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ABC's Shark Tank has created numerous business success stories since 2009. During an episode of The Long Shot podcast that aired on July 28, 2022, Mark Cuban revealed one of the show's most profitable deals from season 9. Shark Tank investor stated:
“They were comfy and they were cool, but I'm like, nah, they're not far enough along. Barbara is like okay, ‘I'll give you 50 grand’, for like, a third of the business. And they were like sure. These, as of two years ago, not even this year, two years ago had sold 150 million dollars. Barbara herself made 37 million dollars off of 50k.”
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The deal occurred in 2017 when brothers Michael and Brian Speciale presented their wearable blanket company, The Original Comfy. In episode 13 of season 9, they secured 30% equity investment from shark, Barbara Corcoran, despite having no sales. The business reached $150 million in sales by March 2020, as Barbara’s revaled in one of the Shark Tank pitches.
Mark Cuban shared how Barbara Corcoran made $37 million from Shark Tank deal
Michael and Brian Speciale stepped onto the Shark Tank stage with their blanket-sweatshirt creation, asking for $50,000 in exchange for 20% equity. Their presentation showed a $13 manufacturing cost per unit, with plans to sell at $39.95.
"The brothers walked in with just a prototype," Mark Cuban shared on the The Long Shot podcast, explaining his initial hesitation. He then elaborated on his decision-making process:
"When someone walks in the door my first thought is trying to find a reason not to do it because I already have too many deals."
But in season 9 episode 13, Barbara Corcoran viewed the situation differently. She saw similarities with other successful entrepreneurs she had backed previously. The pitch created a bidding scenario between two sharks.
Robert Herjavec stepped forward with $50,000 for 50% equity. Barbara Corcoran matched the investment amount but requested 30% ownership. The Speciale brothers quickly accepted Barbara's proposal.
Later in March 2020, during Space Traveler's pitch in Shark Tank season 11, Barbara drew parallels with The Original Comfy founders and revealed sales as well. Her exact words were:
“We had two crazy guys, brothers, on last year…They pitched a stupid product that I didn’t even get...but I liked the guys. And nobody wanted to invest. There was no proven sales. And The Comfy today, with my help, is doing $150 million in sales”.
Product Background
The Original Comfy merged blanket comfort with wearable design. The brothers created an oversized garment with specific features for user convenience. A hood provided extra warmth, while a large front pocket offered storage space. The machine-washable material made maintenance simple.
Customers received size options, choosing between standard and XL measurements. The available colors included black, blue, pink, and purple. The brothers needed more manufacturing capacity to meet potential demand. This requirement motivated their television appearance. The design aimed to serve multiple purposes, working for indoor relaxation and outdoor activities.
Post Shark Tank performance
The Original Comfy's market performance exceeded expectations immediately after the episode aired. The company sold out their entire inventory within 24 hours of the broadcast. By 2018, they secured shelf space at major retailers including Bed Bath & Beyond, Costco, Kohl's, Zappos, and Amazon.
During the 2018 Shark Tank Holiday Special, the founders reported $20 million in annual sales. The business expanded through strategic partnerships. They established licensing agreements with Marvel and Disney. Various colleges also partnered with the brand.
However, the company faced significant changes in 2021. As per Forbes, supply chain difficulties created operational challenges. Management issues complicated their business structure. These factors pushed the company toward potential bankruptcy. Michael Speciale responded by purchasing Brian and Barbara's ownership shares in June 2021.
Chinese manufacturing delays created additional pressure during this transition. The business experienced reduced annual sales, dropping to $15 million by mid-2022.
As of 2024, The Original Comfy is still in business.
Fans can watch new episodes of Shark Tank on ABC network.
