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What Happened to SheFit after Shark tank?

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Have you ever been irritated by your breasts while working out and no potential sports bras have proven of any help?

Do you never find a bra adjustable to your size and wish to find something that could fit you perfectly?

Well then, your search ends at SheFit. A company manufacturing first-of-its-kind highly adjustable and customizable bras so that you can work out guilt and soreness-free.

SheFit at a Glance:-

IdeaAdjustable Zip-up sports bras
FoundersBob and Sarah Moylan
Asked For$250,000 for 20%
Accepted Deal$250,000 for 33%
SharksDaymond John
Business statusIn Business
Episode No.Season 7, Episode 15
Buy on AmazonBuy Now!

Index:

What is SheFit?

SheFit is a company that specializes in performance clothing for women. That is clothing that is designed to fit women of all sizes and body types.

Their flagship and highest-selling product is the SheFit ultimate sports bra, which is designed to be easily adjustable and provide adequate support for any size of breasts.

The SheFit sports bras are very different from conventional sports bras that become lacky after some time of usage and do nothing to stop the breast sagging or incessant soreness during workouts.

The SheFit bras claim to provide the best customizable solution for breast support especially while working out.

Founder Story:

Sarah Moylan, the founder of SheFit is a former Miss Michigan Teen USA (1999), 1st runner-up Miss Michigan USA (2001), and Mrs. Michigan America (2008).

Being in the Show Biz, Sarah had to constantly take care of her physique, but her workout routines were constantly interrupted by her heavy breasts. She had to avoid intense workouts to prevent soreness in her breasts.

Irritated by this, Sarah created a makeshift bra for herself using some old bras, a glue gun, and some other adjustable materials.

That was the first prototype of SheFit. Though ridiculous looking, it was very supportive of her breasts and allowed her to work out without worrying about breast soreness.

When various other women started asking her about the bra, she actualized her prototype into the company we now know as SheFit.

Sarah then took her business into Kick-starter in 2013 where she was able to raise $22,000 for SheFit.

Did SheFit get a deal on Shark Tank?

Sarah and Bob entered the tank with a demand of $250,000 in exchange for 20% equity. Sarah then began her presentation, where she explained that their bra is the “only fully adjustable customizable bra” in the market currently.

She further hands out the samples to the Sharks and explains that she holds utility patents on all the adjustability features and the padding in the product is easily removable.

Bob further talks about the numbers of their company. He states that they have sold $220,000 worth of products within a span of 18 months and another $50,000 in the past 45 days.

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Their sales are divided into half by e-commerce sites and the 19 retail stores they are available in. The bras cost them $14.20 after manufacturing and sell at $58.99, which is a huge profit margin.

All the Sharks like the product as well as the financial numbers of the company, but most Sharks like Lori and Kevin are wary of the highly-competitive active-wear market and hence, they opt out of the deal.

Daymond, however, thinks that he can add value to the company and therefore, he offers $250,000 for 33%, which turns into an immediate deal with the founders.

What happened to SheFit after Shark Tank?

As Daymond promised, he did launch the company to huge success with his connections.

The SheFit products have achieved various celebrity endorsements such as with Olympian Val Smith and have also been showcased on the show, The Doctors.

The founders have also appeared on The Today Show due to the constant fame achieved.

Even though the products are now listed at a much higher price than that stated on Shark Tank, the company still manages to sell a lot of its products.

In 2022, two of the company’s ex-executives charged the company based on a breach of contract, wrongful termination, and sexual harassment. The Moylans denied any such accusations and the matter was settled in 2023.

Product Details:

  • The SheFit sports bras are highly adjustable to provide the required breast support.
  • The SheFit bras are highly customizable in accordance with the size and fit required.
  • The company also has a collection of leggings, shorts, tees, and fitness accessories.
  • The products are made up of highly breathable and soft materials so that it doesn’t add much weight to your body while working out.

What’s the net worth of SheFit?

SheFit entered the Tank with an ask of $250,000 in exchange for 20% equity in the company, evaluating it to $1.25 million.

The founders, however, accepted Daymond’s seal of $250,000 for 33% equity, bringing the valuation down to $757k.

The company is currently in business and has generated a lifetime revenue of $7 million as of the year 2021. SheFit is said to have an estimated Net Worth of $7 million as of November 2021.

Who are the competitors of SheFit?

The top competitors of SheFit are the major active-wear brands that are active globally. Some of them are:

  • Girlfriend.com
  • Sephora.com
  • Savagex.com
  • Anaono.com, among many others.

Is SheFit still in business?

Yes, SheFit is currently in a flourishing business. With their performance wear slowly making its place in Women’s wardrobes, the company is sure to have a greater upper curve in terms of profits, revenue, and Net Worth.

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FAQs:

What is SheFit?

SheFit is a company that specializes in performance clothing for women. That is clothing that is designed to fit women of all sizes and body types.

What's the net worth of SheFit?

SheFit is said to have an estimated Net Worth of $7 million as of November 2021.

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