The wedding industry in the U.S. is extensive and the concept of bridesmaid is an integral thing in every wedding. Bridal Babes is a company built around that concept, where they manufacture and sell dresses for bridesmaids and other wedding guests.
Founded by Charles and Ashley Young, the couple took their company on Shark Tank Season 14 with hopes to generate some investment and get some much-needed guidance from the sharks. They asked for $250,000 for 10% equity in the company.
If you have been wondering what Bridal Babes is up to after Shark Tank, we have accumulated all the relevant information for you in this article.
Shark Tank Bridal Babes Update
- Entrepreneurs – Charles Young and Ashley Young
- Business – Dresses for bridesmaids and wedding guests
- Ask – $250,000 for 10% equity
- Result – $250,000 for 20% equity
- Shark – Emma Grede
Bridal Babes hosts a classic collection of wedding guests and bridesmaid dresses that are affordable and perfect for different kinds of wedding events. Be it a beach wedding or a chapel wedding, the collection that the company hosts is nothing short of impressive.
During their pitch on Shark Tank, the founders opened up about their manufacturing costs and the profit margin saying that each of their standard dresses costs $14 to make and they are sold for around $40 per dress, which is quite a reasonable price point.
Their luxury collection has pieces that are $200 and upwards. However, they also confirmed that even the luxury items cost them around $50 to manufacture and they sell it for 4x the price. All of these numbers sounded quite promising to the Sharks.
Furthermore, Charles and Ashley said that the majority of their sales and their target audience is acquired via their Instagram account, where they have close to 100,000 followers. Until their appearance on Shark Tank, the company had already made around $2 million in revenue, which was nothing short of impressive.
Since they manufacture and sell their products directly to consumers, it isn’t surprising that they secure an impressive profit margin of 70%. Robert and Kevin were heavily impressed by the business model, profit margins, and how well the business has done for itself.
However, both of them dropped out since they didn’t have any experience in the niche and would not be a good addition in the long run.Â
It was finally Emma Grede who was willing to offer the asking price but for 20% equity in the company. She was sure that she would be able to bring value to the company and drive its growth in the future.
Since Emma was the only Shark with a counteroffer, Charles and Ashley decided to take some time to think, after which they agreed to the deal.Â
Following the successful deal and Shark Tank episode, Bridal Babe’s business skyrocketed even further and the company is thriving at present. All of their products are available on their official website and users can also reach out to them via Instagram.
