ABC’s ‘Shark Tank’ brings a new ring to innovative business. We might truly believe that we have seen it all but not when we tune in to watch another episode of ‘Shark Tank.’ Regardless of how amusing and noteworthy we find the participants’ business ideas, the ultimate cards are with the sharks. Through the several seasons of the show, we have seen various business entrepreneurs bag a deal. That said, staying in business with the sharks is no easy job either.
Goumi on Shark Tank: Who Are They?
Linsey Fuller and Lili Yeo have spent a significant amount of their career in the fashion and related accessories business. They have previously worked for top corporations and later came up with an idea to start their own line of apparel and accessories, named Goumi, for babies. It goes without saying that any business needs to upscale at some point or the other, and thus, they decided to try their hands at ‘Shark Tank’ to see if they could get $ 1,000,000 for 8 % equity in their company.
The sharks initially hesitated to step in to make a deal as they felt that their products were quite overpriced. However, after a tense deal-making, they were offered a cut by both Daymond John and Kevin O’Leary. They chose the one given by O’Leary and walked out with a $ 1,000,000 loan at 9 % interest for 10 % equity.
Goumi on Shark Tank: What Do They Do?
The name Goumi itself is derived from Goumi berries. The company sells a wide range of apparels like crib sheets, baby blankets, changing pad covers, three-piece sets, and their most sold items, baby boots, and mitts. The baby boots are sold in a variety of sizes for toddlers based on how old they are. For instance, there are different sizes for age groups such as 0-3 months, 3-6 months, etc.
They are also available in different styles like gripper boots, preemie boots, and so on. There is a wide range of collections when it comes to mitts as well. The company makes its products with the policy that each baby is unique and special; hence, each toddler will also need a range of clothing that will fit them and keep them warm and secure. Their products are available on not only their website but also on Amazon, Target, Baby List, and Buy Buy Baby.
The company website offers several kinds of combo deals on their products. One of them is the nursery crib set, which is inclusive of the Goumi bedding set, crib, and a crib mattress. Furthermore, for each of their products, they mention if it is organic, and what kind of cleaning it will require. The website is quite upfront about product details. This further builds trust in the minds of parents who would obviously only want to invest in fine products for their children.
They are quite updated on their social media pages as well. They also have PJ sets for 2-5-year-olds. An extensive portfolio of their baby essentials is available on their Instagram and Pinterest pages. Goumi donates 10 % of its profits to various NGOs.
Thus, the company strives to maintain its exclusive range of baby clothing and accessories.
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