Manscaped, the men’s grooming company from San Diego, achieved unicorn status with a net worth of $1 billion in 2021. Learn Manscaped’s Net Worth in 2023.
Sharks have made some good money from their deals on the show, ranging from millions to billions of dollars. Such a company that boomed after (and even before) Shark Tank is Manscaped that thought below the male waist, a part often ignored by men.
“We tapped into a market that was underserved. There was no brand before under the circumstances,” said Tran, founder of Manscaped.
The father-son duo came to Shark Tank asking for half a million dollars; even though the amount was big, the sharks were impressed and went ahead with the deal. What was the deal? How much money did the sharks make? How much is Manscaped’s net worth in 2023?
There are the questions that we’ll be answering in this article, so buckle up, as you’ll now be hearing one of the most successful stories of a Shark Tank deal!
The Rise of Manscaped: From Startup to Unicorn
Founded in 2017, and pitched on Shark Tank in 2018, Manscaped offers a rare line of products for men and their groin care. The below-the-waste part of men is often overlooked and causes various health and relationship issues.
The father-son duo of Steve and Josh King came up with Manscaped as the company made products such as perfumes, scissors, and trimmers to take care of the man’s private part.
When Manscaped was founded in 2017, they ended the year with over $1.5 million in sales, something the sharks, especially Mr. Wonderful like to hear. Good for them, but there was a catch!
Even though the sales were awesome for the first year, they didn’t make any profit it in. Instead, the business was at loss and they were on the verge of giving up as they couldn’t sell the product more, and couldn’t target the customers; lucky for them, they stood their ground.
Humor was and Is the Key to Manscaped
Manscaped started some humor on the episode as Mark asked Charles Barkley (NBA Legend), “All of America and the world wants to know: Charles, do you manscape?”
“Not a day in my life,” Charles laughed.
Just as they got the shark’s attention on Shark Tank, they did it with their customer base as well. From direct cold marketing, they switched gears and started doing what they do best: selling their humor!
As soon as they started using the humor strategy, they sold out the remaining products within 13 days!
What they did was record all the stories he had about bad experiences with women due to bad private-part hygiene, and made it into a video. The video, at the time in 2018, had over 48 million views, which helped in marketing Manscaped.
Mark and Lori’s Investment in Manscaped: The Terms of the Deal
Kevin O’Leary and Charles were out after they came to know about the sales and the direction of their business. Robert, on the other hand, was interested, but he wanted a bigger piece of that. “The numbers scare me. There’s no way I’m giving you $500,000 for 7%,” said Robert.
Robert’s Offer: $500,000 for 35% of Manscaped – (He was out after Mark and Lori’s offer)
After listening to Robert’s offer and their amazing pitch of Manscaped, Lori was interested in investing. After some humor in the show between Mark and Lori, both wanted to invest and made the following offer:
Lori + Mark Investing $500,000 for 25% of the company – ACCEPTED
Mark believed that the men’s hygiene product was actually for women to gift their men, and Lori agreed. They both partnered up and invested the money, which ended up being one of the most profitable investments in Shark Tank’s history.
Manscaped’s Financial Performance: A Look at the Numbers
As the company was founded in 2017, let’s take a look at the official report data stating the sales numbers and how the company grew from a startup to achieving unicorn status in no time.
According to the entrepreneurs themselves, the company made over $1.5 million in the first year. After that, they started taking it more seriously as the $1.5 million revenue ended up in a loss.
Fast forward to 2021, Manscaped aggressively marketed the product, and the Shark Tank exposure helped as well. The company was so successful that even BusinessWire wrote an article on the company.
Now, coming back to the numbers, Manscaped reported that the company had exceeded the expected sales of $297 million, and saw an increase of 41% in year-over-year growth.
here are the key financial statistics from Manscaped’s Q4 and full-year 2021 financial report:
Q4 2021:
- Net sales: $84.9 million (+17.1% YoY)
- International net sales: +51.8%
- U.S. net sales: +8.8%
- Gross profit: $37.2 million (-35% YoY)
- Net loss: $52.3 million (+240% YoY)
- Adjusted EBITDA: $(2.2) million (-138.6% YoY)
Full-Year 2021:
- Net sales: $297.2 million (+41.1% YoY)
- International net sales: +130.1%
- U.S. net sales: +27.2%
- Gross profit: $143.9 million (+36.7% YoY)
- Net loss: $315.5 million (+482.2% YoY)
- Adjusted EBITDA: $5.2 million (+5.9% YoY)
The source of this information is BusinessWire, Manscaped, and SEC. The sales data for 2022 and 2023 have not been made public by Manscaped. But, according to projections and estimates, the company may have crossed over $500 million in sales in 2022, but the official data is yet to confirm that.
Manscaped’s Net Worth in 2023
As the company achieved unicorn status in 2021, the estimates show that Mascaped’s net worth is well over $2 billion in 2023. This information is based on the estimated sales for 2022 and 2023, and the projected valuation based on previous years’ performance.
As Mark Cuban and Lori Greiner bought 12.5% of the company each, they made many times their investment. This may have been their best Shark Tank investment so far.
How Much Did the Sharks Make?
Mark Cuban and Lori Greiner invested $500,000 for a 12.5% share each (total 25%) in Manscaped. According to the company’s estimated value, Mark and Lori have made at least $300 million from their $250,000 investment. That is 300 times your original investment.
Note: This is just a calculated estimate as the official numbers have not been shared by the stakeholders.
Final Words
Manscaped, a company that makes grooming products for men’s private parts, was started by a father and his son named Steven and Josh King. At first, the company wasn’t making any money, but they kept trying. They started using funny ads, and one went viral, which helped to sell a lot of their products and was seen by over 50 million people.
The company also appeared on Shark Tank and got $500,000 from two investors. Now, the company is worth over $3 billion (estimated) and has been selling a lot more than they expected. In 2021, their sales went up by 41% to $279 million. In 2023, the company is projected to sell well over $500 million of Manscaped products.
Frequently Asked Questions – FAQs
Is MANSCAPED making money?
Manscaped is making a lot of money as the company reported over $300 million in sales in 2021. The projected sales for 2022 and 2023 are $400 million and over $500 million respectively.
How successful is MANSCAPED?
After the Shark Tank deal, Manscaped has now become a unicorn (worth more than an estimated $3b) and making lots of money. According to previous sales data, the company will keep growing and can reach the billion-dollar sales mark in the upcoming years.
Who is MANSCAPED owned by?
Manscaped is owned by a father-son duo named Steve King and John King respectively; they own 75% of the company because the remaining 25% was bought by Mark Cuban and Lori Greiner, both own 12.5% each.
How much is MANSCAPED worth in 2023?
Manscaped reached unicorn status ($1 billion valuation) in 2021, so based on the previous years’ sales, valuation, and business growth, Manscaped’s net worth is likely to be more than $3 billion in 2023.
Read more:
What is a Best Practice When Approaching An Automation Effort?
The Star of Which Sitcom Shares His Last Name with a Common Type of Wrench?
MyEnvoyAir Login And Registration In 2022
