Shark Tank Update
Shark Tank Pitch
Green Garmento Shark Tank Update
Published:
3m
Los Angeles, CA
| Name | Green Garmento |
|---|---|
| Main Presenters | Jennie Nigrosh |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 10/11/2022 |
| Main Location | Los Angeles, CA Loading Map |
| Order Shown in Episode | 1 |
| Final Deal | All Sharks went Out |
Green Garmento Shark Tank Pitch
Jennie Nigrosh created a multi-purpose garment bag called Green Garmento that also serves as a laundry hamper and an over-the-shoulder travel bag. Green Garmento aims to reduce the need for multiple bags or waste of single-use plastic.
Jennie and her husband put in $380k of their money. Investors have put in $900k and get 9% royalties on revenue until they are paid back. All-time sales are almost $1 million for the Green Garmento. This year's sales are at $260k with projections of just under $400k. Unfortunately, Green Garmento is still not profitable after four years and loses about $10k a month, although Jennie does not know the exact numbers.
The business model is slightly confusing with Jennie selling Geen Garmento to laundromats and laundromats having their own business models monetizing the bags. Kevin even suggests that plastic between garments helps prevent wrinkling.
You know the trouble with Green? It doesn't work unless there's an economic reason. People fundamentally want to save the planet unless it costs them something. That's the cold hard truth. That's why solar doesn't work, and that's why wind doesn't work, and that's why this isn't working.
You learn an expensive lesson, Jennie. One of the things entrepreneurs always talk about is 'if I only had the money,' but debt is not your friend. It's just a trap a lot of entrepreneurs fall into.
Your business turned—unfortunately—instead of cleaning bags into a body bag.
All sharks go out, but I'll give Jennie credit that she was funny.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $300k for 20% of company | |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Barbara Corcoran | Out |
| Sharks | Out | Kevin O'Leary | Out |
| Sharks | Out | Mark Cuban | Out |
| Sharks | Out | Daymond John | Out |
Mark Cuban
Out
Daymond John
Out
Kevin O'Leary
Out
Barbara Corcoran
Out
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Green Garmento After Shark Tank
Jennie went on the Impact Podcast in 2022 here https://impactpodcast.com/episode/2022/06/greening-up-casual-wear-with-derek-sabori, where Jennie talked about growing up in Massachusetts as the youngest of three brothers and three sisters. Her father owned a cardboard recycling plant, and he would send the kids to round up the neighbor's newspapers from their trash, so Jennie had recycling engrained in her from an early age.Link Preview
here
Green Garmento found success in the hospitality space, where Green Garmento produces custom-labeled bags. They also work with dry-cleaning distributors and are in over 400 dry cleaners across the US as well as 11 countries.
Jennie spoke about Green Garmento in a 2022 YouTube video https://youtu.be/k62xPaYE7-0, where she says she is a certified female-owned supplier and uses that to get into the door of large companies to get business. Jennie says she still struggles like every business, but the Green Garmento overcame its hurdles and, in 2022, does business with many large companies.Link Preview
video
According to Jennie Nigrosh's LinkedIn https://www.linkedin.com/in/jennie-nigrosh-3ba7054, Green Garmento has been in many retail stores, such as Walmart and Bed Bath and Beyond, and she continues to be CEO in 2022.Link Preview
LinkedIn
In 2022 Green Garmento sells garment bags as well as tote bags on their website, thegreengarmento.com https://thegreengarmento.com.Link Preview
thegreengarmento.com
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