Mark Cuban is betting big on the men's grooming trend known as "manscaping."
On Sunday's episode of Shark Tank, Cuban agreed to invest $500,000 in Manscaped, a San Diego-based startup that sells men's shaving products for what the company calls "below-the-waist grooming." Father-and-son founders Steve and Josh King were seeking $500,000 for 7 percent of the company, which sells a grooming kit that includes a razor, trimmer, moisturizer, and hair and body wash. They explained to the Sharks that the products are specifically made for below-the-waist grooming--not just below the neck. The kits sell for $74.99, but customers can also purchase the products individually. Manscaped launched in January 2017 and generated $1.5 million in sales last year.
So how did the Kings persuade Cuban to invest? The deal came together after Shark Lori Greiner said the product would be "perfect" for QVC, the televised home-shopping channel where Greiner frequently markets her Shark Tank products.
"I will put up the money just to see you sell it on QVC," Cuban said. While Kevin O'Leary pointed out that Cuban was joking, Greiner immediately took him up on his offer. Perhaps surprisingly, the manscaping trend has seen tremendous growth in recent years, growing from 6 percent of men to 73 percent during the past 10 years, according to the Kings.
"All men are scaping, they just don't know what they are doing," Josh said, adding that many of the company's customers are women who buy the kit as a holiday gift for men.
Cuban agreed to invest, but said he and Greiner would need to share a 25 percent stake, and that the deal was contingent on her marketing the product on QVC. The Kings accepted the offer.
While all the Sharks were impressed with the Manscaped co-founders' presentation, which included several gags that compared men's grooming to gardening, guest Shark Charles Barkley was not sold on the company. The NBA Hall of Famer said he had never manscaped in his life and didn't see the need.
"Ain't no woman going to leave me because I don't shave my [private parts]," he said.