Pitch Introduction
Wild Coat appeared on Shark Tank with their novelty ski jackets, seeking investment to expand their fun winter apparel brand. The company offers unique, modular winter coats designed to bring excitement back to snow sports through creative, eye-catching designs that don’t compromise on performance.
Business Overview
Product/Service: Wild Coat creates novelty ski jackets and winter apparel featuring animal-themed designs with high-performance features. Their coats include modular components, magnetic attachments, and temperature ratings that rival real bears.
Problem It Solves: Traditional winter ski wear is often monochromatic, repetitive, and boring. Wild Coat addresses the need for fun, expressive winter apparel that allows users to stand out on the slopes while maintaining functionality.
Target Market: The company targets winter sports enthusiasts, skiers, snowboarders, and outdoor recreationists who want to express their personality through unique apparel. They also appeal to those attending winter events and games.
Unique Selling Proposition (USP): Wild Coat combines fun, novelty designs with high-performance winter gear features. Their modular design allows for customization, while their faux fur exterior and advanced insulation provide both style and warmth.
| Company Details | Information |
|---|---|
| Company Name | Wild Coat |
| Founded | 2016 |
| Location | Boulder, Colorado |
| Industry | Winter Apparel/Lifestyle |
| Founder | Carlo DiMeo |
| Website | wildcoat.com |
About Founder’s
Carlo DiMeo, the founder of Wild Coat, came from an engineering background but discovered his passion for combining skiing with fun fashion. What started as a Christmas costume led to a successful business venture in the winter apparel industry.
- Engineering graduate who transitioned to fashion entrepreneurship
- 32-year skiing enthusiast with deep industry knowledge
- Started the business after wearing a bear costume while skiing
- Co-founded the company with a business partner
- Invested $285,000 of personal funds into the business
Shark’s and Founder’s QnA
Carlo, tell us about your product and what makes it unique.
Sharks, I don’t know if you’ve gone skiing lately but the outfit options are monochromatic repetitive and frankly downright boring. I’m determined to bring back the silly side of snow Sports which is why I created wild coat. Aside from looking ferocious these babies are high performance winter coats. They’ve got seven oversized pockets for all your snacks and gear an adjustable hood fits over a helmet a hat or your bare head magnetic storm flap and magnetic attachments so you can flip your claws back and they’re modular so you can fully detach the hood sleeves and mitts not to mention they have a temperature rating to rival a real bear.
How much do the coats cost and where are you selling them?
$449 that’s not bad yeah it’s like a very much like a mid-tier pricing for a quality ski coat. We’re selling all online so all in our own shop.
How did the business start?
So eight years ago I got this bear costume for Christmas for my family because there two things I love skiing a bunch and being a little silly so obviously I made it my everyday ski coat even though it was very much a costume it was not warm no pockets no zipper and it had like a foam molded head so I couldn’t even wear it over a helmet but I still ski it every day cuz it was a great time and you talk to everybody on the chair middle of a run people stop you asking for pictures so my business partner and I we skied together and we knew we were on to something.
What business were you in before this?
So actually I went to school for engineering and then I also look what happened to you right my parents are very proud now okay.
What are your sales figures and growth?
In 2021 we did 135k uh year two we did 375 and then last year we did 5 million and all you were doing was going to a few games and to the slopes yep so this year I’m confident we’re going to hit 700k.
Why isn’t it scaling faster?
You know I I look at it and I’m like wow this is very cool it’s fun sure I have a lot of experience with this to I disagree with you there isn’t Fun ski Wear look at Tipsy out they’re they’re also 30% of our Revenue now is those cool neon ski outfits you know how we did it having people ski them sure so this past year is when we really focused on more in-person selling and in terms of our ads spend in 2022 we went big on meta and so what did that cost you.
How much did it cost to acquire a customer?
In 2022 it was 150 for ads which was way too high so last year we really Diversified our marketing efforts.
How much is your inventory right now?
Right now we have 1,200 coats so amount that 500,000 at your cost my cost about 150 so can you tell me what you think you’d make on this 700 plus thousand in sales this year so this past year we basically broke even because we went so big on inventory.
How much have you invested in the business?
Total we’ve put 285k into the business of your own money uh I did 25k then my business partner did the other 260.
How much do you own and how much does your partner own?
I’m 65 he’s 35.
What do you think about the offers from Damon and Robert?
I’m thinking that 25 30% is a little high based on where I know we can take counter would you do 15% no no okay so what do you want to do they’re stuck it’s a lot of dope the 350 was a lot of dop and I know it seems like a low valuation to you I just know the problems would you do 20% I wouldn’t do 20% would you do 23 because I’d like to keep at least 50% of the company for myself that’ll keep me at 50. I’ll do 23.
Key Stats & Financials
Wild Coat demonstrated significant growth trajectory with increasing sales figures and strategic investments in inventory. Here are the key financial details from their Shark Tank pitch:
- Sales: Current revenue figures at time of pitch
- Margins: Profit margins and cost structure
- Valuation: What the entrepreneur valued their company at
- Investment Request: Amount sought and equity offered
- Use of Funds: How the entrepreneur planned to use the investment
| Financial Metric | Amount |
|---|---|
| 2021 Revenue | $135,000 |
| 2022 Revenue | $375,000 |
| 2023 Revenue | $5 million |
| 2024 Projected Revenue | $700,000 |
| Original Ask Amount | $350,000 |
| Original Equity Offered | 10% |
| Valuation Requested | $3.5 million |
Business Potential and TAM
Wild Coat operates in the winter apparel market, targeting outdoor enthusiasts who want both functionality and fun in their gear. The total addressable market includes skiers, snowboarders, and winter sports participants across North America and other winter recreation markets.
- Seasonal but substantial market of winter sports enthusiasts
- Growing trend toward expressive, novelty outdoor apparel
- Expansion opportunities into related winter accessories and gear
- Strong potential for licensing partnerships with major retailers
Wild Coat: Ideal Target Audience & Demographics
| Demographic | Details |
|---|---|
| Age Range | 18-45 years old |
| Income Level | $40,000-$100,000+ |
| Geographic | Snow belt regions, ski destinations |
| Lifestyle | Active outdoor enthusiasts, trend followers |
| Psychographics | Fun-seeking, expressive, brand-conscious |
Marketing and Distribution Strategy
Wild Coat employs a multi-channel marketing approach focused on experiential marketing and direct-to-consumer sales through their own e-commerce platform. Their strategy emphasizes in-person events and social media engagement.
- Direct-to-consumer online sales through company website
- In-person event marketing at ski resorts, sports games, and X Games
- Social media marketing focusing on user-generated content
- Paid advertising on Meta platforms with diversified approach
Wild Coat Deal Outcome
Carlo DiMeo secured a deal with Robert Herjavec after initially receiving offers from both Robert Herjavec and Daymond John. The negotiation process involved discussions about equity percentages and brand development strategies.
| Deal Terms | Details |
|---|---|
| Shark Investor | Robert Herjavec |
| Investment Amount | $350,000 |
| Equity Given | 23% |
| Valuation | $1,521,739 |
| Deal Type | Equity Investment |
Wild Coat Post-Show Update
Following their successful Shark Tank appearance, Wild Coat continued to grow their brand and expand their product line. The partnership with Robert Herjavec helped bring additional expertise in fashion branding and retail distribution.
Business Analysis & Lessons
Wild Coat’s success demonstrates the power of combining passion with market opportunity. The business shows that niche markets can be profitable when executed with the right product-market fit and branding strategy. Key lessons include the importance of standing out in saturated markets and leveraging personal experience for product development.
The company’s approach to business development offers valuable insights for entrepreneurs:
- Leverage personal passion and experience to create unique products
- Differentiate through novelty and fun in saturated markets
- Focus on experiential marketing at relevant events
- Negotiate carefully to maintain significant ownership while securing needed investment
Pitch Conclusion
Wild Coat’s Shark Tank pitch successfully demonstrated how a fun, niche product can attract investment and capture market attention. Their ability to combine functionality with novelty created a compelling business opportunity that resonated with investors and consumers alike.