Recent studies indicate that more than 99% of American women voluntarily remove hair, and more than 85% do so regularly, even daily. And while there are already a number of viable hair removal options that have become popular over the years, two young and aspiring entrepreneurs made a recent appearance on “Shark Tank” to lock in an investment from not one, but two sharks, according to Business2Community.
No Mo-Stache is a product designed initially for upper lip hair removal but has since been expanded to other body hair removal applications. It was created by Jennifer Paschall, owner of The Beauty Strip waxing salon, and Gita Vasseghi, a Los Angeles based Fashion Executive. Its creators are self-proclaimed “extremely busy career women who saw a need for waxing on the go when there was no time for the salon.”
The wax is sold in strips designed for one time use. Customers have the choice to purchase a tin of 24 strips for $12 or 40 strips for $16. After testing a strip of the product on Mark Cuban’s arm, shark Bethenny Frankel noted that while other waxes tend to be sticky and messy, No Mo-Stache was “neat.”
“I just waxed Mark’s arm, which I never thought I’d say in this lifetime,” says Frankel after the wax, while holding up a hair-covered strip.
Initially seeking a $100,000 investment in exchange for 25% equity, Paschall and Vesseghi walked away with a deal from female sharks Frankel and Greiner. For $200,000 in royalties and 25% equity, they agreed to provide an investment of $100,000.
However, there are still a number of uncertainties with the product, noted Frankel, who referred to it initially as a “gimmick.”
“I really do think this is a gimmick,” Frankel said on “Shark Tank.” “It is what you buy on the way out of like the lingerie store. I don’t get it.”
The product has accrued $400,000 in sales in the past two years, largely due to the fact that it has been sold at approximately 60 different Sephora stores. However, Paschall and Vesseghi missed out on another 140 Sephora storefronts due to other trends taking up the space, which hurt both their brand and sales.
Of course, U.S. e-commerce revenue is about $423.3 billion and is steadily climbing, so it makes sense that the product is also available for sale online.
Ultimately, No Mo-Stache is just another product on the rise to success thanks to the help of the sharks. “Shark Tank” premiered back in 2009 and has since helped countless startups grow their brand. The sharks have invested more than a cumulative $100 million in various products and services since the show’s start, giving small startups a major leg up in the increasingly competitive business world.