Angelica and Jason Sweeting walked into the Shark Tank seeking $200,000 in exchange for 20% equity in their company Naturally Perfect Dolls.
The husband and the wife from Miami, Florida Jason Sweeting and Angelica Sweeting have two daughters together. The idea came up to the couple when they were driving home and one of their daughters could not stop crying. The reason behind this was that she thought she would never be beautiful as she needed yellow hair and white skin to be beautiful. As a result, the parents searched for a doll that would be a positive affirmation for their daughter but they found nothing. At this point, they decided to create a doll on their own, which is the Angelica doll with the initial investment of $1,500. The doll changed positive affirmations for the daughter within a couple of weeks and the parents wondered if this could help other people too.
Naturally Perfect Dolls aims to change the standard of beauty while encouraging self-acceptance, diversity and letting girls know that they can be whatever they want. The differences in multiculturalism should not be ignored in fact they should be accepted and celebrated. They believe that their features are true to diverse women who have darker skin tones, wider no shapes, folder lips and curly hair.
Naturally Perfect Dolls is dedicated to seeing the full spectrum of beauty displayed up and down, each and every doll.
The Angelica doll was made in May 2015 and sold out inventory in December and then they launched for other dolls. The retail price is at $85. The did a thousand-unit production run so the cost of goods sold is at $35, which is expensive to all sharks. They also had interests from large retailers but the price needed to come down at $35 or $40.
The original set by the couple was $200,000 in exchange for 20% equity of the company.
Lori was the first shark to back out after claiming that there is a long road ahead and a lot of competition so it is not the right investment despite the fact that she liked the dolls.
Robert was the second shark to be out. Among all the concerns, he stated that the big companies can create mass volumes in production and look at the reality of Jason and Angelica about their price point, which is very high.
Followed by the self-proclaimed ‘King of Dolls’ Kevin, even though he thinks Naturally Perfect Dolls is a good niche, he decided to back out.
Mark jumped in the conversation to say that he really appreciates their efforts but they are a little bit scattered for him. For that reason, he was out.
Daymond was the last chance for both Jason and Angelica. He was wrestling with the idea but gave an offer to be an equal partner of the three at $200,000 for 33.3% stake in the company. Jason convinced Daymond to go down to 25%, while Angelica believed that they are selling more than just dolls because they are selling tools of confidence and self-affirmation. Eventually, Daymond counters at 30% stake for him, the 60% goes for the parents so that they can be equal partners, with the remaining 10% donated to charity.
Jason quickly ended up accepting the deal with Daymond at $200,000 in exchange for 30% equity.
The company is currently selling their products on their own website. Right now they have 4 types of dolls which are Angelica, Brielle, Camryn and Kennedy. To learn more about Naturally Perfect Dolls, visit naturallyperfectdolls.com.
Original Air Date: 6 January 2017
Entrepreneurs: Angelica and Jason Sweeting
Company/Product: Naturally Perfect Dolls
Proposal: $200k for 20% of the company
Investor: Daymond John
Final Deal: $200,000 in exchange for 30% equity.
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