Those who watched the Friday, January 29, episode of Shark Tank were able to witness Shefit’s firecracker founder on Shark Tank— as reported by WOODTV — a woman named Sara Moylan. Sara was complimented for being in such great shape, but the owner and founder of Shefit was also chided for talking so much more than her husband.
Moylan had an original product on her hands with Shefit, as Sara explained how the sports bra featured unique features, such as the ability to adjust the straps that go over the shoulders, as well as adjust the band size. It’s a feature that means Shefit bras don’t need as many SKUs as other products, since the Shefit bras can adjust to different bra sizes. Whereas other companies may have to deal with sizes like 32A, 34C, and so on, Shefit bras are more customizable for their wearers.
It’s a smart idea from the Grand Rapids entrepreneur, because women who tend to need sports bras are generally the type who are working out and losing weight — therefore, their band size is constantly changing. Instead of needing a new sports bra all the time, the Shefit seeks to take care of that problem.
It was clothing guru Daymond John who recognized the huge market for athletic gear, and jumped at the chance to make a deal with Sara and John Moylan. Lori Greiner got caught up in talking about the types of similar products that help one’s posture, and the fact that she thought their adjustable straps would too closely resemble the Shefit straps, and thus cause an issue with the patent.
— Daymond John (@TheSharkDaymond) January 30, 2016
But John saw the potential of Shefit, which lists their jog bras at $58.99 as of this writing on their website. On Amazon, the price of the Shefit jog bras are listed at nearly $100 as of this writing, with the $99.99 price nearly double that of the price found on the Shefit website. This price disparity is likely due to the fact that Amazon charges sellers fees that have to be recouped through higher prices on products — if there are no other discount deals in place for the sellers.
Either way, Daymond told the Shefit couple that he wanted one-third of their Shefit business for the $250,000 investment, and only if they said yes to him right away. John took the lead and said yes to the deal, as the Moylands conferred quickly about the offer.
As described by WOODTV, the Shefit brand appeared on Shark Tank with unique features that made it a bra that Daymond couldn’t refuse. Moylan has also appeared on the TV talk show called The Doctors, so Shark Tank wasn’t her first rodeo in the TV spotlight.
Mixed reviews on Amazon call Shefit everything from amazing to ill-fitting, but as witnessed by the 20,000 searches that Google Trends reports Shefit is getting on Friday evening, the interest in a customizable sports bra is apparent.
— Josh Reasoner (@TheAdidasGuy) January 30, 2016
(Photo by John Shearer/Invision/AP)