‘Shark Tank’ Fans Rip Stakt Pitch For Hefty Price Tag
ABC’s business reality series Shark Tank welcomed Stakt foldable yoga mat pitch in Season 14 Episode 3. While one of the judges, Lori Greiner, was dazzled by the pitch, fans didn’t agree to the hefty $86 pricing. What was it that irked fans? Keep reading to find out more!
Stakt Founders Seek $100,000 for a 10% Equity
Founded by Taylor Borenstein and Millie Blumka, Stakt is a foldable yoga mat brand. The duo stepped into the room seeking funding of $100,000 for a 10% equity stake. As they pitched their product, they explained how regular yoga mats might not be well-suited for different workout forms. According to the founders, Stakt can easily adapt to various workout styles like pilates, cardio, sculpt, etc. They also provide ample joint support transforming into a block form.
[Source: YouTube]
Kevin O’Leary, Mark Cuban, Daymond John, and guest Shark Kendra Scott backed out from the deal citing several reasons. While one reasoned their lack of knowledge in the fitness sector, another explained that there is no need for the product per se. However, one Shark was very much interested in the product. As per Meaww, Shark Lori Greiner appreciated the utility and quality of the yoga mat and decided that it was worth an offer.
Shark Lori Greiner Makes An Offer With A Royalty Clause
Lori initially made an offer seeking a 15% equity stake in the yoga mat brand along with a $1 per unit return until her investment of $100K is completely paid off. Sure enough, the founders weren’t happy with the unforeseen royalty clause and tried negotiating the same with Lori. However, they eventually accepted the deal with the royalty brought down to 75 cents per unit.
[Source: YouTube]
Although Stakt founders and Lori seemed glad to have closed the deal, fans felt the product wasn’t impressive.
Fans Feel Shark Tank Judges Don’t Know Average Consumers
Shark Tank fans questioned the hefty price tag, as one fan tweeted, “#SharkTank $86 for a MAT?!? Target has a folding one for $19 & Walmart has one for $35. Not to mention the COUNTLESS extra foamy ones at TJX stores for $29-seriously these sharks are SO out of touch with average consumer.”
#SharkTank $86 for a MAT?!? Target has a folding one for $19 & Walmart has one for $35. Not to mention the COUNTLESS extra foamy ones at TJX stores for $20 – seriously these sharks are SO out of touch with average consumer. pic.twitter.com/brH24NUafv
— sammy odice (@SammyOdis) October 8, 2022
Another chimed in, “They already sell these type of mats everywhere. Aldi has some right now for like $20. They also didn’t answer the question. I’m out. #SharkTank.”
They already sell these type of mats everywhere. Aldi has some right now for like $20. They also didn’t answer the question. I’m out. #SharkTank
— Kari M (@MissKari24) October 8, 2022
“You can find foldable yoga mats all over Amazon, but these basic b****es wanna charge other basic b****es almost $100 for this one,” wrote a third Shark Tank fan.
However, a fan wondered why the founders went back and forth over the royalty. They wrote, “Pretty solid product. The odd back and forth over the royalty with those $50+ margins is a bit interesting. Makes me think there’s something else going on.”
“It did seem quite suspicious. They definitely have a lot of competition out there that they glanced over. It won’t surprise me at all if this deal does not close,” agreed a second fan.
[Source: Reddit]
A third added, “The way this deal ended convinced me it’s not going through. Haggling over $1 vs 75cent royalty the financial girl didn’t look happy.”
Do you feel that the Stakt foldable yoga mat was too heftily priced? Share your thoughts in the comments!
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