Here's What Went Down With No Mo-Stache Waxing Kit After Shark Tank
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While the body neutrality movement has imparted to us the necessity of accepting our bodies where they're at, with their beauty, functionality, and "imperfections," it is still hard to shake off certain societal expectations. Body hair, for example, remains a hot-issue topic when it comes to femme folks sporting them in public or on social media. While there are admirable folks showing us how to clap back at those who fixate on body hair, most times it's less stressful to give in and get rid of the fuzz on our armpits or upper lip.
Jennifer Paschall and Gita Vasseghi's No Mo-Stache aims to make the hair removal process easier for people who feel this way. The two entrepreneurs started the company in 2015 with the help of Paschall's 14 years in the waxing business and Vasseghi's fashion industry experience. Their product's main selling point is its portability: A small No Mo-Stache tin contains 24 cold-wax strips that shoppers can use while on the move, especially when they have forgotten to wax off their mustache at home. Its convenience led to Sephora selling the waxing kit in all of its 200 stores, although by the time Paschall and Vasseghi pitched their company on Season 9, Episode 8 of "Shark Tank," No Mo-Stache was available in only 60 Sephora outlets.
The Sharks, naturally, found this detail concerning. Still, a pitching frenzy ensued, and the No Mo-Stache founders were asked to consider rebranding their product to gain a credible investor/partner and grow their company.
Bethenny Frankel wanted No Mo-Stache to go beyond hair removal
The investors' biggest question for the founders, who wanted $100,000 in investment in exchange for 25% equity, was what differentiated No Mo-Stache from other hair removal products already in the market. According to Paschall and Vasseghi, not only is their waxing kit portable and discreet, but it is also mess-free and uses cold wax to reduce the risk of burning the skin. Paschall also revealed that they'd reached $400,000 in sales in two years, with the company on track to make $350,000 that year. (The episode aired in November 2017.)
As for why only 60 Sephora stores were carrying their product, the entrepreneurs explained that the retail company wanted to make room for new trends even though No Mo-Stache sales had been consistent. They had since worked on diversifying their distribution channels and would soon launch in five other stores.
Kevin O'Leary proposed $100,000 for only 10% equity and $1 in royalty until he earned back $300,000. Guest Shark Bethenny Frankel then offered $100,000 for 40% equity to help grow the brand as part of what she envisioned as a Skinny Girl's Solutions Kit, complete with nipple covers, sticky tape, etc. Lori Greiner supported this idea and joined Frankel's deal. Despite O'Leary lowering his royalty demand, the founders went with Greiner and Frankel. "As much as profit is genderless, I just feel like [No Mo-Stache is] a brand to empower women and they get the vision," Vasseghi said.
No Mo-Stache remains strong with an expanded product lineup
No Mo-Stache's final deal was $100,000 in investment from Frankel and Greiner in exchange for a 25% stake in the company and $1 in royalty until the investors make back $200,000. Soon enough, the Sharks made good on their promise, helping the company branch out to create No Mo-Bush, a bikini-waxing kit. According to the Shark Tank Blog, they also helped the brand get sold in Anthropologie, Harvey Nichols, the Virgin Megastore, Ulta, and CVS.
While O'Leary and Robert Herjavec had questioned No Mo-Stache possibly rebranding to follow Frankel's vision, the company has been able to maintain its No Mo brand for its products. Aside from waxing strips for the upper lip, brows, and pubic area, it now sells post-wax aloe cream, facial razors, tweezers, and a cleansing brush on its website and on Amazon. Shoppers can also purchase product bundles that come in easy-to-tote pouches and bags.
No Mo-Stache is currently available in 10,000 retail stores globally, including Target and Ulta Beauty. According to BizNewske, the company made $4 million in revenue as of May 2022. In terms of its social media audience, the brand has 15,000 followers on Instagram and is working on growing its 4500-plus following on TikTok. While there's no shortage of hair removal solutions on the market, No Mo-Stache's convenience — including how it can be used while in the car, according to a TikTok post — makes it a great option.