MN Couple Scores $250k on “Shark Tank” with Dog Outfits
Last week, we shared about the Wayzata-based couple Scott and Gina Davis and their business making matching dog and owner outfits.
This past Sunday night, the couple made an appearance on ABC's "Shark Tank" to pitch Dog Threads to the Sharks. With Tinkerbell and Gus Gus -- a papillon-maltese mix wearing a tropical shirt and French Bulldog wearing and red and black flannel -- on hand to model, the pair made their pitch.
“In 2014, we had a Pomeranian poodle, and he loved dressing up,” said Gina. “But I couldn’t find clothing that matched his human-like personality anywhere. Every store I went in, it was cheap and tacky clothing. I thought ‘I wouldn’t wear that, so why would we dress Thomas [her puppy] in it?’”
The Davises were looking for an investment of $250,000 at a 17% stake in their company. Two of the Sharks -- Lori Greiner and Daymond John -- weren't interested. Billionaire and Dallas Mavericks owner Mark Cuban, however, was intrigued and even saw potential for licensed merchandise with the NBA.
“I can see [a Maverick’s] fan with the Mav’s logo,” he told the pair. He made an offer.
“I’ll give you $250,000, but I want 30%. That’ll give me a reason to invest. I’ll connect you to our Mav’s buyers and the licensing with the NBA. There’s a lot we can do with pricing. The Mav’s buy hundreds and thousands of shirts.”
The Davises managed to talk Cuban down to 25% stake, citing that they wanted to be able to provide for their one-year old son Ziggy's future.
"Using the baby to shame me!" Cuban joked.
According to CNBC, Dog Threads brought in $196,000 in sales in 2018 and is projected to make $240,000 in 2019. A portion of each sale made is donated to non-profit animal rescues.
You can check out Dog Threads at their website here.