Sun-Staches Shark Tank Net Worth 2023
Sun-Staches is a novelty sunglass company founded by three college friends in 2011. In October 2014, they appeared on Shark Tank and secured a deal with investor Daymond John for $300,000 for a 20% stake.
Since then, Sun-Staches has experienced tremendous growth and success. They have secured additional funding and partnerships, leading to an estimated net worth of 11 Million USD as of 2023.
Sun-Staches has also seen success through licensing deals with companies such as Marvel, which has helped them generate $4.2 million in sales in just 5 months.
Additionally, their products have been worn by celebrities such as Justin Bieber, leading to increased brand recognition and sales.
What is Sun-Staches? Who is the Founder of Sun-Staches?
Sun-Staches are a type of sunglasses that come in various quirky designs and patterns. These plastic sunglasses have additional components that either hang down over the face or pop up over the forehead, making them a novelty item that can add a fun element to any outfit.
These sunglasses are available in designs for both children and adults, with options that can transform the wearer into a football player, Santa Claus, a cat, a firefighter, or a cowboy, among other characters. The designs are highly detailed, with many creative elements that make them stand out.
The creators of Sun-Staches, Dan Gershon, David Levich, and Eric Liberman, were high school friends. While David started by selling watches, he eventually enlisted the help of his buddies to capitalize on the growing market for sunglasses.
The idea for Sun-Staches came about as a joke when they decided to help a friend who couldn’t grow a mustache by sticking one on a pair of sunglasses.
This sparked the creation of a series of novelty sunglasses with mustaches attached, which later evolved into themed sunglasses.
With a humble investment of just $200, the trio went on to create a whole array of characters, including licensed designs featuring sports teams like the Ninja Turtles.
Sun-Staches quickly gained popularity and became a hit with customers ranging from Bill Murray to Justin Bieber, and they were available at retailers such as Amazon, Urban Outfitters, Toys R Us, and Party City.
What happened to Sun-Staches at the Shark Tank Pitch?
David, Eric, and Dan appear on Shark Tank Season 6 Episode 5 in search of $300,000 in exchange for 5% equity. This represents a $6 million valuation.
The Sharks are taken aback by that number and amused by the items, but the expressions on their faces indicate that they are not taking them seriously.
They distribute sample Sun-Staches, including a cowboy for Robert, a black cat for Lori, a devil for Mr. Wonderful, a football helmet for Daymond, and a leprauchaun for Mark (who refused to wear it).
When the Sun-Staches folks inform the Sharks they made $5.7 million in sales last year, the Sharks take notice.
They sell online as well as at specialty stores such as Toys R Us and Party City. The goods retail for $7.99 to $12.99, and they are made for $0.75 to $1.50 apiece.
The Sharks enjoy the profit margins and the $750,000 in revenue.
Mr. Wonderful disagrees with the estimate, believing they are worth $2.5 million. The men then inform them that Target wants them in ALL of their shops. Sun-Staches’ main game is licensing, which is why they want a Shark.
Lori Greiner indicated that she was out because she didn’t feel enthused or passionate about the product.
Mr. Wonderful shortly followed, indicating that he, too, was leaving since he thought they were not going to reassess their firm to a pricing range he agreed with.
According to Robert Herjavec, you are in love with the future, but you must be realistic about where you are now. He’s gone.
The boys want to hear an offer, and Mark wants to know the bottom line. Mr. Wonderful advises they ask for $300,000 for 20% and then reduce it to 10%. Right before the break, Daymond states they’re ready to flush the toilet.
When they return, Daymond offers to assist with licensing and $300,000 for a 25% stake; he promises to take them to $20 million in a year or two.
The boys respond with $300,000 for a 12 percent stake in a partnership with Mark and Daymond, but Mark withdraws.
They challenge Daymond with $300,000 for 15%, Daymond answers with 20% and requests a quick response, they react with 17%, but Daymond remains strong at 20%, and they reach an agreement.
Sun-Staches after the Shark Tank Pitch
In the episode 627 update, Daymond reveals that he landed a licensing deal with Marvel for Sun-Staches! Even without the deal, they’ve sold $4.2 million in just 5 months.
Sun-Staches apparently tried to license with Marvel before, but they were turned down. It was made possible by Daymond and the Shark Tank effect.
Daymond hosts Bombas, MySelf Belts, Sun-Staches, and Cozy Bug at an entrepreneur workshop about increasing internet sales in an episode 712 update segment.
Celebrity chef Rocco DiSpirito is cooking for the group and providing social media advice. According to him, businesses must constantly engage fans in order to increase sales.
They share a gourmet meal, and Daymond claims that these businesses have made over $11 million in sales since appearing on Shark Tank.
He believes they are all going to a whole new level.
Fast forward to November 2021, and the company is still chugging along with a yearly revenue of $5 million.
Sun-Staches Net Worth
The Company Net Worth is $11 million.
Sun-Staches Competitors
There is no competitor identified for Sun-Staches.
Sun-Staches FAQS
What is Sun-Staches?
Sun-Staches are novelty sunglasses that allow them to “carry the party with them wherever they go.” They are essentially plastic sunglasses with bizarre patterns, including additional components that dangle down over their face or pop up over their forehead.
There are several designs available for both children and adults. There’s one that looks like a football helmet and has a plastic face mask that drapes down over their mouth.
Who is the founder of Sun-Staches?
Sun-Staches was founded by Dan Gershon, David Levich, and Eric Liberman.
How much were they seeking in the Shark Tank?
They asked for $300,000 in return for 5% equity.
Did they get the deal from the Shark Tank?
They did! They received a $300,000 offer from Daymond John for 20% equity.
Is Sun-Staches still in business?
Yes, As of November 2021, and the company is still chugging along with a yearly revenue of $5 million.
What episode of Shark Tank was Sun-Staches featured?
They were on Season 6 episode 5.
How much is the company worth?
They are worth $11 million.
When was Sun-Staches on Shark Tank?
They were on Shark Tank on October 17th, 2014.
Can they track their package?
Yes! They will get an email with their tracking number once their item has been finalized and is ready for dispatch.
Do they offer free shipping?
They do provide free delivery to the United States on all orders over $25.
Do they ship internationally?
They are currently unable to ship worldwide. They are working on a solution to make this work and will provide an update as soon as possible.
Do they have Party Favour packs available?
Yes! All of their $7.99 kids’ sunglasses are available in 3 and 6 pack quantities, making them ideal for any birthday celebration.
These packs may be found in the quantity drop-down box on each Lil’ Character product page.
They would like to place a bulk order of Sun-Staches. Where should they go to do that?
They’d be delighted to chat with them, whether they’re a shop owner or a distributor. Please contact [email protected] and they will assist them.
What is the net worth of Dan Gershon?
Dan Gershon’s net worth is unavailable.
What is the net worth of Dave Levich?
Dave Levich’s net worth is unavailable.
What is the net worth of Eric Liberman?
Eric Liberman’s net worth is unavailable.
