash flow for this year. The founder replied that it was about $4 to $5 hundred thousand.
Robert Herjavec questioned what he would do with the shark’s investment. He wants to buy a truck to grow his shipping operations and increase machinery to increase production efficiency.
Kevin O’Leary was curious about Robert’s strategy for surviving in a market where low-cost Chinese furniture imports reigned. According to Gifford, his distinctive design elements and usage of hardwood from North America make him stand apart.
Mark Cuban further inquired about the cost and profit margin. Gifford replied that a $3500 table costs $1800 to make.
Mark Cuban said he was out since the furnishings didn’t stand out enough and he didn’t see a huge chance for expansion.
Although Lori Greiner respected Robert’s enthusiasm, she declined to invest, since she thought she had seen similar items before.
While acknowledging Robert’s perseverance in a challenging market, Kevin O’Leary thought Robert should have avoided investing and given up any stock.
Daymond John offered $200,000 for 25% stock, but Robert Gifford thought this was too much.
At the last moment, Robert Herjavec reappeared with an offer of $300,000 for 25% shares, which Robert Gifford finally accepted.
Product Availability
From our Geek Chic update research, custom hardwood furniture with hidden features like gaming storage compartments is Geek Chic’s specialty. These goods were targeted at a certain consumer base, namely those who enjoyed board games and comic books as hobbies. Regretfully, the company’s website no longer offers Geek Chic’s products for sale because it closed its doors in 2017. As of today, the products are not available anywhere.
Conclusion
The Shark Tank journey of Geek Chic was exciting and full of promise. Despite having a unique offering and a great deal of passion for his work, Robert Gifford’s company ultimately encountered too many obstacles to be successful in the long run. The Robert Herjavec agreement never materialized, and Geek Chic failed in 2017 because of a lack of funding. Even if the business is no longer in operation, Robert’s avant-garde approach to furniture design will go on as a daring attempt to introduce geek culture into the world of fine craftsmanship.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
