Djibrilla Issa Hamani
MAR 100-B051
P. Buckler
Week F: Shark Tank
I chose the second pitch from Shark Tank Season 14, Episode 20 for this project because I found it captivating. Furthermore, I am fascinated by clothing and its power to influence our emotions and self-expression. I can also say that on the show, we also saw two people seeking investments, but they did not receive any funding. They were, however, given the opportunity to expand their firm with the help of a multi-millionaire Shark who promised to teach them.
In this episode, the two partners presented their unique concept of clothing developed particularly for the LGBTQ+ community. The partners spoke strongly about how they had spotted a void in the fashion business, with very few clothing options accessible for people who don’t match the standard gender binary. They stated how this discovery inspired them to found Dapper Boi, a business that caters to people who want to express themselves through apparel that suits their identity. Their proposal was appealing because they spoke from personal experience and demonstrated a deep understanding of their target market’s demands. Their enthusiasm and commitment were contagious, and it was evident that they had a strong vision for the future.
The Brand Dapper Boi is designed to fit all body types, regardless of gender, and provides a much-needed alternative to traditional gendered clothing lines. In essence, Dapper Boi’s objective is to make fashion more inclusive and accessible to everyone. I think brand like Dapper Boi has a lot in common with FUBU funded by Shark Daymond John. These are brands created to represent minorities and also include everybody within the fashion business.
During the pitch, the entrepreneurs asked for $250,000 in exchange for a 5% interest in their company. They also stated that their lifetime sales were $3.5 million, up from $1.5 million the previous year. When questioned how much their items cost, the entrepreneurs revealed that it costs $9.40 to make a shirt, which they sell for $60. Furthermore, they stated that a pair of jeans costs $15 to make and $99 to sell, resulting in significant profit margins.
I think the consumers may need the clothing Brand Dapper Boi because it provides gender-neutral apparel alternatives that appeal to a wide range of body types and gender expressions, making shopping more inclusive and affirming. Dapper Boi also allows people to express themselves genuinely via their attire and feel comfortable and secure in their own skin by providing a varied choice of clothing options. CNN states that: “Approximately 1.2 million people living in the US identify as nonbinary, according to a new study by the Williams Institute at UCLA School of Law. Of those 1.2 million people, the majority are under 29 years old and White” (CNN, 2021). We are sure that these people will want for themselves brand like Dapper Boi that represent them which will create the demand.
To appeal to its consumers, I think Dapper Boi has to develop new ways and policies. First, I will suggest that Dapper Boi could utilize branding and packaging that reflects this concept, such as including images and content that promotes variety and individuality. Second, I think the brand should work on getting new distributors and suppliers which will help them deliver the product to the customers: Prior to the epidemic, they reported that it took them 4 to 7 weeks to supply their supplies to consumers. When the pandemic struck, however, delivery times were extended by several months. Additionally, Dapper Boi could also underline its devotion to sustainability and ethical production processes, which are significant values for many customers. And finally, I must say, they should as well work on the packaging. A package is very important in modern business: It’s an innovative way to catch a potential customer attention make a lasting impression. This episode, we could clearly see that the owners of Dapper Boi did not invest in Packaging.
Works Cited
CNN, Leah Asmelash. “1.2 Million Nonbinary People Live in the US, a New Study Says.” CNN, www.cnn.com/2021/06/23/us/nonbinary-survey-study-number-trnd-wellness/index.html.