The Original Comfy
The Original Comfy is a product from a company started by a pair of brothers from Phoenix, AZ, that provides a cozy way to stay warm over the holidays.
The product is a blanket that can be worn by a sweatshirt. It is made of a soft microfiber on the outside and wool-like on the inside. The Original Comfy is reversible and the entrepreneurs seem to state that it can be worn in either configuration. It features both a pocket large enough to carry a tablet and a hood that can function as a pillow.
It Original Comfy is a one-size-fits-all product but comes in black, pink, grey, and beige.
Unfortunately, the business is only six months old and has no sales as of yet. However, the entrepreneurs plan to offer it for $39.99 retail through their (non-existent) website. It costs $13 per unit to manufacture and is landed for $17 per unit. The entrepreneurs believe they could reduce the cost to $11 per unit if they order them from the manufacturer in 100,000 unit orders.
The Sharks made apt comparisons of The Original Comfy to the Snuggie which originally sold for $19.99 and sold 22 million units within the first year. However, the entrepreneurs say that The Original Comfy is different because the Snuggie is open in the back and must be removed when getting up. The Original Comfy can continue to be worn.
The entrepreneurs had no customer acquisition cost estimates, no website, and did not even have a final product yet to photograph.
This deal aired on Episode 9.13.
Making A Deal
Given the lack of sales and tools to eventually sell the product through, one might be tempted to jump to the conclusion that the entrepreneurs walked away without a deal. But Barbara was interested enough to make them an offer for $50,000 for 30% in equity. Even though this was 10% more than the entrepreneurs had original pitched and represented a bite of $83,333, they accepted.
Updates
In the seventh episode of Season Ten, The Original Comfy received an updated where the entrepreneurs claimed that within five weeks of airing, they sold $5,000,000 in product. They also stated that they sold out six times on QVC and that QVC had upped their orders to 400,000 units. Within a year of airing, they were being sold in 1,100 Bed, Bath & Beyond stores across the United States and had hit $15,000,000 in sales. Barbara stated that she helped the entrepreneurs with their sourcing and marketing in her effort to help make them a success.
In an interview with Parade Magazine[1], Barbara stated that The Original Comfy was her most successful company and has made $150,000,000 "so far" at $39.99 per Comfy.
Notes
- ↑ Shark Tank's Barbara Corcoran on Her Favorite Deal, Secret to Success and Fellow Hosts, February 26th, 2020