S16.E09: Petite Keep; Legit Kits; Onewith Swimsuits; ToughCutie

[CrazyInAlabama]

New, 1/24/2025

Sharks-Barbara, Mark, Kevin, Lori, Guest Shark: Jamie Kern Lima (IT Cosmetics).

 

Petite Keep- Keepsake trunks, an heirloom keepsake customized trunk. Seeking $400,000 for 5%. Go to their website to customize the trunk for keepsakes.  Each trunk is personalized for the Sharks.  Trunks are nice, inside top is embroidered for the buyer.   Launched in 2020, they built every trunk by hand, sold direct to consumer, 2023 $5 million, on track for $10 million in 2024.   She wants a strategic advisor.  Kevin says profits should be 15% not 7.5% profits.  Trunks cost up to $350 depending on size.  Jamie talks about finding out she was adopted when she was 29, and the keepsakes that she wants to keep safe.  Mark is out.  Jamie’s offer $400,000 for 10%, with another Shark.  Kevin wants to partner with Jamie, he wants $400,000 for another 10%.  Lori is out.  Barbara is out.   Kevin won’t go lower than 10% each with Jamie.   Barbara says don’t go with a Shark deal.  Barbara and Mark will do $400,000 for 15% split between them.

Deal with Barbara, Jamie and Mark for $400,000 and 15% split. 

Legit Kits-Quilt kits, an easy-to-sew quilt kit. Seeking $150,000 for 5%. Fantastically creative quit kits some with 100 shades of fabrics, comes with pattern, easy instructions.  Over 60 designs.   The patterns are very creative.  Quilts get passed down.  He’s a full time CRNA pediatric anesthetist.   $17 customer acquisition cost.   Margins are great, $399 for the biggest quilt.   Launched in 2020.  11 million dedicated quilters in the U.S.   A million in sales 2023.  They moved to a larger facility to scale from.  He needs help with advertising and marketing.  Mark is out.  Barbara is out. Jamie questions 60 SKUs.   Kevin offers $150,000, 5% with a royalty $10 per unit in perpetuity.   Lori is out, doesn’t like the number of SKUs, says go down to 20 SKUs.      Jamie is not a quilter, and is out.   I love the entrepreneur. 

Deal with Kevin, $10 per unit royalty, $150,000 for 5%.

Onewith Swimsuits- a line of seamless swimsuits. Seeking $200,000 for 5%.  Swimsuits inspired by seamless no-show underwear.    Suits don’t dig in.  Bonded edges not sewn.   Stretchy suits.  Sales are $2.3 million since 2021.   $1.3 million 2023.  Direct to consumer right now.   Margins are 75%.   She has $300,000 debt.  She owns 100% of the company.  Return rate is 11%, under the industry average return rate.  Bonded edges have amazing elasticity.   Kevin has no criticisms, but he’s out.  Mark is out. She wants a strategic partner to go to retail.   Customer acquisition costs are low.  Barbara doesn’t want to go retail.   Barbara offers $200,000 for 20%.   Jamie agrees not to go to retail, offers $200,000 for 20%, and Jamie and Barbara $200,000 for 20%.

Jamie and Barbara $200,000 for 20%, will not go to retail.

 

ToughCutie- outdoor performance socks created for women. Seeking $100,000 for 10%.   Ultimate adventure socks, higher arch, merino wool, not itchy.  She worked in recreation retailers, and wanted to start a women's line, so she quit and started her own company.  Lifetime sales of $967,000.   Margins are good, socks retail for $27 a pair.   REI stocks the socks.   2024 sales $300k to $350k.    She needs help with retail and marketing.     Her marketing sucks.    Only been in business for two years.  Kevin says she should have built the line online.       Brittany (the seller) has issues.     Kevin is out.  Lori is out, she doesn't like socks.   Mark is out, but gives her good advice, tells her to go back online.    Jamie is out.  Barbara offers $100,000 for 25%. 

Deal with Barbara $100,000 for 25%. 

 

Jamie Kern Lima (IT cosmetics) profile. First in her family to go to college.  Found out she was adopted at age 29.  She has rosacea, and developed a makeup to cover the rosacea, and she came up with IT Cosmetics (Innovative Technology=IT).  She eventually sold her company for $1.2 billion to L’Oreal. 

 

 

Edited Saturday at 01:35 PM by CrazyInAlabama

[EtheltoTillie]

I didn’t care about any of the items except the quilts. They were very creative patterns. I’m into sewing myself, but for clothes. But I admire the craftsmanship of quilts. 

[tired and hungry]

It seemed like Jaime and Mr. Wonderful were pressuring the Petite Keep lady too much to accept the deal.. Also I don't think Jamie really needed either of the other sharks for a deal. She didn't need Barbara and Mark and definitely did not need Mr. Wonderful. Don't know why she would even ask him... Oh wait I know why, because they don't let Guest sharks do solo deals 🙄

Also gotta love how Jamie immediately flipped on Mr. Wonderful when they closed deal and said "we're not making coffins" and "it's not a coffin" when a few minutes before when she made the offer with Kevin she said "oh he loves coffins"

Legit Knit guy legit  knew nothing about running a business. 10$ royalty in perpetuity is crazy! Mr Wonderful clearly took full advantage of the guy and his naivety.

[bilgistic]

Color me surprised that I have something in common with Lori, but I also hate socks.

It's a no for me on the swimsuits because I can't stand "seamless" underwear. They fall down under my gut. And I could have sworn I saw a huge seam down the middle back of the bottoms.

I thought the trunks looked cheap. Did that woman name her son "Rodeo"?

My mother is an avid quilter (she goes to conventions and belongs to a guild), but I can't see her putting down $400 for one of those kits. You can buy a ton of fabric for that kind of dough. I guess I can see a skilled sewer who wants to start quilting buying a kit to see how they like it, but it's so expensive.

[EtheltoTillie]

I hate socks too!  I won't wear them even in the winter. 

1 hour ago, bilgistic said:

My mother is an avid quilter (she goes to conventions and belongs to a guild), but I can't see her putting down $400 for one of those kits. You can buy a ton of fabric for that kind of dough. I guess I can see a skilled sewer who wants to start quilting buying a kit to see how they like it, but it's so expensive.

There is market for selling just the patterns, and people buy their own fabric or use stash.  I wonder if they will consider that.  Then there's the person who loves a kit for any type of craft because everything is assembled for you.  You will need very specific colors, though, to accomplish his designs, unless you want to use his pattern and adapt the colors somewhat. 

Edited Saturday at 04:50 PM by EtheltoTillie

[CrazyInAlabama]

I know $10 seems like a steep royalty on the quilt kits, but it's not much of a reduction in profits when you look at what the kits sell for.     The quilt man needed a lot of help, and Kevin can do that for him.   The quilts coming precut with all of the exact colors and instructions seemed like a good idea for someone who wants to quilt but just doesn't want to do the cutting, etc.   Especially since so many fabric stores are out of business. 

I also agree that the sock person didn't need to be in retail.  I don't like socks either, except very soft fuzzy socks, so the outdoor socks looked too hard for my taste.     I also am never paying $29 for a pair of socks, even $15 when they were selling them off was too much for me.   I like the Columbia soft ones, or Chick-Fil-A fuzzy socks, and they're certainly cheaper than the outdoor.   I know the seller was pitching hiking or outdoor use socks, but they looked like the same ones you get from  LL Bean or Eddie Bauer, or Bombas.   

[Madding crowd]

I thought the swimsuits were unattractive and I also have an issue with seamless underwear sliding down . I thought the trunks were ok for a wedding or shower gift but I wonder if you can get the same thing on ETSY. As far as the quilt guy, I thought the examples he showed looked like old fashioned designs and not in a good way like wedding ring quilts. The socks were too expensive for me and they sell hiking socks everywhere.

[DrSpaceman73]

On 1/25/2025 at 10:21 AM, tired and hungry said:

It seemed like Jaime and Mr. Wonderful were pressuring the Petite Keep lady too much to accept the deal.. Also I don't think Jamie really needed either of the other sharks for a deal. She didn't need Barbara and Mark and definitely did not need Mr. Wonderful. Don't know why she would even ask him... Oh wait I know why, because they don't let Guest sharks do solo deals 🙄

Also gotta love how Jamie immediately flipped on Mr. Wonderful when they closed deal and said "we're not making coffins" and "it's not a coffin" when a few minutes before when she made the offer with Kevin she said "oh he loves coffins"

Legit Knit guy legit  knew nothing about running a business. 10$ royalty in perpetuity is crazy! Mr Wonderful clearly took full advantage of the guy and his naivety.

Yeah he may have a high margin but that's a crazy royalty.  At least counter with $5 or that it stops at some point. 

The swim suit lady saying they don't really have a competitor......get real. First of all the entire advantage she claims had to be explained not at all obvious by name or the suit. Second your competition is a hundred other regular swim suits. 

I didn't know people hated socks and won't wear them. Love socks. And she's limiting herself with just hiking socks.  Should broaden the market. 

 

Edited Sunday at 09:02 PM by DrSpaceman73

[aemom]

Everybody got a deal this week.  I've never heard of Jamie, but so far I liked her.

The trunks were kind of cool, but I found them somewhat pricey. 

Quilt guy was not doing the quilts full time. Don't the sharks hate when someone's not all in?

Add me to the chorus of people who hate the seamless underwear stuff.

The sock woman's personality kind of grated on me and then she was kind of aggressive when the sharks started going out. I found her socks very expensive, and nothing special. I don't get that deal at all.

[CrazyInAlabama]

16 hours ago, DrSpaceman73 said:

Yeah he may have a high margin but that's a crazy royalty.  At least counter with $5 or that it stops at some point. 

The swim suit lady saying they don't really have a competitor......get real. First of all the entire advantage she claims had to be explained not at all obvious by name or the suit. Second your competition is a hundred other regular swim suits. 

I didn't know people hated socks and won't wear them. Love socks. And she's limiting herself with just hiking socks.  Should broaden the market. 

 

The Bombas people have made a hugh fortune out of starting with a couple of types of socks, with one donated for every pair sold, and their prices are expensive also.   Bombas has all types of sock heights, compression, and branched out to underwear too.    Limiting yourself to only hiking socks is cutting out a lot of the market.     I think the Bombas lines are only sold online too.   

[30 Helens]

1 hour ago, CrazyInAlabama said:

Bombas has all types of sock heights, compression, and branched out to underwear too.    Limiting yourself to only hiking socks is cutting out a lot of the market. 

True, but as someone who only wears hiking socks, they have certain advantages. They are made to be more cushiony, stay dry, and fit snugly, which gives them a light compression. They also have no seams or knotted threads at the toes like normal socks, so no rubbing or blisters. I don’t know if all Bombas socks (not just the pricier hiking ones) have these characteristics, but if they do I would be interested.

ToughCutie lady’s socks were expensive, but in line with the price of most hiking socks. They cost a lot, but they also last a really long time. (I’m still wearing some I bought 3+ years ago.) I buy mine on end-of-season clearance to reduce the hit, so when ToughCuties go on sale I’ll give them a try.

[LakeGal]

I remember Jamie from the first season of Big Brother.  She would always hide to put on her lip gloss.