Did Wildcoat get a deal on Shark Tank season 16? Details explored

Shark Tank season 16 released episode 7 on Friday, December 13, 2024. The episode, The Real Spirit of Togetherness, saw many entrepreneurs pitch their businesses to the sharks, hoping to convince at least one to finalize a deal. Among them was Carlo Dimeo, who came on the show to present his company, Wildcoat, which specialized in making quirky yet fashionable ski coats.

Carlo sought a $350,000 investment in exchange for 10% equity in his company. Wildcoat offered animal-inspired faux fur coats that blended fashion with utility. Besides being a statement outfit, the coats also came with seven pockets, an adjustable hood, a hat, a magnetic storm flap, and mitten adjustments.

The sharks were impressed by the quality of the product and Carlo's fun pitch. However, due to concerns over its high valuation and pricing, Mark Cuban, Lori Greiner, and Kevin O'Leary backed out of making an offer.

Carlo then received two offers, one from Daymond John and the other from Robert Herjavec. After some back-and-forth, Carlo ultimately shook hands with Robert at $350,000 for a 23% stake in his company.

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Wildcoat's pitch in Shark Tank season 16 episode 7

Carlo immediately caught the attention of the sharks with his novelty ski coat business. They were impressed by the coats' appearance and feel despite being made of faux fur. The coats came in various styles, including a polar bear, a panda, a wolf, a grizzly bear, and a buffalo.

Carlo revealed that the coats were sold exclusively on the company website and were priced at $449, whereas their production cost was between $120 and $130. He added that they focused on in-person events besides paid ads to attract customers.

"We did a Bear game, a Bills game, X-Games, and then two other ski events," he said.

When Carlo stated that, in the weeks following the events, he witnessed a 50-70% jump in sales, Robert noted that it was a good way of attracting potential customers.

When the Shark Tank investors inquired Carlo about his sales, he revealed that Wildcoat had made $135,000 in 2021, $375,000 in 2022, and $505,000 in 2023. However, he was confident about touching the $700,000 mark in sales in 2024.

Despite the numbers, Robert wondered why the business was not scaling faster. Carlo explained that Wildcoat spent extravagantly on ads in 2022, impacting their growth.

The Shark Tank entrepreneur revealed that they broke even last year after spending most of their capital on inventory, bothering Kevin, who after considering all numbers, disagreed with his $3.5 million valuation.

"There's no way this business is worth $3.5 million bucks. It's impossible," he said.

For those reasons, Kevin refused to present Carlo with a deal. Lori followed suit and backed out of making an offer. Mark believed the market was "very niche," urging Carlo to promote his business through social media, not paid ads. At the same time, the Shark Tank cast member asked the business owner to raise his prices since Wildcoat products were a "fashion statement."

Daymond agreed to meet Carlo's ask but wanted a 30% share of Wildcoat in exchange. He also promised to get the brand licensed in various departments. However, Robert countered Daymond, offering Carlo, who owned 65% of the company, $350,000 for 25% equity.

After some negotiation, Carlo convinced both Shark Tank investors to lower their ask to 23%, stating that he wished to keep at least 50% of the company. With two offers on the table, Carlo asked the sharks if they would come in together, but Daymond opposed the idea. Ultimately, the Wildcoat business owner finalized a deal with Robert.

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Shark Tank season 16 airs every Friday at 8 pm ET exclusively on ABC.