Attorneys David Powers and Scott Tindle billed their business as “The Netflix for Ties.” TieTry was a neck tie mail-order rental service. Customers signed up for a monthly subscription, selected a tie based on style, pattern and width, and received their requested item in the mail a few days later. The subscription was $15.99 a month to wear up to 10 different $80-$90 designer ties and bow ties a month. The selection was unlimited, and David and Scott had started to add pocket squares, cuff links, watches and sunglasses.
Kevin O’Leary offered them a deal if another shark would go in with him. No one did.
After their appearance in the Tank, David and Scott had a huge bump in business—too much for them to manage at that time. Five months after their appearance, Fresh Neck of New York City acquired TieTry.
Scott started a duck boat tour company on the Gulf Coast and later went to work for the University of Mobile. David found a company to provide legal advice to non-profits and political committees in Washington, DC. He also served as in-house counsel to the Republican National Committee.
TieTry in the Shark Tank
In the Shark Tank, entrepreneurs David Powers and Scott Tindle sought a $100,000 investment for a 25% equity stake in their tie subscription service. The pitch did not result in a deal, as none of the Sharks chose to invest. Kevin O’Leary initially offered $50,000, challenging the entrepreneurs to find another Shark to invest the remaining $50,000 and decide on the equity percentage. However, this arrangement did not materialize.
The Sharks raised several concerns during the pitch. They questioned TieTry’s customer acquisition strategy, as the entrepreneurs could not provide concrete data on customer acquisition costs. Despite having 110 subscribers after six months of operation, this number did not impress the Sharks. Additionally, they had a 15% cancellation rate within the same period. The Sharks also commented on the lack of a scalable business plan and perceived insufficient passion from the entrepreneurs. Mark Cuban, in particular, emphasized the need for a clearer understanding of customer acquisition costs beyond initial PR efforts.
The Sharks offered various suggestions and feedback. Daymond John inquired about expanding the rental items to include accessories like cufflinks and vests. Barbara Corcoran considered marketing to college students a great idea but was concerned about the low subscriber count. Robert Herjavec liked the business model but felt it required more testing and a larger subscriber base. Ultimately, the Sharks did not find the business proposition compelling enough to invest.
| Entrepreneurs | David Powers and Scott Tindle |
| Business | Tie subscription service |
| Ask | $100,000 for 25% equity |
| Result | No deal |
| Notable Concerns | Unclear customer acquisition costs, low number of subscribers, high cancellation rate, lack of a scalable business plan, perceived lack of passion |
TieTry After Shark Tank
After their appearance on Shark Tank in 2012, TieTry faced several challenges. Although the Sharks saw potential in the business model, operational issues emerged post-show. Managing inventory, maintaining product quality and cleanliness, and handling shipping logistics proved challenging for the rental service. The company also struggled with increasing competition in the fashion rental space, particularly from new entrants with more resources and larger inventories.
In 2013, TieTry was acquired by FreshNeck, a competitor in the fashion rental market. This acquisition was likely a strategic move to consolidate resources and better position themselves against other competitors in the market. As part of FreshNeck, the combined entity offered customers an extended inventory, including over 1700 items such as ties, bow ties, pocket squares, cufflinks, tie bars, suspenders, and more. This merger allowed customers to access a broader range of products, with memberships starting at $15 per month and discounts available for purchases.
Following the acquisition, the founders of TieTry, David Powers and Scott Tindle, moved on to other ventures. Scott Tindle co-founded Gulf Coast Ducks, a duck boat tour company, before becoming Director of Athletic Partnerships and Innovation at the University of Mobile in June 2018. David Powers founded Powers Compliance, PLLC, where he provides strategic legal advice to nonprofit organizations and political committees in Washington, D.C.
The acquisition by FreshNeck marked the end of TieTry as an independent entity, but it also signified the continuation of the business concept within a larger, more resourceful company. As of 2023, FreshNeck continues to operate in the fashion rental market.
TieTry was acquired by Fresh Neck of New York City.
