The Pocket Panty Shark Tank Update – The Pocket Panty Net Worth

The Pocket Panty, a women-centric brand, entered the Tank with a vision to empower women in emergency situations. While working in a real estate agency, Ashley Turner founded the company in Compton, California. Her selling skills single-handedly helped the company raise its sales to $88,000. 

The product was a panty wrapped in separate packaging to ensure females could handle crampy and messy menstrual phases. However, she found it hard to convince sharks to invest. The company did not have a social media handle for digital marketing. Did Ashley defend her case and strike a deal on Shark Tank Season 15 Episode 9? Scroll down to stay up-to-date on this exciting pitch. 

The Pocket Panty Net Worth

Ashley Turner asked for $80,000 for 10% of the equity share. None of the Sharks were interested in the valuation because the company did not perform that well. The product was solid, but the sales figures were not that impressive. The business could only make $8,000 in the first year and $88,000 in the most recent year’s sales. 

Considering the small sales figures and the expenses that The Pocket Panty had to incur, the business’s net worth was nothing over $400,000. The net worth will improve once the company ensures a presence on social media (as sales will increase).

What Happened To The Pocket Panty After Shark Tank?

The Pocket Panty had a problem getting a deal on the Shark Tank because she did not sell the product on social media platforms. After leaving the Tank, she made an Instagram and Twitter account for The Pocket Panty. She often uploads videos to market her brands. Her TikTok account also has video updates relating to her business, and she did a decent job of ensuring her brand’s presence on social media platforms. 

Did The Pocket Panty Get A Deal On Shark Tank?

The Pocket Panty did not get a deal on the shark tank because of one main reason: unavailability on social media platforms. Ashley Turner asked for $80,000 for 10% of the equity share. The product was compelling and seemed to address a common problem. However, Mark Cuban and Robert Herjavec did not make a deal because of low sales and Ashley’s reluctance to sell it on social media platforms. 

Lori Greiner did not invest either because she could not add value to the brand. Kevin O’Leary was not much impressed by the price factor, so he opted out as well. Emma Grede called the unavailability on social media maddening. She said larger businesses could produce the same product at a much lower price. All sharks were out, and Ashley had to return without a deal. 

Episode Summary 

Shark(s) nameOfferDemandCounterofferAccepted?
Emma GredeOutN/AN/AN/A
Kevin O’LearyOutN/AN/AN/A
Mark CubanOutN/AN/AN/A
Robert HerjavecOutN/AN/AN/A
Lori GreinerOutN/AN/AN/A

The Pocket Panty Shark Tank Update

what happened to the pocket panty after shark tank

The Pocket Panty and its product

Ashley Turner founded the Pocket Panty in Compton, California. She had targeted an unaddressed segment of the clothing industry: emergency panties for unexpected menstrual needs. The product was a standard panty wrapped in a separate packing. Lori admired the product for its feel and quality. However, pricing was the primary issue. Another issue was the availability of the product. I will explain these factors later in the update.

Ashley’s Backstory

Ashley Turner studied at a college in Compton, California, when she started working for a real estate company. She acquired a license and became a ‘closer’ afterward. She used to close deals for herself and her colleagues. The clients used to find her arguments relatable, so she had a successful stint as a closer.

Ashley moved to a dumb apartment after her breakup. She did not know how she would pay the rent. However, being in the property management field helped her find her purpose. A resident came down one day and told Ashley she had seen a boy and would spend the first night with him. The girl had trouble stuffing panties in her bag when Ashley identified the problem and started The Pocket Panty. 

Initial Pitch

Ashley Turner entered the Tank to help ladies manage the emergency situations. “Ladies!”Ashley exclaimed for attention and began her pitch most lightly and hilariously. She asked the ladies to imagine the menstrual blood flow coloring their panties like Picasso or the fun time with friends when they had to leave with a leaky teaky reluctantly.

Ashley presented Sharks with The Pocket Panty. She described the product as clean, discreet, and comfortable. Each panty was individually wrapped in a separate package. She claimed the company did not compromise on style but had a single-size option. However, she was planning to launch a plus-size soon.  

Ashley said that The Pocket Panty was designed to empower women for occasional need of backup panties. She aimed to help women avoid humiliation due to periods. At the end of her presentation, she presented sharks with The Pocket Panty. 

Queries About The Product

Lori Greiner loved the product immediately. She admired the feel, stretch, and thinnest of the fabric. However, the product was generic (for everyone) because it was made for emergencies, so she asked if Ashley had researched the popular customer needs. Ashley answered that she went to schools and handed out samples for research. She took feedback from the users, and the response was positive. 

Robert Herjavec demanded the number of sales. Ashley explained that the company began its operation in September 2021 and made sales worth 8,000 that year. She further claimed that the revenue was enough to cover the initial investment made in the working capital. 

Mark interrupted Ashley and asked her to tell the Tank how she came up with that idea. Ashley explained her property management background, where she used to work as a deal closer. She dedicated her selling talent to the panty idea (I have already explained it in the update’s ‘founder and backstory’ section).  

Mark further inquired about the cost to make and the selling price. Ashley insightfully said that when The Pocket Panty was first launched, it used to sell in small quantities. Due to the smaller order size, a panty cost $2.24 per piece. The selling price in retail was $10, and in wholesale was $5. Kevin did not like the pricing at all. 

Emma Grede asked about the market where the business used to sell its products. Ashley explained that the panties were made in China. She sold the panties online, to boutiques, to private schools, and vending machines. 

Robert asked Ashley about why she came on Shark Tank. Ashley emotionally responded that black women did not get much support and opportunity in business. Since 2018, black-women-led businesses have tripled but have not received sufficient venture capital. The Pocket Panty’s pitch on Shark Tank was all about presenting businesses led by black women.

Mark could not conclude why the company had low sales despite having such a solid product. He asked if Ashley sold the product on social media. Ashley answered that social media was not her will. Mark was shocked by the reply.

Sharks’ Response And Final Deal

Lori again admired the product and showed her willingness to buy it. Regardless of the quality, she opted out, saying other sharks on the panel could help the business more than she could. 

Robert called Ashley a powerhouse but accomplished that her aura did not match the sales. He wanted to know why the product had low sales despite fulfilling such a crucial consumer need. Robert opted out.

Mark said that the hard part of the sales process was to make women think about The Pocket Panty in advance. He suggested giving the same pitch on TikTok or Instagram. Referring to her website on social media platforms would earn her traffic, eventually making sales. Mark praised Ashley for being a great salesperson but opted out. 

Kevin spectated the presentation and concluded that the product was overpriced. He was not a panty expert but knew how the pricing worked. He did not invest either. 

Emma asserted that not running social media was maddening. She said that larger companies could use scale and sell the same product at the cost the business was incurring. She argued that The Pocket Panty business would have been investable for her if a unit was sold for $3.99. Emma opted out, leaving The Pocket Panty without a deal on Shark Tank. 

What Went Wrong With The Pocket Panty On Shark Tank?

The Pocket Panty had impressed the Shrks with its unique idea and excellent fabric quality. However, the sales figures were low. Sharks thoroughly questioned Ashley to find the missing link. During the discussion, the first problem was the high selling price. Each packet of panty was available in retail for $10. Larger clothing brands could easily sell it for $3.99 or less.

Another problem that Mark found (and Emme later advocated) was the unavailability of The Pocket Panty on social media platforms. Ashley was reluctant to advertise her product on Instagram, Twitter, and TikTok. These factors dented the company’s chances to strike a deal.

Product Description And Availability 

The Pocket Panty was a premium panty wrapped inside individual packaging. The Sharks admired the product for its quality. According to Lori, the feel and stretch were perfect. The fabric is thin and generic to ensure anyone can use it in emergencies. 

The Pocket Panty is made to help women during menstrual flow. However, the pricing is not as impressive as the fabric quality and purpose. A panty is available on the official website for $10, while wholesalers could purchase it for $5.

The product was unique as no other clothing brand specifically addressed the issues faced by ladies during unexpected menstrual flow. Despite the discrete purpose, larger textile and clothing manufacturers could produce and sell the product for a much more affordable price. 

The availability was another issue that The Pocket Panty had before the Shark Tank pitch. The product was not available on the social media platforms. However, this problem has been resolved because the company is public on Instagram, Twitter, and TikTok.

Conclusion 

The Pocket Panty lost its deal for one big reason: its absence on social media platforms. This pitch was an example of why new businesses should try building strong networks on social media. Online presence is mandatory for companies because people can easily search and understand what the products are all about.

Ashley Turner did not strike a deal on Shark Tank Season 15 Episode 9. However, she seemed confident when she walked out. It was a great learning experience for a lady who knew the customers’ needs and how to sell but was reluctant to use the right channel. 

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