SkinnyShirt Shark Tank Update – Net Worth 2024

Layering in women’s fashion had long been a timeless trend. It offered both style and versatility. The traditional method of layering a button-down shirt under a sweater presented several challenges. Understanding these problems, Julie Kalimian recognized the need for a better solution. 

She walked into the Shark Tank seeking $100,000 for an equity of 20% in her company, SkinnyShirt. Did she secure an investment for her business from the Sharks? Find out in our SkinnyShirt Shark Tank Update!

SkinnyShirt Net Worth

Julie Kalimian asked for a $100k investment in exchange for 20% equity in her company. This meant she valued her company at $500,000. She did not make a deal with any of the Sharks. After the show aired, SkinnyShirt struggled with manufacturing issues and declining sales, which led the company to go out of business by the end of 2018. The company has not updated its social media or website since then and is no longer operational. Therefore, the current net worth of SkinnyShirt is $0.

SkinnyShirt Shark Tank Update

What Happened To SkinnyShirt After Shark Tank?

The company was forced to go out of business by the end of 2018 and hadn’t updated its social media or website. The manufacturing challenges were too much to overcome for Julie and her company. 

Did SkinnyShirt Get a Deal On Shark Tank?

The Sharks didn’t think the product was worth their investment. Kevin, Mark, and Robert were the first to drop out. They cited concerns over various manufacturing problems that could hinder the product’s success. The trio felt that these issues could be difficult to overcome and might prevent the business from scaling effectively. Lori also decided to pass on the opportunity. She admitted that she wasn’t a fan of the look of a collared shirt. Barbara felt the pitch lacked the persuasive power needed to secure her investment. As a result, she, too, opted out of the deal.

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

Founders Backstory

Julie sought to create a shirt that combined comfort with a professional appearance. Her idea was to merge the sleek look of a collared shirt with the feel of a stretchy camisole. The SkinnyShirt was born out of this desire. It offered women a way to achieve a polished look without the bulk of traditional button-down shirts. The journey began with a simple yet innovative prototype crafted by Julie’s tailor. Recognizing the potential of her idea, Julie enlisted the help of her friend to refine the concept and bring the SkinnyShirt to market. The sheer nature of the SkinnyShirt eliminated the bulk associated with traditional button-downs. It allowed for a sleek, stylish look that remained comfortable throughout the day.

Initial Pitch

Julie entered the Shark Tank with confidence, seeking $100,000 for 20% equity in her business. She brought along a model to help demonstrate the transformative power of her product. The model initially appeared wearing a traditional button-down shirt under a sweater, which created a bulky and disheveled look. The Sharks were amused by the demonstration as they watched the model step behind a screen to change. Moments later, the model reappeared. She was then dressed in a SkinnyShirt. What had previously been a messy, ill-fitting outfit was then sleek and flattering. The Sharks were visibly impressed by the transformation. 

Julie explained that the SkinnyShirt was designed not only to provide a polished look but also to help hold everything in. It offered a slimming effect that traditional button-downs couldn’t achieve. As Julie passed out samples to the Sharks, she elaborated on how the SkinnyShirt offered the perfect blend of style and function. It gave women the confidence to look their best without the hassle of bulky layers. 

Queries About the Product

Mark requested to see the product packaging up close, wanting to examine the details. Robert inquired if the shirt was made from a sporty stretch material, while Lori asked if it functioned as a shaper. Julie confirmed both points. She emphasized that the SkinnyShirt not only provided a slimming effect but also featured a unique design. Robert asked if it was the design or the material that made the product unique. Mark questioned the originality of the product, wondering aloud if it was truly unique. Julie confidently responded that the SkinnyShirt was indeed unique and unlike anything else on the market.

Robert asked about her sales. Julie shared that over the past three years, she had generated half a million dollars in sales. Mark asked about her sales for the previous year alone. Julie admitted that sales had dropped to $50,000. She explained that the decline was due to issues with an untrustworthy manufacturer. 

Kevin asked if she had resolved the manufacturing issue, to which Julie replied affirmatively. She had sourced a new manufacturer in Asia who could produce each shirt for $9.50. It allowed her to sell them at a retail price of $68.00 to $76.00. She also mentioned that two-thirds of her sales came directly from her website, and the remaining third was through wholesale retailers. Julie received an order from a TV retailer but was unable to fulfill it due to previous manufacturing problems. Lori pointed out that Julie had both delivery and quality issues, which Julie acknowledged.

Barbara then asked if Julie had any background in textiles. She revealed that she did not and had spent 15 years in corporate roles. Mark inquired about her earnings for the current year, and Julie reported that she had made $70,000. When Robert asked about her previous earnings, Julie explained the decline, stating that her revenue had been $150,000 the year before and $350,000 the year before that. Mark questioned why her sales had fallen so dramatically. Julie reiterated that the disruption with her manufacturer had caused delays in finding a reliable new one.

Kevin asked her what would happen if a competitor with experience in the shirt industry created a similar product and outpaced her. Julie confidently responded that her strong branding and trademark protection would prevent that from happening. She emphasized that she needed the investment for manufacturing and distribution to ensure SkinnyShirt’s continued success.

Shark’s Response and Final Deal

Kevin bluntly stated that Julie didn’t know what she was doing and had already blown her business multiple times. He criticized her presentation by pointing out that 75% of it focused on how she had messed up. Lori came to Julie’s defense, reminding him that Julie was still a beginner. Despite her empathy, Kevin remained unconvinced and opted out. Mark expressed that he didn’t feel Julie had a definitive plan to move forward. He mentioned that simply giving her cash wouldn’t resolve her issues with managing finances, leading him to also opt out of the deal.

Robert acknowledged the merits of the SkinnyShirt, appreciating the product itself. However, he voiced his concern that the product was in a standalone category. It made him wary of its long-term viability. Due to this concern, Robert decided to pass on the investment as well. Lori admitted that she just wasn’t a fan of the look of a collared shirt. Therefore, she didn’t see herself getting behind the product. She too decided to drop out. 

Finally, Barbara commended Julie for how she conducted herself in the tank. She appreciated her poise and professionalism. However, she felt that Julie’s presentation had focused too much on her past manufacturing problems. That made the pitch less persuasive. Eventually, Barbara declined the opportunity as well. 

What Went Wrong With The Original Profender on Shark Tank?

Julie’s pitch in the Shark Tank faltered primarily because it focused too heavily on her past problems. She shared the story of the resulting decline in sales, which left the Sharks with concerns about her ability to scale the business effectively in the future. Her vision seemed unclear as the pitch progressed. The lack of a well-defined plan raised red flags about her ability to manage and grow the business moving forward. As a result, the Sharks were left unconvinced that an investment in SkinnyShirt would be a sound decision.

Product Availability

The company is now out of business.

Conclusion

Julie walked into the Shark Tank with a clear mind, seeking $100,000 for a stake of 20% in her business. However, the emphasis on past issues rather than a forward-looking strategy made it difficult for the Sharks to see a clear path to success. In the end, all Sharks passed on the opportunity to invest.