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Shrinking your favorite wool sweater is a nightmare.
It might have been itchy and expensive, but it was also cozy and chic.
That is where Unshrinkit comes in.
Harvard grads Desiree Stolar and Nate Barbera created the solution that turns shrunken wool back to new.
It all began when Stolar was desperate to bring her cashmere garment back to life.
They consulted chemists, wool makers, and designers to create the magic liquid they dubbed Unshrinkit.
Now you don’t have to worry about ruining yourfall wardrobe’s staple pieces.
The entrepreneurs joined Season 7 of “Shark Tank” to turn their product into a full-fledged business.
That valued Unshrinkit at $1.5 million.
They didn’t have anywhere around that much money in profit.
However, Stolar and Barbera left the tank with a Shark on their hook.
That translated to only 5,000 bottles of Unshrinkit sold.
Kevin O’Leary offered the pair $150,000 for 33.3% equity.
That would make the trio equal partners.
Luckily, that wasn’t their only offer.
Fashion guru, Daymond John, wanted in.
He undercut O’Leary by proposing $150,000 for 25%.
However, his deal was contingent on Stolar and Barbera licensing their formula.
The Dallas Mavericks owner was willing to pay $150,000 for 15% of Unshrinkit.
The entrepreneurs left the tank having accepted Cuban’s offer.
However, the ink never met paper.
“We did not close our deal with Mark Cuban,” Stolar toldA Nibble of Business.
“We learned a great deal from engaging with his business team during the negotiations though.
Despite releasing their Shark back into the water, Unshrinkit was successful without the TV investors.
Is Unshrinkit still in business?
Unshrinkit started making money one bottle of wool stretcher at a time.
The business' annual revenue is close to $2 million.
After appearing on “Shark Tank,” Unshrinkit got new leadership, too.
Nate Barbera left the enterprise in 2016 for the consulting firm McKinsey & Company.
Since June 2022, he has been the CEO of the NIL collective Florida Victorious.
Desiree Stolar remained the CEO of Unshrinkit until she sold it to a Boston e-commerce firm in 2019.
As of June 2023, she is the Executive Vice President of Hill+Knowlton Strategies, an international communications consultancy.
With its new leader, Unshrinkit seemed to be going strong.
The product was stillthe money-saving hack to stretch out tight clothesthat every wool garment should come with.
