Megan Cummins founded the You Smell Soap Brand to introduce a novel, upscale cleanser. She had 1200 bars of cleaner created in two different smells under the You Smell Soap Brand, which originated as a college project on custom-made packaging to test the request. She quickly states the Company is in the “Pre-Venture stage,” with no deals.
The luxury cleaner was transferred to different outlets worldwide to test the request and develop a price point for this luxury item. With several interested stores, Urban Outfitters was the largest Company interested in carrying the You Smell Soap Brand.
What Are You Smelling? Soap
An organic cleanser made with vibrant colors is called You Smell cleanser. It infuses a hitherto stuffy industry with new life. Vitamin E and antioxidants abound in You Smell Cleaner, which comes in scents akin to Lemon Verbena and Lavender Mint. The business also manufactures paper wipes for refreshing on the go.
A premium product with a lighthearted attitude is You Smell Cleaner. You Smell Cleaner is produced with all-natural ingredients, including shea butter and olive oil, and it smells delicious while still being kind and calming on the skin.
You Smell Soap Shark Tank Recap
Megan came into Shark Tank looking for a $55,000 investment in exchange for a 20 percent equity stake in the You Smell Soap Business. She handed out samples of her two first scents, bomb and lavender mint, and explained that her Company is a venture.
To test the request, Cumming had 1200 bars and distributed them to colorful outlets, where they vented for between $7 and $12 a bar. Several retail outlets are willing to order again, including Civic Outfitters. The brand has a solid footing in the request, given that her product meets the wolf norms.
Mark Cuban wants to know if Cumming has the tenacity to carry the product to success. She replies that she is the “most tenacious” person and will ensure the product’s success. Cuba makes an offer. $55,000 for 20 % equities.
Mark Cuban was the first to offer a deal to Cummins for precisely what she demanded. He also tries to close the deal before any of the other sharks can indeed make an offer. Also, Barbara Corcoran incontinently butts in and says she’s a better investor to mate with, but she wants 40 percent of the cleaner business and 10 cents on every bar sold.
Robert Herjavec wants to know if Megan was formerly devoted full-time to this business. Megan claimed that although she is employed as a graphic designer by herself, with the shark’s assistance, she expects to make the soap business her full-time job.
Robert Herjavec smelled the blood in the water. He jumps in with a third offer. Robert offers Megan precisely what she came into Shark Tank looking for $55,000 for 20% equity, but he also sweetens the request with a $50,000 guaranteed payment for the first time. Barbara decides her offer stinks and tries to candy it down to a 30 percent stake in the Company, which is still far from the other offers. In the end, Cummings accepts Robert Herjavec’s offer.
Overview of the Deal
- Company Name: You Smell Soap
- Entrepreneur: Megan Cummins
- Product / Business: Premium Organic Luxury Soaps
- Investment: Asking For $55,000 for 20% equity in You Smell Soap
- Final Deal: $55,000 for 20% equity in You Smell Soap + $50,000 for living expenses
- Shark: Robert Herjavec
You Smell Soap Shark Tank Update
Megan Cummins had three sharks fighting to get a piece of her new cleaner business and chose Robert Herjavec as her mate. As with all deals made during the show, there’s a due diligence phase all rivals and sharks go through before signing the papers and the plutocrat being changed. Megan says she tried for six months to get a hold of Robert after they mugged but before the airing of that occasion.
As promised on Shark Tank, Megan soon received a contract from Herjavec to invest in her business. Only the terms changed, and he wants 50 percent of the Company, far above his original offer. Despite the failed Deal, she continued to grow her business. Megan was suitable to start working full-time on building up the You Smell Soap Brand. Megan sold the Company in 2014 to an unnamed investor for an undisclosed sum. Later, the Company went out of business in 2016.
What Is the Net Worth of Your Smell Cleaner?
The valuation of You Smells Cleaner was $2.75 million when it appeared on Shark Tank. The valuation of Smell Cleaner is now $0 because Smell Cleaner is no longer in business.
