Here's What Went Down With BootayBag After Shark Tank
We've seen it all on "Shark Tank," and after BootayBag pitched their business, we can say that we've watched an underwear subscription service get scooped up by the sharks. Entrepreneur Ellyette "Elly" Gheno appeared on Season 12, Episode 2 of the show to get some investment support for her subscription bra and panty line. Gheno shared that she started BootayBag with $300 after she shared her negative experiences of looking through underwear sale bins at the mall. Gheno became convinced that there had to be a better way, and so she went ahead and did it. Gheno shared her compelling social media presence with the sharks, too, explaining that she wasn't just about selling women affordable underwear; she was in the market to create a supportive community for women. The brand was created by women, for women, and Gheno explained that part of the proceeds go to support women in need. The sharks were all about it.
BootayBag isn't the only female-founded business that we've seen take off on "Shark Tank." There have been other happy success stories, like Tania Speaks Organic Skincare line, that got scooped up by none other than Mark Cuban. There's also the Ta-Ta Towel that got the investor power of Lori Greiner. But Gheno got a very special shark, someone who was only on the show as a visiting guest. Despite that, she and BootayBag got the major infusion they needed.
What happened to BootayBag on Shark Tank?
Elly Gheno's appearance on "Shark Tank" was a remarkable one. Most people go on the reality show and are lucky to get one offer from a shark. She was fielding offers from three of them! Gheno appeared before the sharks requesting $500,000 in exchange for 5% of her company. Gheno's episode of "Shark Tank" was an extra special one because it featured guest shark Kendra Scott, of the eponymous jewelry brand. Gheno was well aware of who Scott was and was very excited to see her amongst the sharks.
Gheno explained how simple her origins were. Once she got the idea of making an underwear subscription line in 2016, she said that she had a website up in two days. The $300 start-up cash was all that she ever fundraised until she arrived on "Shark Tank." Plus, she had no debt. At the time of airing, BootayBag had done $15 million in lifetime sales, but they only netted 5%. Kevin O'Leary explained that successful retailers should be netting 15%.
Despite this, the sharks wanted in. Scott was the first to make Gheno a deal. She said she'd do $500,000 for 10%. Barbara Corcoran jumped in too, but said she'd need 20% for $500,000. Suddenly Scott said that she and Corcoran could go in together at 20%. Then Mr. Wonderful jumped in, making an offer of $500,000 for 15%. After some hardcore negotiating, Scott went back on her solo offer and Gheno agreed to her deal at 10%.
BootayBag after Shark Tank
Things obviously skyrocketed after Elly Gheno's pitch on "Shark Tank," especially after such rave reviews by the sharks. It looks like her deal with Kendra Scott did go through, happily. On BootayBag's website, there's a section about her exposure on "Shark Tank," including the video clip of her negotiation. There's also a quote by Scott right on the website's homepage that reads: "You're creating a movement and changing the way women feel in their underwear."
In cases where deals with sharks fall through — which can happen even if they make a deal on air — the brand's website is usually scrubbed clean of any reference to "Shark Tank." This is clearly not the situation with BootayBag. According to the Shark Tank Blog, Gheno also had a happy change in her manufacturing situation. In the midst of her pitch with the sharks, Gheno lamented about her situation with her manufacturer, who sent her damaged products or got her designs to her eight to nine months later. This was severely cutting into her profit margins. The outlet noted that after Gheno paired with Scott, she was able to manufacture her own products. That's a major improvement right there!
Is BootayBag still in business?
Yes! BootayBag is bigger than ever! The brand's Instagram page boasts over 200,000 followers, and content is constant. As Elly Gheno explained during her episode of "Shark Tank," the content is created by real customers, and nothing is edited or photoshopped, all in the spirit of creating a nurturing space for women. BootayBag has also created a lot of new products since "Shark Tank." The brand offers new sleepwear sets, as well as a whole new activewear line including a jumpsuit and playsuit. There's also merch, like trucker hats and nipple covers. All of this appears to be new since Gheno's pitch on the ABC show. And of course, there's lots and lots of underwear and bralettes.
BootayBag made it in a BuzzFeed article about the 30 coolest subscription boxes, and also has a sizeable presence on YouTube. Influencers post videos of unboxing their BootayBag packages; the YouTube page Alexandria & Daisy gave BootayBag rave reviews after unboxing panties. And this was by no means the only unboxing video, so clearly the brand is happening online.
What's next for BootayBag's founder?
BootayBag founder Elly Gheno isn't going anywhere. On her LinkedIn page, she's listed as the founder of the brand, and it remains her active career. She's also a frequent face, unsurprisingly, on BootayBag's Instagram page, posting fun and engaging content. In one video, she was working on a hanging mannequin and joked that it was the weirdest thing she had in her house.
Gheno is also committed to sharing the message of entrepreneurship, and what hurdles she had to overcome. In a 2019 interview with Ladders, Gheno said, "A big moment for me was learning to never let myself get too comfortable. I now enjoy being uncomfortable because I know this is how I grow and where positive change comes." She said that she's constantly coming up with new perspectives, and embraces discomfort because that's how new things happen. That sounds like an amazing outlook! We love her message and her very fun and useful brand. Subscription underwear, anyone?