We are living in the 21st century where everyone wants to be fashionable and safe. In today’s world, safety and styling have been significant aspects of life. Similarly, with the hype of traveling on scooters and motorbikes people struggle for protective journeys. Be it a man or woman, the need for safe gear is functional and fashionable. Thus, GoGo Gear is an innovative project, launched by Arlene Battishill and Desiree Estrada.
The entrepreneurs stepped into the Shark Tank and explained the idea possibly. The GoGo Gear is especially for women riders with fringed leather scooter jackets. One can wear it on-bike and off-bike, depending on the circumstances. GoGo Gears protects motorcyclists from accidents and injuries. The founders are of the view that their idea is billion-dollar because it provides safety and style to riders with professional attire. Let’s see, what is going to happen next? Will the Sharks invest in the mega-project? All eyes on the Sharks!
Gogo Gear Net Worth 2024 Shark Tank Update
Arlene and Desiree were looking for an investment of $300k in exchange for 15% equity in the company. At the time of the episode, they valued their company at $2 million. They successfully secured a deal with Daymond John for an investment of $300k for 65% equity in the company. The investment adjusted the company’s net worth to around $461k. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of GoGo Gear in 2024 is around $7 million.
What Happened To Gogo Gear After Shark Tank
After promoting the GoGo Gear on the forum of Shark Tank, the sales uplifted. One of the Sharks, Daymond John made a profitable deal with the founders. He asked for $300k for 65% equity, and the entrepreneurs accepted his offer. While the rest of the four panelists did not invest any money in the GoGo Gear. They were out.
Arlene and Desiree ride into the Shark Tank and seek $300K in return for 15% equity from the investors. They wore biker gear and stated that back in 2008, both lost corporate jobs in America. Then they decided to start a clothing line for competent professional riders.
Erlene claimed that she had an ingenious idea to invest all the money in something, they knew nothing about. What do you think, how will they invest their money?
Initial Pitch
Sharks meet two businesswomen from America, named Erlene and Desiree in episode 10 of season 3. They came to the Shark Tank with GoGo Gear and enunciated that the gear safeguards the riders from injuries and accidents. The project has been specifically designed for women’s riders but with no fringed-leather motorcycle jackets. The wardrobe consists of cutting-edge, feminine outwear with engineering, including abrasion-resistant fabric, and standard CE-approved armor in the shoulders, back, and elbows. The attire has been drafted with fashion for professionals, who can wear it on-bike to off-bike.
Queries About The Pitch
Mark Cuban raised the first question about the sales figures of GoGo Gear. Erlene replied that they made $172k in sales for the last year. Moreover, they have their product in twenty-five retail stores.
Barbara Corcoran questioned the pitch that either of them has a fashion background. Desiree replied “No”, but they both have extensive management backgrounds. The entrepreneurs have been in business for twenty-five years.
Similarly, Mark Cuban asked them how he could trust them with his money. What will they do with his money? Yikes! Arlene answered that they would visit Europe because, in the United States, there are 7 million registered riders. So, the market competition is outside America and 35 million registered riders are in Europe. Mark Cuban disregarded their horrible idea that their business wouldn’t become successful if they left the continent. Thus, Mark Cuban is out.
Following the disappointment, the entrepreneurs admitted that they made some mistakes. They invested their money of about $400k but they gained a notable experience from blunders.
Meanwhile, Robert Herjavec asked Daymond John about his views as a clothing guy. Daymond has expertise in fashion, he said that the duo is ignoring a big issue about the insane valuation with nothing proprietary to the business.
Kevin O’Leary stated that the duo made blunders in calculation, so he is out. Additionally, Robert Corcoran feels doubtful about the tactical errors made by the duo. At first, they were seeking $300k for 15% equity but then they changed their narrative. They asked for $300k for a 38% stake.
The apparent shift made Mark Cuban out of the pitch. He thought that they didn’t have strategic expertise.
While Barabara Corcoran fostered their commitment she was out as the duo has extreme optimism.
Only Daymond John was left in the squad but Desiree wanted to make a competent figure in private.
Shark Responses Final Deal
Once the businesswomen came back with a figure of $300k for 50% equity, Daymond claimed that he would bring Robert Herjavec to scooter shops. However, Robert wanted more stake, then the duo raised the figure up to 55%. Again, Robert claimed that he wants more money, so, he is no more in the play.
Daymond John asked Robert to accept the offer but Robert refused it. Following the share, Daymond John made a deal with GoGo Gear’s founders and asked for $300k for 65% equity. The ladies accepted the offer and left the pitch with excitement.
What Went Wrong With The Company On Shark Tank?
Although Arlene and Desiree launched an innovative project for the riders but failed to make a deal with the rest of Sharks. The reason is the high valuation of the company, lack of strategic thinking, and rough calculations in hassle.
Product Availability
The products are available on the official GoGo Gear and Amazon websites. Moreover, the business is making over $7 million per year.
Conclusion
Arlene and Desiree explained her product in a comprehending way. They came on motorbikes that showed excitement and optimism toward the GoGo Gear. At first, they were seeking $300k for a 15% stake but none of the Sharks made a deal with them. Following the miscalculations, inadequate strategy, and high valuation, they change their figure. Later, they asked for $300k in return for 65% equity so, Daymond John accepted their offer and wished them the best of luck.
Hi! I’m Maleeha Alam, a content writer, English poet, and MPhil Linguistics Scholar. I love watching Shark Tank episodes because it helps me extract business-related ideas. The thrilling series of the Shark Tank fosters competent market analysis, presentation skills, and pitching.
