Women love to have a bunch of different options in terms of styling any piece of clothing, and it’s the same for swimwear as well. They don’t want to have a single-patterned and boring bikini every time they go for a swim or for a pool party.
Frank Scozzafava and Adam DiSILVESTRO, the co-founders of Mix Bikini, are on Shark Tank to become ladies’ number one choice. They have introduced a bikini line which can be customized on their website. What makes them unique is their different patterned bikini parts, which are helpful to wear different parts, for instance, undies with the same bra. Thus, it’s not compulsory to buy a whole set.
The owners are on Shark Tank to request $50K for 5% equity. They even presented two models wearing their swim wear and even demonstrated how to customize the required bikini of a customer’s choice on their site to impress the judges. Let’s see if they are able to really impress them and get a deal or not.
Mix Bikini Net Worth 2024 Shark Tank Update
Frank Scozzafava and Adam DiSILVESTRO were looking for an investment of $50k in exchange for 5% equity in Mix Bikini. At the time of the episode, they valued their company at approximately $1 million. They successfully secured a deal with Barbara Corcoran for an investment of $50k for 25% equity in the company. The investment adjusted the company’s net worth to around $200k. After the show was aired, the company faced several setbacks, and despite a rebranding effort, it eventually closed. As per my rough estimate, the current net worth of Mix Bikini in 2024 is around $0, as the business has shut down.
There is no such backstory behind the product but only that the owners wanted to help women out with their bikini options. Their idea is to aid women so that they can go about customizing their choices to end up with a variety of unique pieces.
Their bikinis are completely customizable, with even options for the type of swimwear and for choosing between rings and strings to hold their piece together.
Initial Pitch
The owners came to Shark Tank with their products and two models with website demonstrations to help in customizing the preferred bikini. They requested $50K for a 5% equity stack. They highlighted that their product is the world’s first interchangeable swimsuit to make women stand out. The entire bikini will cost customers up to $40 to $50, depending on the extent of customization.
Queries about the Product
After John Daymond showed concerns regarding the company’s very low sales, Barabara asked about the cost of the product. Frank highlighted that every part costs a customer about $9.99, and the whole set ranges between $40 and $50 depending on the extent of customization. She further asked about their plans of selling the product. He pointed out that they have no intention of selling online. However, they want to build a kiosk so that it would be easier for women to reach out. Frank also informed her that it would take $25K for a kiosk.
Adam then confused the judges by telling them their original deal, which is $50K for 10% equity, not 5%. To this, judges commented on their lack of communication and Daymond even highlighted the lack of sales in their $1.5M company.
Shark’s Response and Final Decision
As usual Cuban was the first to drop out of the deal due to their lack of path and communication.
Kevin faced similar issues due to which the debate heated up. Frank strongly pointed out that their product is very popular among women and it’s a profitable deal. Cuban then highlighted that the amount they want is very small compared to their business idea of building kiosk. To this Frank replied that he already got money of his own and they are here to only have the judges on their side for their expertise and the publicity of their product.
Daymond was not satisfied with their idea, so he dropped out too.
Kevin was next, this time to back out of the deal, as he couldn’t see money coming from it.
Barbara initially showed concern regarding a variety of options that come with the product and will need individual demonstrations to make them clear. However, she still pitched a deal of $50K but for 25% equity. This finally was accepted by the owners.
Product’s Availability
Despite getting a deal from one of the Shark Tank judges, Mix Bikini faced several setbacks, leading Barbara Corcoran to realize her investment was doomed. Despite rebranding efforts, the company ultimately closed, and its swimsuits are no longer available. One of the partners, Kelsey Duffey, launched a new brand called Versakini, but it too shut down. On ABC’s “Beyond the Tank,” Corcoran praised co-founder Frank Scozzafava’s sales skills and the innovative product, but their website crashed after the show aired, costing them $200,000 in sales. Excessive spending, combined with technical failure, led to the business’s downfall.
The product was one of a kind, and it also made an impression on the show by grabbing a deal from Corcoran. However, the deal wasn’t enough to save the company. This happened due to excessive spending and over-confidence in assets. The company is the best example of having capital that is not enough to sustain and grow a business.
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.
