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Thin Gloss sought $80k investment for 20% of the company on the Shark Tank. The company was started by April Morris of Indiana who prior to starting the company, she sold real estate. The idea behind ThinGloss is that by integrating Hoodia, a South African herb purported to curb the appetite. ThinGloss works by women inhaling the aroma through the nose 30 minutes prior to eating and then applying the lip gloss.
ThinGloss sells for $28. Normally, lip gloss is $8 in a drugstore. The product can be made for $4-5 so the margins are healthy. Thin Gloss sales last year were $26,000. Her goal is $1 million by July 2010. Daymond John asked why she feels she can get to $1 million. She responded that she was targeting India where she has a distributor who has agreed to sell the product. Robert Herjavec said that he doesn’t think the market for this was India.
Kevin Harrington opted out because of FDA issues as did Daymond John. Kevin O’Leary felt that the weight loss claims could be problematic and also opted out. Barbara Corcoran was not comfortable with the implied sales pitch. Robert Herjavec didn’t believe the growth in revenues was realistic and also passed.
They’re Sharks but the gray areas that ThinGloss might be playing in scared them away.
Check out how we analyzed Shark Tank investment data for seasons 1 and 2. We also highlighted that Mark Cuban has written the largest checks in season 2 and that Daymond John has invested the most money and that Barbara Corcoran has invested the most. And we’ve also discussed whether Shark Tank TV is realistic to the real world.