Devir Kahan and Jon Shanahan brought their men’s cosmetic company, Stryx, to the tank in Season 13. Their line of concealers, eye rejuvenators, and skin care for men has done well so far. Will their unique products impress the sharks? We’ll let you know in our Shark Tank Stryx update and pitch recap.
Shark Tank Stryx Update
- Entrepreneurs: Devir Kahan and Jon Shanahan
- Business: Cosmetics and skincare for men
- Ask: $600,000 for 5% equity
- Result: $600,000 for 10% equity
- Shark: Robert Herjavec
Devir and Jon delivered an enthusiastic pitch for their line of men’s skincare products, including concealers, under-eye serums, and moisturizers for men. At the time of filming, they had $2 million in lifetime sales, with about $130,000 in sales per month. Though their products had large margins, they revealed that most of the money they made went back into marketing. As a result, they were losing about $50,000 per month.
The sharks were impressed with the company until they heard this.
Lori Greiner was the first to go out. She didn’t think the name and packaging were clear enough. Daymond John followed, stating that the valuation was too high and the company wasn’t an investment for him.
Mark Cuban went next, mostly because he didn’t like the way that Devir and Jon approached the company. Kevin O’Leary, on the other hand, loved the idea. The valuation was too high for him, but he made a sharky offer anyway. He offered $300,000 as a loan and $300,000 for 2.5% equity. He also wanted a royalty of $2 per unit until $600,000 was paid, and then a royalty of $0.25 in perpetuity.
The entrepreneurs are hesitant about this offer.
Fortunately, Robert Herjavec also wants to make an offer. He offered $600,000 for 10% equity. Devir and Jon tried to counter at 7.5%, but Robert wasn’t having it. Even so, they accept Robert’s offer. Find out how they’re doing today with our Shark Tank Stryx update.
It appears that Stryx is still going strong! Even before appearing on the show, the company featured in publications like Forbes, the Wall Street Journal, Bloomberg, Men’s Health, and more. Since filming, they’ve added a few new products to their website, including bronzers, pimple patches, and moisturizers with sunscreen. We can’t see them slowing down any time soon!
But what about our other company updates from Season 13 Episode 23? You can find them below:
Before you go, check up on our other company updates from Season 13 on our Season 13 products page.