Whatever Happened To Manscaped After Shark Tank?
There's a good chance that you've come across a YouTube ad or two for Manscaped in recent years. But did you know that the company was once featured on "Shark Tank"? Years before appearing on Season 10 of the hit ABC reality series, Manscaped was birthed from a mission to help men tackle a sensitive issue.
Paul Tran, who does not appear on the "Shark Tank" episode, founded Manscaped in 2016 with hopes of scaling the men's grooming market — the name is a reference to manscaping, which is what men do when trimming or shaving body hair for aesthetic purposes. While Manscaped caters to every region, they are best known for their array of trimmers, lotions, deodorants, and more that care for men's groin areas in a more precise and safe manner than using traditional razors. Conversations about men's grooming and self-care needs have become more prevalent, with a 2017 poll by Men's Health finding that 73% of men report regular pubic grooming. Manscaped not only aimed to break into the arena, but dominate it with open discussions about the topic through their quirky and self-aware social media campaigns and marketing. Steve King came on in 2017 as a co-founder and invested $400,000 in the business.
The brand started picking up traction, doing well in sales, and gaining a strong social media following. Manscaped's success would be put to the ultimate test when it aired on "Shark Tank" on October 28. 2018.
What happened to Manscaped on Shark Tank?
Steve King and his son Josh represent Manscaped on "Shark Tank" where they seek an investment of $500,000 for a 7% equity stake. The over $7 million valuation is going to be a hurdle when dealing with the stingy investors, including guest shark Charles Barkley. Will the company's unique angle be enough to get a shark on board?
The Kings don't hide the offbeat nature of their brand and the sharks don't hide their laughter. However, after learning of the growing percentage of men taking grooming seriously, their interest is piqued. Even more tantalizing is when the duo announces that the business brought in $1.5 million in 2017. Steve reveals that they initially struggled to figure out how to connect with their audience until they took a humorous approach to getting the word out. The strategy worked, as they sold out in 13 days upon reentering the market with a series of videos that reached 48 million viewers. Each kit costs $12 to make and sells for $51. However, their inventory and advertising costs are eating up their funds.
Kevin O'Leary isn't fond of the business model while Charles Barkley doesn't believe in manscaping — both go out. Robert Herjavec offers the $500,000 but wants 35% of the company. After learning that women like gifting the product, Lori Griener shows interest. Mark Cuban states he's willing to give the $500,000 if Greiner will put Manscaped on QVC, but they want 25%. The Manscaped team asks if the sharks will go down to 20%, but Cuban assures them that their sales will more than compensate for the equity lost. The Kings take the deal.
Manscaped after Shark Tank
The deal between Manscaped and "Shark Tank" investors Mark Cuban and Lori Greiner ultimately never went through – a common occurrence in the aftermath of the non-binding handshake deal presented on the show. Nevertheless, Manscaped founder Paul Tran was pleased with the exposure, telling Playboy in a 2019 interview that the show, "helped amplify the brand and get the word out." Manscaped collaborated with the Mark Cuban and Ashton Kutcher-funded "Shark Tank" company, Slyde Handboards, to run a campaign during "Movember" that brought awareness to bush drag and how it can hamper enjoying the perfect wave. Keeping in line with Manscaped's brand, the ads were done in a comedic manner.
In 2020, the Manscaped team announced that they'd be looking for new funding opportunities. The company went public through a Special Purpose Acquisition Company (SPAC) deal merger with the blank-check firm Bright Lights Acquisition Corp in 2021. The deal valued Manscaped at $1 billion and received additional investors such as Endeavor Group Holdings, Guggenheim Investments, Signia Venture Partners, Saban Capital Group, and even actor Channing Tatum.
The merger was led by Bright Lights CEO Michael Mahan, who was fond of Manscaped's rapid growth. "We think we found a very special company in Manscaped," Mahan explained in a CNBC interview. "It's extraordinary what they've been able to do in a relatively short period of time. In three years, they went from just $3 million of revenue to nearly $300 million in revenue. They only raised $23 million of equity, which is just an extraordinary achievement."
Is Manscaped still in business?
Even with their "Shark Tank" deal falling through, Manscaped is amongst the most successful businesses to be featured on the show. While they still largely advertise for below-the-belt care, their line of products has expanded to all areas of men's upkeep from beards to nails and even nose hair trimmers. You think of it, there's a way to get your hands on their items. Of course, the widest selection of Manscaped products can be found on their website. However, the brand can also be found on Amazon and major retailers such as Target, Macy's, Walgreens, Best Buy, Men's Warehouse, and Wal-Mart.
Several notable celebrities have helped promote Manscaped, which has been part of Michael Mahan's plans to expand their big-name partnerships. Jamie Costa, who gained notoriety for his celebrity impersonations of stars such as Robin Williams, began doing monthly comedic PSAs for the company in 2021. In 2022, "Saturday Night Live" star Pete Davidson was announced as a new spokesperson for Manscaped, with many of their resulting commercial collaborations earning millions of views. More recently, UFC fighter Derrick Lewis starred in an ad for the Manscaped Performance Package that poked fun at an infamous post-fight interview where he took off his pants and explained, "My balls was hot."
Outside of their partnership with the UFC, Manscaped is also an official sponsor of the San Francisco 49ers, Sacramento State University, the American Ultimate Disc League, and the Ball State Cardinals, to name a few. Manscaped is projected to hit $500 million in sales by the end of 2023, with estimates of their net worth spanning from $750 million to $1 billion.
What's next for Manscaped?
It's safe to say that the sharks' doubts about Manscaped's $7.1 million valuation have been put to rest. Founder Paul Tran has achieved the ultimate dream all entrepreneurs have of not only finding success, but becoming the face of an entire market. With hundreds of millions in revenue, major sponsorships, and a widely recognized brand, there don't seem to be many places left for Manscaped to go in the near future. However, it's these triumphs that Tran believes will help Manscaped remain strong beyond his time.
In a 2020 interview with the Exit Strategy podcast, Tran explained that he hopes to have Manscaped stand out from the competition in one major way. "When you look back at the last 40, 50 years, there aren't many brands that are able to be multigenerational ... there's not that many [brands] that actually have the unit economics to be able to transcend," he stated.
Tran believes that Manscaped's unique place within the industry will ensure that he has something to leave behind for his loved ones. "We're very fortunate that we're able to get beyond nine figures in revenue without institutional capital and to have that kind of unit economics ... so we believe that really helps us be multigenerational, we're going to grow this thing ... and within the next three to five years we'll be a truly global brand and then it's all for harvesting," Tran continued. Along with this, he has expressed interest in further social and philanthropic ambitions such as creating a foundation to aid orphaned children in Vietnam.