Barbara Lampugnale had a reasonable ask for the Sharks: $50,000 in exchange for 20% equity in Duality Cosmetics. With each bottle selling at a retail price of $14.99 while only costing $3 to make, the Sharks were happy with the mompreneur’s numbers. Nail Pak’s convenience factor was convincing, but the task of building the company’s team and manufacturing systems looked difficult. For that reason, Rob Herjavec and Mark Cuban were the first Sharks out.
While Kevin “Mr. Wonderful” O’Leary wasn’t committed to investing by himself, he looked to QVC heavy-hitter Lori Greiner as a potential partner. Before “Shark Tank,” Greiner founded her own beauty empire, and empathized with Lampugnale’s struggle as a female entrepreneur. However, she didn’t see the value in partnering with O’Leary, claiming that she had her own connections and could sell millions of Nail Paks without him. She made Lampugnale a solo offer: $50,000 in exchange for 51% of the company.
This hefty equity came with perks. Greiner explained, “I can do millions of this for you, on QVC and everywhere else. I’ll get that on my show, we will launch it, we will be a huge success.” O’Leary made his own offer: the same investment of $50,000 but for only 40% equity. Caught between two competitive Sharks, Lampugnale made a hard decision: she counteroffered Lori with 40% instead. Lori accepted and they had a deal, much to O’Leary’s disappointment.
Post source: The List
