Bala Bangles Before Shark Tank
Workouts are vital to your health; whether it is walking, exercise, or yoga, they keep your body healthy and in shape. Wrist and ankle weights are a great way to strengthen and grow your muscles. These weights allow the user to train their wrists and ankles in addition to their body at any time. However, band weights on the market are dull-looking and hard to use during a workout or yoga session. That is why Max and Natalie created the Bala Bangles: fashionable wrist and ankle weights that can easily adapt to any yoga or workout session.
Bala Bangles are different from traditional weighted bands on the market; they are elegantly fashionable and can be worn during workout and yoga sessions. That was the main reason the couple created the product; they believed wrist and ankle weights could increase the health benefits a yoga or workout session has on the body.
The couple launched the company with a Kickstarter campaign that raised $50,448 in two months. Backers loved the product, and it was getting plenty of traction on social media channels. Due to the success the company saw on its launch, the couple decided to broaden their manufacturing to sell Bala Bangles internationally. They were also struggling with inventory management, so they decided to go on Shark Tank to seek a shark’s help and experience to navigate the company’s international expansion.
Bala Bangles on Shark Tank
Maximilian Kislevitz and Natalie Holloway were on season 11 of Shark Tank to pitch their company, Bala Bangles. Their pitch featured a hilarious 80s parody and showed the benefits of the Bangles. They gave each shark a sample and demonstrated how to wear it. They stated that the company has two weights: one pound and two pound Bangles. The sharks liked the design and functionality of the Bangles. Holloway said they designed the Bangles so that both hands are free while using them, allowing users to do any yoga pose while wearing the Bangles.
The couple was seeking $400,000 for 10% of the company. They reported $260,000 in sales the previous year in their first six months of business. The year they were pitching the company, they had $1.2 million in sales and expected to end the year with $2.2 million. The company recently had a POS with Blooming Dale’s and Nordstrom. Bala sells 60% of its products through retail, 30% on Amazon, and 10% direct to consumer through the company’s website. The company has a gross blended margin of 58.3%.
The couple claimed they appeared on the show because they had inventory problems which crippled their sale potential. Each Bala Bangle costs $12 landed, $25 wholesale, and $49 retail. They stated they were seeking the money to fix their inventory shortage and to bring in an external salesperson to help expand the company and ensure there would be no knockoffs.
Maria Sharapova, a professional tennis player influencer and a guest shark on the show wanted to know what she could bring to the company other than the money. The couple believed she had tremendous value as a spokesperson for the product and was the perfect influencer to represent Bala Bangles.
Kevin O’Leary liked the numbers, so he offered the couple $400,000 as a three-year loan with 7.5% interest for 5% of the company.
Sharapova really liked the product and believed it was perfect for her profile, but she wanted another shark to invest with her. She was ready to invest $200,000 if another shark would join her with another $200,000 for 30% of the company.
Daymond John and Lori Greiner both want to join Sharapova to do the deal with her. Daymond and Lori try to convince Sharapova of their benefits for the company, but Sharapova was curious to see if Mark was interested in joining her. Mark was willing to join Sharapova but wanted to know what the couple thought of the deal.
Kislevitz and Holloway were okay with giving away 30% equity if two sharks joined together, but they wouldn’t drop below a $3 million valuation. So they counter-offered Sharapova with $900,000 for 30% of the company.
Lori Greiner didn’t like the fact that Sharapova was partnering with Mark on her deal, so Lori decided to make her own offer. She offered $500,000 for 18% of the company.
The couple was satisfied with the offer, but before they could accept, Mark stopped them and made his and Sharapova’s combined offer. They offered $900,000 for 30%, exactly what the couple originally counter-offered. The couple eagerly accepted. After an intense bidding war, Bala Bangles leave the shark tank with a deal with Mark Cuban and Maria Sharapova. The couple believed Sharapova would help their company explode because of her major influence on social media.
Bala Bangles Now in 2024 – The After Shark Tank Update
Just two weeks after the episode aired, the Covid-19 pandemic spread, and lockdown restrictions were in place. People couldn’t go to gyms or attend public yoga classes. Bala Bangles was buoyed by the effects of the pandemic as people took to working out at home. This was all discussed in the Bala update segment in season 12, episode 3 of Shark Tank.
Within just five months since the episode aired, Bala made $7.5 million in sales, and they expect to make $50 million by the end of the year. The company seemed to be doing so well that it landed new deals with major retail stores such as Dick’s Sporting Goods with 640 locations. Bala even landed a few major accounts, such as Saxophone Avenue and Anthropologie. In 2021, Bala reported $3 million in annual revenue.
In 2024, Bala updated their prices, raising the Bala Bangles to $55 and $65 for the two-pound bangles. The company continues to grow and introduce new products as it solidifies its place in the fitness fashion market. For more updates and information about Bala Bangles, visit their website here.
