Ooakshell Headbands are a versatile, one size fits all headbands that can be worn narrow or wide. Mika founded Ooakshell in 2018 and market tested her product on Etsy before moving sales to her own website. Each Ooakshell is hand-dyed and meant to be unique.
Ooakshell in the Shark Tank
In the Shark Tank pitch for Ooakshell, the entrepreneur initially asked for $150,000 in exchange for 10% equity in the company, setting the valuation at $1.5 million. During the show, Emma Grede made an offer of $150,000 for 20% equity. The entrepreneur countered with 13% equity but eventually agreed to Emma Grede’s offer, resulting in a final valuation of $750,000.
Key selling points highlighted during the pitch included the hand-painted nature of the headbands, which resulted in high margins on sales. Impressively, the company had generated $386,000 in year-to-date sales at the time of filming, a significant increase from $12,000 in 2019 and $245,000 in 2020. These sales were achieved without any marketing expenditure, relying solely on social media promotion and sales through the company’s website. The customer return rate was noted to be 81%.
|Initial Ask||$150,000 for 10% equity|
|Pitch Valuation||$1.5 million|
|Final Deal||$150,000 for 20% equity|
|Sales in 2019||$12,000|
|Sales in 2020||$245,000|
|Sales in 2021 (YTD)||$386,000|
|Marketing Strategy||Social media, no marketing spend|
|Customer Return Rate||81%|
Ooakshell After Shark Tank
After appearing on Shark Tank, Ooakshell has experienced significant growth and success. By November 2022, the company reported over $375,000 in sales. This impressive performance is bolstered by a high customer return rate of 81% and a profit margin of over 95%. These figures indicate strong customer loyalty and efficient business operations.
The company’s founder, Mika Bertholdo, has continued to be actively involved in the business. She and her two daughters work together to run the company, which continues to generate substantial sales primarily through online channels and physical shops. This family-run aspect adds a personal touch to the business, contributing to its appeal.
A key development post-Shark Tank was the closing of the deal with Shark Emma Grede in November 2022. However, the specific terms of this deal and the extent of equity Grede received were not disclosed.
In terms of infrastructure growth, the demand for Ooakshell’s products led to the necessity of a larger warehouse and office space. This expansion is a clear indicator of the company’s upward trajectory. Moreover, to handle the increased workload, an assistant was hired to manage 90% of the packaging, reflecting the operational scaling of the business.
As of March 2023, Ooakshell is still thriving in the market, continuing to attract and retain customers through its unique and artistic hair accessories. The company’s ability to maintain high sales and customer satisfaction post-Shark Tank is a testament to its strong market presence and the effectiveness of its business strategies.