The world of shaving has seen its fair share of innovations over the years. From multi-blade razors to electric shavers, men have been on a constant quest for the perfect shave. But what if the secret to a smooth, irritation-free shave lies not in the razor itself, but in the humble shaving brush?
Enter Legacy Shave, a company that’s revolutionizing the way we apply shaving cream with their patented Evolution Shave Brush. In this article, we’ll take a closer look at Legacy Shave’s journey, their appearance on Shark Tank, and where they stand today.
The Legacy Shave Pitch and Deal At Shark Tank
Brothers Mike and Dave Gutow, the founders of Legacy Shave, took their innovative product to the sharks in Season 14 of Shark Tank. Their pitch centered around the Evolution Shave Brush, a unique attachment that fits onto any shaving cream or gel can, transforming it into a high-end shaving brush.
Mike Gutow asked for $300,000 in exchange for a 10% stake in the company, valuing Legacy Shave at $3 million. He impressed the sharks with the product’s lifetime sales of over $1 million and the fact that they had sold over 100,000 units in just five years. The Evolution Shave Brush also boasts a patent that covers all aerosol cans, giving Legacy Shave a significant competitive advantage.
After some deliberation, Lori Greiner made an offer that surprised everyone in the room. She proposed giving Legacy Shave $700,000 for a whopping 95% of the company, leaving Mike with just a 5% stake. Despite the high equity ask, Mike accepted the deal, securing a partnership with one of the most successful sharks in the tank.
Is Legacy Shave Gone Out Of Business?
Contrary to what some viewers might have assumed after the episode aired, Legacy Shave is still very much in business. In fact, the company has been thriving since its appearance on Shark Tank, thanks in no small part to the exposure and guidance provided by Lori Greiner.
Legacy Shave continues to sell its flagship product, the Evolution Shave Brush, along with a range of other shaving essentials, including shaving cream, razors, bar soap, and gift packages. The company’s focus on quality and innovation has helped them maintain a loyal customer base and attract new buyers who are looking for a superior shaving experience.
What Was Legacy Shave Net Worth?
During the Shark Tank pitch, Mike Gutow valued Legacy Shave at $3 million, based on the company’s impressive sales figures and the potential for future growth. However, the actual net worth of the company may have fluctuated since then, depending on various factors such as revenue, expenses, and market conditions.
While the exact current net worth of Legacy Shave is not publicly known, it’s safe to assume that the company has continued to grow under the guidance of Lori Greiner and the Gutow brothers’ leadership. The exposure from Shark Tank, combined with the unique value proposition of the Evolution Shave Brush, has likely contributed to an increase in sales and overall company value.
Business Overview
Legacy Shave’s primary focus is on providing men with a better shaving experience through their innovative products. The Evolution Shave Brush, their flagship offering, is designed to elevate the traditional shaving routine by combining the benefits of a high-quality shaving brush with the convenience of a shaving cream can.
The brush attachment helps lift hair follicles, allowing for a closer and more comfortable shave while also making shaving cream cans last up to four times longer. This unique selling point has helped Legacy Shave stand out in a crowded market and attract a dedicated customer base.
In addition to the Evolution Shave Brush, Legacy Shave offers a range of complementary products, including their own line of shaving creams, razors, bar soaps, and gift sets. By providing a complete shaving solution, the company aims to become a one-stop-shop for men seeking a premium grooming experience.
Conclusion
Legacy Shave’s appearance on Shark Tank and subsequent deal with Lori Greiner have undoubtedly been significant milestones for the company. The Evolution Shave Brush’s unique design and functionality have the potential to disrupt the shaving industry and change the way men approach their daily grooming routine.
As Legacy Shave continues to grow and expand its product line, it will be exciting to see how the company evolves and adapts to the ever-changing landscape of the men’s grooming market. With the support of Lori Greiner and the determination of the Gutow brothers, Legacy Shave is well-positioned to become a household name in the world of shaving and beyond.
