Shark Tank Investee, Tie Try
Tie Try: From Shark Tank to FreshNeck.Com Acquisition
In a surprising turn of events, Tie Try, a necktie rental company offering a subscription service, was purchased by FreshNeck.Com in May 2013, just two years after its appearance on the popular TV show Shark Tank.
Founded by David Powers and Scott Tindel, Tie Try aimed to provide corporate men with the opportunity to mix up their tie options without the need to purchase an extensive collection. The service offered not just ties, but also bow-ties, cufflinks, and pocket squares, all for a nominal monthly charge. Customers could rent ties and have the option to swap them for a different style or color at any time.
At the time of their pitch on Shark Tank, Tie Try had over 100 subscribers and had only been in operation for a few months. Despite the promising start, the company failed to secure a deal due to a lack of a promising business plan and a low subscriber count.
Barbara Corcoran was the first to express her disapproval, citing the small customer base of 100 members. Mark Cuban also believed that Tie Try didn't have a sustainable business model and called it quits. Daymond John, Robert Herjavec, and Kevin O'Leary followed suit, leaving the Tank without making a deal with Tie Try.
Post-Shark Tank, Tie Try struggled to survive. However, the appearance on the show did result in a boost in business. Despite the higher monthly subscription charges, which some customers found pricey, the company managed to attract a customer base of corporate men who preferred a tie rental service to buying their own collection.
In a twist of fate, FreshNeck.Com, a rival from New York City, emerged as an alternative to Tie Try after it was founded. With more than 500 paying clients, FreshNeck.Com offered a similar service, but it is unclear if this business model can become a widespread success. In May 2013, FreshNeck.Com acquired Tie Try, marking the end of the necktie rental company's independent existence.
The exact amount paid by FreshNeck.Com for the acquisition of Tie Try remains unknown. However, the sale marked a significant milestone for both companies, with FreshNeck.Com expanding its reach and Tie Try finding a new lease of life under its new ownership.
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