In the world of fashion, one persistent issue many women face is the visibility of panty lines under tight or form-fitting clothing. Traditional solutions like thongs or seamless underwear often fall short, leading to discomfort or visible lines. This common problem has left many seeking a better alternative that combines comfort with invisibility.
Enter Olivia and Elvira, two best friends and business partners who recognized this widespread issue and decided to tackle it head-on. They developed “Stringies,” a revolutionary line of invisible panties designed to eliminate visible panty lines while providing maximum comfort. These panties adhere to the body without the need for traditional straps, ensuring they stay in place without rolling down or digging in.
Stringys Underwear Net Worth Shark Tank Update
Olivia and Elvira asked for a $300k investment in exchange for 5% equity in their company. This meant they valued their company at $6 million. They made a deal with Barbara for $300k in exchange for 3% of their company, plus a $0.22 royalty per unit sold in perpetuity. This new deal valued their company at $10 million. After the show aired, Stringies saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Stringies is about $12.1 million.
Their innovative product caught the attention of the “Shark Tank” team, leading to their appearance on the show. They sought a $300,000 investment for 5% equity, aiming to scale their operations and meet increasing demand. During their pitch, they showcased the unique features of Stringies, discussed their sales figures, and sought an investment to scale their business. The episode highlighted their journey, the challenges they faced, and the potential of their product in the competitive fashion industry.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Daymond John | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | $300,000 for 5% equity + a $1 royalty per unit sold in perpetuity $300,000 for 3% equity + a $1 royalty per unit sold in perpetuity$300,000 for 3% equity + a $0.50 royalty per unit sold in perpetuity | $300,000 for 3% equity + a $0.22 royalty per unit sold in perpetuity | No |
| Barbara Corcoran | $300,000 for 10% equity $300,000 for 3% equity + a $0.22 royalty per unit sold in perpetuity | $600,000 for 6% equity + a $0.22 royalty per unit sold in perpetuity | Yes |
| Mark Cuban | Out | N/A | N/A |
Stringys Underwear Shark Tank Pitch
Olivia and Elvira’s journey began with a shared frustration over the lack of comfortable, invisible underwear options. They noticed that existing solutions either compromised comfort or failed to eliminate visible panty lines. Motivated by this gap in the market, they embarked on a mission to create a product that addressed both issues.
Their initial stages were filled with challenges. Developing a panty that adhered to the body without traditional straps required extensive research and development. They went through approximately 60 trials and errors before finalizing a design that met their standards. The result was Stringies, a panty that bonded two materials together to create a seamless, adhesive undergarment.
During their Shark Tank pitch, Olivia and Elvira confidently presented their product, highlighting its unique features and the problem it solved. They shared that Stringies cost $2 to produce and retailed for $14, showcasing a healthy profit margin. In 11 months, they achieved $180,000 in sales, primarily through direct-to-consumer channels and three recent wholesale partnerships. They sought a $300,000 investment for 5% equity, aiming to scale their operations and meet increasing demand.
The Sharks had several questions about the product and the business model.
Lori Greiner inquired about the patent status. Olivia and Elvira explained that while they didn’t have a patent, the product’s complexity and the difficulty in replicating it provided a competitive edge. Lori appreciated their innovation but felt that Kevin O’Leary would be a better fit due to his experience in the underwear industry, leading her to opt out.
Kevin O’Leary delved into the sales figures and the business’s financials. He acknowledged the product’s potential and offered $300,000 for 3% equity, coupled with a $1 per unit royalty in perpetuity. Olivia and Elvira countered with a $0.22 per unit royalty, citing their profit margins and the impact of higher royalties on their bottom line. Kevin was unwilling to go below $0.50 per unit, leading to a stalemate.
Daymond John expressed concerns about the company’s valuation and the challenges associated with scaling production. He felt the investment was too high-risk at the current stage and decided not to invest.
Mark Cuban appreciated the founders’ passion but believed he couldn’t add significant value to their business. He chose to step aside, encouraging them to continue their journey.
Barbara Corcoran was impressed by Olivia and Elvira’s energy and the brand’s potential. She offered $300,000 for 10% equity, emphasizing her expertise in brand building. After further discussion, the founders proposed a counteroffer: $300,000 for 3% equity plus a $0.22 per unit royalty in perpetuity. Barbara accepted this deal, sealing the partnership.
Product Availability
Stringies are designed to be invisible under clothing, providing a seamless look without compromising on comfort. The adhesive design ensures they stay in place without traditional straps, making them ideal for various outfits. As of now, Stringies are available for purchase through their official website, offering customers direct access to their innovative product. The company has also established partnerships with select wholesalers, expanding their reach. Each pair is priced at $14, reflecting the quality and uniqueness of the product.
What Happened To The Stringys After Shark Tank?
Following their appearance on “Shark Tank,” Stringies experienced a surge in interest and sales. The partnership with Barbara Corcoran provided not only financial support but also valuable mentorship in brand building. The company focused on scaling production to meet the growing demand and explored opportunities for expanding its product line. Their commitment to innovation and addressing a common problem resonated with consumers, solidifying their position in the market.
Conclusion
Olivia and Elvira’s journey with Stringies exemplifies the power of identifying a common problem and developing an innovative solution. Their appearance on “Shark Tank” showcased their passion, resilience, and business acumen. Despite facing challenges and tough negotiations, they secured a deal with Barbara Corcoran, setting the stage for future growth. Stringies continues to redefine comfort and invisibility in women’s underwear, proving that with determination and the right support, entrepreneurial dreams can become a reality.
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.
