Outerwear rental brand wins praise but no money on Shark Tank
02/12/2019
The Sharks of the reality show, which is an Americanised version of the British show Dragon’s Den, decided not to strike up a partnership with Mr Shinners, but expressed approval and support for his business.
Mr Lender was asking for $200,000 for 7% of his five-year-old company, which grossed $750,000 in 2018. Kit Lender allows consumers to rent equipment and apparel for outdoor sports such as skiing and snowboarding. Inventory includes ensembles from Spyder, Patagonia, the North Face and other well-known brands.
Rentals are mailed to the consumer’s destination with a prepaid garment bag for returning the equipment and apparel after use.
The investors on Shark Tank generally appreciated the idea but said they had concerns about the large inventory required for his business model and the financial responsibility that comes with such inventory.
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