TieTry – Neck Tie Subscription
NO DEAL
EPISODE SUMMARY
🕓 Air Date: November 16, 2012
Asking For:
$100,000 for 25%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
TieTry offers a subscription service where subscribers can rent designer neckties for a low monthly fee, likened to "Netflix for neckties."
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Background Story
TieTry founders David Powers and Scott Tindel, both attorneys, noticed they were repeatedly wearing the same few ties and realized other men faced the same issue. This led them to create TieTry, launching it as a proof of concept, and acquiring subscribers mainly through free press, publicity, and referrals. Their vision was to disrupt the men’s accessories market by offering a subscription model for designer neckties.
The Product
TieTry offers subscription plans where users can receive and exchange neckties as often as they like for a fixed monthly fee. The most popular plan, priced at $15.99 a month, allows users to wear several designer ties worth hundreds of dollars each month.
Users receive ties through the mail and can send them back using the provided packaging. TieTry plans to expand into other accessories like cuff links, suspenders, vests, watches, and sunglasses.
How It Went
The company’s position before Shark Tank
TieTry has approximately 110 subscribers, acquired mainly through free press and referrals, with a renewal rate of around 85%. They are still in the early stages of testing their business model and customer acquisition cost, aiming to refine their strategy further. The founders have been self-funded, working on TieTry alongside their day jobs, and have considered campus representative programs to expand their reach.
The Negotiations:
Kevin offered $50,000 of the requested amount, leaving the rest for another shark to decide the equity stake. However, none of the other sharks were convinced to invest due to concerns about the company’s subscriber base, sustainability, and lack of passion demonstrated by the founders. Ultimately, TieTry did not secure a deal in the Shark Tank, but they appreciated the feedback and believed in their product, feeling they were just ahead of their time.
