Weak eyesight is a common problem, but thanks to glasses, many people can see more clearly. However, wearing glasses can sometimes be inconvenient. For example, it can be hard to lie down and read a book while wearing them, and it can be frustrating to keep taking them off when you don’t need them. The design, especially the arms of the glasses, can make them uncomfortable or awkward in certain situations. Even though glasses are very helpful, they can still be a bit tricky to manage at times.
Jenny Hutt, Andrea Gluck, and Stacy Fritz, the owners of Bunny Eyez, have introduced glasses that can be bent and flipped in times of need. They have introduced such glasses which are the first wearable, tiltable, and flippable reading glasses. The flipping case can also be done on one arm of the glasses in case of lying on one side of your body.
The owners came on Shark Tank to request $200K in exchange for 10% of their company. They also presented sharks with samples of their Bunny Eyez to get the deal of their choice. Let’s see if they got the deal or not.
Bunny Eyez Net Worth Shark Tank Update
Jenny, Andrea, and Stacy were looking for an investment of $200K in exchange for 10% equity in the company. At the time of the episode, they valued their company at $2 million. They successfully secured a deal with Daymond for an investment of $200K for 20% equity, with a $2/unit royalty until the investment is recouped, after which the equity drops to 15% and the royalty goes away. The investment adjusted the company’s net worth to around $1 million. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Bunny Eyez in 2024 is around $3.5 million.
Shark(s) name
Offer & Demand
Counteroffer
Accepted?
Kevin O’Leary
Out
N\A
N\A
Mark Cuban
Out
N\A
N\A
Lori Greiner
Out
N\A
N\A
Barbara Corcoran
Out
N\A
N\A
John Daymond
$200K for 10% equity
$200K for 20% equity, $2/per unit royalty. Equity drops to 15% and royalty goes away once the investment recouped
Yes
The Owners’ Backstory
Jenny related that one day she was at a salon and she was struggling with constantly wearing and removing her glasses while her stylist was busy making her hair. This gave her the idea to make flippable and tiltable glasses.
Jenny and Stacy are basically sisters and they named the business after their mother’s name, Bunny, who passed away in 2008. The sisters have been through a lot to get to the show and even they lost their father in the earlier year.
Initial Pitch
The owners came on the show to seek $200K for a 10% equity stake. The products are a type of glasses that are made more stylish and functional compared to the normal pair of glasses found in the market. They can be adjusted on the basis of the posture a person takes while indulging in daily chores.
Moreover, the product is also patented and it has not one but two utility patents.
Queries about the Product
Corcoran asked the first question about the customer’s response to their product. Jenny replied that they had got a huge positive response from the customers. Then, Andrea added that their lifetime sales are over $5M, which calculates to around 200k units.
The shark also inquired about their method of selling such a huge number of glasses. Jenny again replied that they started selling the product in the summer of 2018 and they were able to sell a little more than $600K.
Kevin wanted to know about their sales trajectory. Andrea pointed out that their sales were $1.9M in 2019, $1.3M in 2020, $700K in 2021, and $400K in 2022.
Cuban then asked about the ups and downs in the sales trajectory. The reason for the lowering of sales in the successive years was because initially,y the response was huge and even a few famous people shared about their product on television too. It was basically Hoda Kotb, who went on the “Today” show and presented their glasses as her favorite ones. Stacy then added that after two weeks of the show, they launched their product and they were completely unfamiliar with the celebrity’s act.
Then in 2020 due to supply chain issues, they were unable to manage the inventory. Moreover, Stacy and Jenny’s father was diagnosed with cancer and they have to take him to a consistent chemotherapy treatment. Apart from that Stacy also highlighted that they were also working on redoing their website and on the day of their website launching their father also passed away.
Daymond inquired about the cost it takes them to make the product and its selling rates. Andrea pointed out that it costs them $3.70 to make along with $0.60 for the glasses case and their selling rates are $35 and $40.
Kevin wanted to know if they are selling the glasses D2C only on their website and Amazon. All three girls replied in the affirmative.
Cuban was curious to know if they had other investors too. Jenny replied confidently that they have no debts whatsoever and so they are self-funded. She also added that even though they had taken money in the first year of their business they have completely paid it back off.
Daymond asked about their reasons for getting a deal from a shark. The co-owner highlighted that they need distribution, big-box stores, avenues, and channels to make their product well-known to their customers.
Corcoran wanted to know about their actual marketing plans. Jenny pointed out that they want a real channel to get done with the distribution and a fully fledged display in big-box stores.
Shark’s Response and Final Decision
After hearing their response about their conversation about a licensing deal with other manufacturers, Kevin decided to back out of the deal, considering that he was not fit for them.
Mark Cuban believes that targeting the right audience with the product’s functionality will be difficult, particularly given that most marketing happens on social media nowadays. Because of this, he decided to pass.
Corcoran followed Cuban and backed out too as she considered the retail part of their product to be too difficult.
Daymond then offered them $200K for 20% equity with a $2/per unit royalty. Equity drops to 15% and royalty goes away once the investment is paid back.
Lori finally dropped out too as she considered Daymond’s offer to be already great for them.
Finally, the girls accepted Daymond’s offer and left the show with a shark on their side.
Product’s Availability
The show gave the product massive exposure, reaching millions of viewers and a significant increase in sales. Additionally, the company has a large social media following and has received endorsements from celebrities like Hoda Kotb, Kaley Cuoco, and others, as well as many positive reviews.
Bunny Eyez has successfully launched its innovative design to address common issues with traditional reading glasses, offering a unique solution that is both practical and stylish. Despite initial challenges, including personal hardships and supply chain issues, the company has been successful.
Their appearance on Shark Tank and the deal with Daymond will likely help increase the brand further, opening new distribution channels and expanding its presence in big-box stores.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
