Everyone desires to look their best, but nobody wishes to break the bank to achieve it. To provide a chic answer, Diana and Josh Harbour started dress business, Red Dress Boutique.
The company premiered on Shark Tank, Season 6, one of the popular commercial shows. The duo entered and blew the minds of the Sharks, for their rapid business growth. Was the product special enough to take the risk of investing? What happened on the pitch? Follow the article to know about it.
About the Founder
The married couple, Josh and Diana Harbour, were the owner and CEO of the company. Previously, Diana worked as an employer in the company but the work did not fulfill her dreams. Doing the regular monotonous job made her sick. This made her determined to start her own independent business – Red Dress Boutique was born.
At first, she started selling and buying goods through the eBay website. After receiving productivity and buoyancy, she finally started her firm in Athens with the support of her husband.
Founding the Red Dress Boutique
The company, Red Dress is one of a kind. It is a fashion brand, specifically for women. They do not sell conventional products, but rather contemporary clothes, which is economical too. Initially, they introduced it into the offline market, but it did not achieve profit.
However, it created a blaster when the products were accessible on online marketplaces. The name behind the Boutique is due to the owner’s favorite color. The 2010-founded business offers women’s apparel and outfits of the highest caliber at significantly lower prices than its competitors.
Shark Tank Appearance
The couple Josh and Diana entered the Shark Tank confidently and proposed to the Sharks $600,000 for a 5% ownership stake.
The company’s sales jumped from $83,000 in 2010 to $7 million in the year 2013, while the company was on course of achieving $12 million by the close of the fiscal year. This swift increase in sales occurred due to Diana’s significant use of online promotion and relationships with clients.
After inquiring about their company’s business strategies and revenues, the Sharks were intrigued. However, Lori Grenier doubted Diana’s acumen and thought she would be of no help, thus she backed off. Following her, Daymond also took a step back, although he appreciated their product.
After considerable haggling, the two Sharks Robert Herjavec and Mark Cuban expressed curiosity and agreed to offer $1.2 million for 20% of the organization, with each shark keeping 10%.
The couple approved their offer. Sadly, Herjavec was unable to seal the purchase, leaving Cuban to continue expanding the business. But not every decision worked perfectly with the expanding company.
After Shark Tank
The company, Red Dress Boutique, witnessed significant sales growth after the show. However, their previous webpage experienced a sudden dramatic loss.
After the loss of the company, the couple took the advice of Mark Cuban and spent their capital on the expansion of the company. This led to their worth of $14 million during 2014. However, the company’s yearly income is between $10 – $15 million.
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