Season 16 episode 4 of Shark Tank was released on Friday, November 6, 2024. It featured diverse brands and their unique stories, each vying to earn a deal from at least one of the sharks. One of them was Moonies, a swimwear brand that introduced underwear for men with a patented cut-out on the rear end of the briefs.
Founded by McKay and Karisa Winkel, Moonies offered a quirky "cleavage for guys" fit and aimed to revolutionize men's swim fashion. They added a "totally unique" element to the briefs to change how people perceived men's fashion. They sought $150,000 in exchange for 35% of their company.
Despite stressing its comfort and ability to turn heads, Moonies left Shark Tank without a deal. They had not made any significant sales to persuade the sharks otherwise since their appearance on the show was their big launch. When the investors started backing out of making a deal for various reasons, Kevin O'Leary offered to purchase their patent.
However, when Winkels countered with a higher price they earned Kevin's refusal, leaving them with no offers. Moonies' founders walked away empty-handed but were glad not to have given up the patent's ownership.
"He was greedy" — Moonies founder Karisa Winkel about Shark Tank investor Kevin O'Leary
Moonies appeared on episode 4 of Shark Tank Season 16, offering "innovative swimwear" for men who wanted "some extra attention." Karisa and McKay Winkel, the company's founders sought $150,000 for a 35% stake in their business. Karisa started the presentation by pointing at the lack of designs and variety in men's swimwear compared to women's.
While the ladies had different cut-outs and styles to be as "playful" as they wanted to, men were restrained to the "same basic designs for decades." They aimed to change men's swimwear fashion from "baggy board shorts" to something fresh and unique. Hence, they founded Moonies which brought comfortable swim briefs, featuring a cut-out on the backside.
"Moonies are the funniest swimsuit you'll ever wear," McKay said.
The Shark Tank investors burst laughing as two male models demonstrated the briefs. The Winkels claimed their product turned heads and made people smile. Moonies could be worn in different settings, from volleyball matches to yoga sessions. The briefs had a soft waistband, a supportive pouch in the front, and a patented cut-out in the back. It came in various sizes and patterns, ranging from checkered to striped.
Kevin O'Leary was surprised to hear that the hole was patented, so he asked McKay about it, who said:
"The hole is patented. So we received our patent granted less than a month ago."
Shark Tank cast member Robert Herjavec said he had never seen anything like Moonies in his 16 years of being on the show. Meanwhile, Daniel Lubetzky asked the founders to narrate the story behind the idea. McKay explained that he got the idea after participating in a Speedo competition wearing underwear with a hole in the back.
Soon, the investors started asking the founders questions about their sales and profits. The Winkels revealed that they kept their business under wraps, fearing mass production and replicas overpowering their design. However, with the patent, they aimed to launch their business through Shark Tank's platform. With that said, they had made only $1000 in sales. The briefs retailed for $40 on their website and cost $12.50 to make.
Although he could see a market for the product, Mark Cuban backed out of making an investment stating it was not a "fit" area for him. Meanwhile, Lori Greiner worried they had not advertised enough to attract potential buyers. Consequently, she decided not to make an offer.
Daniel claimed they lacked the "grit" to draw customers and for that reason, he was out. Robert backed out of making a deal citing similar reasons.
Kevin stated that Moonies should collaborate with Rounderbum, an apparel company for the LGBTQ+ community. However, he noted it took them years to figure out the distribution and become successful. Hence, Kevin suggested they sell their patent to him for $150,000.
The Winkels countered by asking for a $5 royalty on each product, but the Shark Tank investor refused. When they asked Kevin if he would buy the patent for $500k, Kevin said no, compelling the Moonies' founders to leave the show without a deal. While speaking to the cameras, Karisa said:
"He was greedy. He wanted to cut us out of the deal."
New episodes of Shark Tank come out every Friday at 8 pm ET only on ABC.