Bermies Swim Trunks
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 25, 2018
Asking For:
$200,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Bermies is a line of fashionable and affordable swimwear made from premium-quality fabrics, known for being extremely comfortable and fast-drying.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
Uki Deane, originally from Buenos Aires, Argentina, worked in corporate finance for two years before deciding to pursue his dream. Two years ago, he quit his job and invested all his life savings into creating Bermies, a line of swimwear. Uki’s inspiration came from his desire to be at the beach, and he wanted others to enjoy stylish and comfortable swim trunks.
Starting as a one-man show, he handled everything from design to marketing. Uki built the brand by taking pictures of people in Bermuda and leveraging Instagram, gradually growing his online presence. His entrepreneurial journey led him to Kickstarter, where he successfully raised $30,000 in 2016. Despite facing cash-flow issues and manufacturing challenges, Uki’s determination led him to seek investment in Shark Tank.
The Product
Bermies stands out for its premium-quality swim trunks that are both fashionable and affordable. Unlike many competitors that use cheap materials like 100% polyester, Bermies are made from high-quality fabrics, offering stretchiness, breathability, and quick-drying features.
Uki emphasizes the uniqueness of his designs, incorporating cool and funky patterns into the swim trunks. The retail price for Bermies is $40.99, positioning them as a more affordable alternative to high-end brands like Vilebrequin, which can cost between $200 and $300.
The cost to manufacture Bermies is approximately $9.80, with Uki expressing a belief that it could be reduced to $6.50. He asserts that the combination of attractive designs and premium quality at the $40.99 price point is unmatched in the market. Uki’s goal is to make his swim trunks accessible to people with disposable income who appreciate both style and comfort.
How It Went
The company’s position before Shark Tank
In 2016, Bermies generated $271,000 in sales, marking its official first year. Uki’s sales strategy involved participating in trade shows, using online platforms, and implementing Kickstarter campaigns. By September of the present year, Bermies had achieved $300,000 in sales, with a projected 20% increase. The company primarily sells wholesale to retailers, constituting 80% of its business, while the remaining 20% comes from online sales. Uki, a 27-year-old entrepreneur, owns 100% of the company.
He initially invested $25,000 of his own money, faced cash-flow challenges, and received additional financial support from his family. To secure more funds, he sold stocks worth $50,000. While online presence is a smaller portion of Bermies’ sales, Uki acknowledges the potential for growth in this area through increased marketing.
The company’s current structure involves Uki managing all aspects of the business, from design to marketing. The product is primarily sold wholesale to retailers, with Sand Cloud being a notable partner. Despite facing challenges in cash flow and manufacturing, Bermies has shown resilience and potential for growth.
The Negotiations:
Uki entered the Tank seeking a $200,000 investment in exchange for a 20% stake in Bermies. The sharks were intrigued by the product, with Lori Greiner expressing interest in seeing the swim trunks. Uki distributed samples, and the sharks praised the quality and unique designs. The negotiations took a turn when Mark Cuban declared himself out, citing his belief in the future of online sales—a direction Uki was not currently focused on. Other sharks followed suit, with Daymond John and Robert Herjavec expressing concerns about the crowded market and Uki’s scattered approach.
Despite Bethenny Frankel appreciating Uki’s energy and passion, she also opted out, expressing concerns about the complexity of his business model. Uki defended his approach, emphasizing the need for funds to invest in marketing. In the end, Uki did not secure a deal in the Tank, but he remained confident in his brand and its potential. The sharks, while acknowledging Uki’s energy and passion, raised concerns about the lack of a clear business plan and strategic focus.
