Here's What Went Down With SHEFIT After Shark Tank
If you're a loyal "Shark Tank" fan, you'll probably remember when SHEFIT entered the tank during Season 7, Episode 15, which aired in January 2016. Husband and wife duo Bob and Sara Moylan brought the company in front of the entrepreneurs, founding it together after Sara struggled to find a sports bra that would actually do its job for her larger bust. She told Success that she would have to wear two or even three bras to keep her chest properly supported during her workouts. Because of that, they created a sports bra that's fully adjustable in order to fit people of all shapes and sizes. No more ill-fitting bra issues!
"I started SHEFIT all because of a problem. I figured out a solution to my own problem. I was struggling," Sara explained in a blog post. "I am an everyday woman that is a busy, working mother just trying to stay in shape and get to work. By a lack of support, I was being held back from taking care of my own physical goals. Once I figured out a solution, I realized I could help other women not suffer the same way I did."
And, with that, SHEFIT was born! But the couple knew they needed help from the big guys to really get their company off the ground. And it was that which inspired them to step in front of Mark Cuban, Daymond John, Kevin "Mr. Wonderful" O'Leary, Lori Grenier, and Robert Herjavec.
Bob and Sara Moylan pitched to the Sharks for over an hour
Looking to give away 20% of their business for a $250,000 investment, Bob and Sara Moylan showed the Sharks how their innovative sports bra works. They initially impressed the entrepreneurs with the design of their fit-for-purpose garment, which included removable padding. The Sharks then got down to the all-important numbers, with Bob explaining that they'd sold an impressive $220,000 worth of bras in the year and a half prior to their appearance. That includes an impressive $50,000 worth of bras in just 45 days! Bob revealed they planned to put 70% of their potential investment towards getting more stock, while Sara noted that they also wanted to use the funding on an e-commerce website. Sara shared that she soon planned to leave her job to focus on the business full-time, which also impressed the entrepreneurs.
Sara later revealed on her blog that they were in front of the sharks for a whopping hour and 20 minutes pitching their idea. But that lengthy determination wasn't quite enough to get all the Sharks involved. Robert Herjavec wasn't convinced about the couple's ability to reinvent the saturated market of women's workout wear and declined their proposition, while Lori Grenier shared she wasn't convinced about the product's patent. As for Daymond John? He was clearly impressed. John offered the duo the full $250,000 but wanted a 33% stake in the company. And the couple were happy to accept.
SHEFIT sold thousands of bras immediately after appearing on Shark Tank
Following Bob Moylan and Sara Moylan's "Shark Tank" appearance, things really boomed for SHEFIT. The duo referenced what they called "the Shark Tank effect" on their blog, sharing that they'd been inundated with more interest than they could handle thanks to the exposure from the ABC show. The two explained that they'd been left overwhelmed by all the orders coming through and vowed to get through the mountainous number of orders as soon as possible. Sara told Success that they sold over 4,000 bras even before their pitch had fully aired, with a further 16,000 being pre-ordered over the next couple of weeks.
The couple worked closely with Daymond John and his team in the immediate aftermath of his investment. "[His team] were able to help us with sourcing and liaising with vendors and the factory to speed up manufacturing. It's made a dramatic difference," Bob shared, explaining they now had a turnaround time of just 60 days thanks to John and his team.
And the success just kept on coming. In 2018 alone, SHEFIT was included on the Inc. 500 list and the Entrepreneur 360 list. "To be an Entrepreneur 360 recipient proves that we're running our business well, and we're on track for future success," Sara said of the accolade. That same year, Bob confirmed to Women's Wear Daily that the team had grown from just himself and Sara to a group of 30 employees.
SHEFIT is still going strong years later
As of October 2023, SHEFIT is very much still in business. According to Kona, the company has a $6,572,000 revenue and 25 employees, though Bob Moylan (who lists himself as the chief executive officer) claimed on LinkedIn the business had closer to 80 employees. As for Sara Moylan, she lists herself as founder and chief design/brand officer of the company on her LinkedIn.
At a time when many companies struggled, SHEFIT actually thrived during the coronavirus pandemic thanks to more people getting healthy at home. "We have waitlists. Like three weeks to get a virtual fitting. And many people who have never had the bra — and just got one — are coming back to get another. It's crazy. It's our little SHEFIT Nation," Bob told Women's Wear Daily in 2020.
However, the company hit a bump in 2022 when lawsuits from two former employees came to light. According to Detroit Free Press, the ex-employees accused the company of alleged tax evasion, claimed employees had been fired because of their weight, and also accused Bob of alleged inappropriate behavior. The Moylans hit back in a statement, "SHEFIT was founded in a basement, by a woman to empower all women to be their best," it read. "Any allegations of sexual harassment or discrimination are simply false. SHEFIT looks forward to vigorously defending itself and its employees against any baseless and predatory actions by disgruntled former executives." They added the claims were "ridiculous and unfounded."
The company settled its lawsuits and is still thriving
In January 2023, Law360 confirmed that SHEFIT had settled the lawsuit with the former executive who accused Bob Moylan of making inappropriate comments. Law360 then confirmed in September 2023 that the lawsuit alleging tax evasion had also been settled. And it seems like SHEFIT is ready to move on from the legal drama.
SHEFIT is clearly still as popular as ever, boasting a massive 581,000 followers on TikTok (where it claims in its bio it's "the #1 Sports Bra on TikTok") as well as attaining a further 312,000 followers on Instagram as of October 2023. The brand has also come a long way since its days as a single sports bra company. SHEFIT has expanded to sell a vast array of different products, including a number of different sports bras, as well as athletic tops and bottoms.
And it seems like the company has certainly fulfilled stakeholder Jeffry Aronsson's hopes for it. In 2018, he shared his five-year plan for the brand with Women's Wear Daily, and it sounds like it's even exceeded his big dreams. "There is no question in my mind that based on the ideas that Sara has, the following we are building, and the systems and processes that we are developing and implementing that in five years, this company could be sitting close to nine figures," he shared.