Michael Speciale started to live with his brother Brian after getting divorced. While hanging out with Brian and his son, Michael found his nephew lounging on the couch and watching TV wearing one of his father’s oversized sweaters. His knees and arms were folded in for warmth and comfort.
The two single fathers started to talk about an adult version wondering at how comfy it looked. They were impressed with a nearby Sherpa blanket and thought that they would use that material to make an oversized sweatshirt or blanket combination and then the idea of The Comfy came up in their minds.
Michael and Brian put together a prototype and got a manufacturer. All they required was some funding so that they could start their business. That is why they decided to appear on Shark Tank.
The two brothers got an open call for the Shark Tank show in Denver within only one month after creating The Original Comfy. Michael and Brian tried to serenade the judges with their version of the Christmas carol, Deck the Halls, changing the lyrics to The Comfy. They pulled it off apparently.
After a few days, they got a call from producers who invited them to come on the ninth season of Shark Tank.
A Short Overview Of Comfy
In brief, we can say that comfy is a combination of a blanket and a hoodie. It looks like a sweatshirt and feels like a blanket.
That is why you do not need to be sad about leaving the warmth of your favourite blanket. After appearing on Shark Tank, The Original Comfy has grown a lot of fans.
It has more than 20,000 followers on Instagram who swear by their oversized garments. It has more than 1200 reviewers on Amazon. Some of them remark that it keeps them very warm and in this way, it helps them to save money on their heating bills by turning down the thermostat.
The Comfy is soft on the outside as well as on the inside. The velvety fabric is kind with a thick layer of sherpa-looking fleece that would give you a feel like wrapping yourself in a cloud.
The product is like the cosiest cocoon you can imagine and gives a great amount of warmth. It is breathable. So you will not feel it suffocating.
It is very spacious. So you can easily toss it on pyjamas or other loungewear. Moreover, when you sit down it will cover your entire body. It has a spacious hood that would keep your head warm. You will not feel it right or constrained.
It is indeed a large and oversized product but it would not come all the way down to the floor. That means you will be able to easily move around without dragging on the ground.
It has a large pocket in the front that is perfect for carrying mobile phones or glasses.
One of the most remarkable disadvantages of The Comfy is its weight. The velvet fabric and sherpa lining are not lightweight. You will not be able to run around or do jumping jacks wearing this sweatshirt.
Another disadvantage of the Comfy was that the sleeves were too long as it is available only in one size that fits all.
What Happened To The Comfy On Shark Tank?
After coming up on the Shark Tank stage, Michael and Brian Speciale appealed to the sharks for an investment of $50,000 in return for a 20% stake in the business.
The brothers break into song while showing and putting on a large grey blanket. They declared that The Original Comfy was a blanket that was a sweatshirt. Saying this they unfolded the giant blanket and put it over Michael’s head transforming it into an oversized hooded sweatshirt.
When they finished the song they were praised. Then they explained to the sharks that The Comfy was developed and designed so that people may stay warm in the most severe winter conditions.
They said that users could pull their feet and hands into The Comfy for complete coverage, and they could use the large hood as a pillow.
The Comfy was available in one size only. So, it can be easily manufactured. The brothers distributed a Comfy to each of the sharks and invited them to relax on the couch they brought with them on stage.
The Sharks tried on the Comfy and settled into the couch. They confessed that it was comfy. They then came back to their seara to get down to business.
Michael and Brian explained that The Comfy was a brand new product that had not made any sales yet, but that they were all set to produce their first substantial order. They had decided to sell The Comfy for $39.99. The manufacturing cost of each unit was $17. They said that they would be able to produce 100,000 units at a time if they got more funds. Then they would be able to reduce the manufacturing cost to $11.
Unfortunately, the founders were not able to impress the sharks with the profit margin potential and moved their focus to the two brothers and the creation of The Comfy.
Michael started to tell the story of living with Brian after his divorce and getting the motivation from his nephew, putting on one of Brian’s large sweaters as a blanket while lounging around the house. The Sharks found their story interesting but still had some queries about how to make The Comfy a financial success.
The first and biggest concern of the sharks was the resemblance of The Comfy to the Snuggle. Lori said the only discrepancy she could see was the addition of a hood. She demonstrates that she had a lot of business with what was assumed to be their primary competitor and feels The Comfy does not provide a unique enough choice. For this reason, she decided to drop out of the deal.
The brothers explained that The Comfy was designed to be worn on the go, while the Snuggles must be removed to get off the couch. Though he appeared to accept that explanation, Mark did not feel they were ready to take the product to market, and he too backed out of the deal.
The rest of the sharks showed their interest in the business. They all gave investment proposals to the brothers. After learning that the Snuggie had sold 22 million blankets, Robert said that he was ready to invest $50,000 in The Comfy, but they would need to give up a 50% stake in the business.
Recognizing the effect Barbara could have on getting the brothers an online presence for The Comfy, Michael asked for the 25% Robert had proposed, but Barbara refused. Kevin O’Leary spoke up, saying that he had not described his thoughts on The Comfy. After a dramatic pause, he told the brothers that he wanted to leave the deal.
The brothers finally made up their minds to accent Barbara’s proposal of $50,000 in exchange for a 30% stake in the business. They left the Shark Tank stage with a lot of excitement after getting the deal.
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After becoming successful in securing a deal on Shark Tank, the Speciale brothers found an instant effect. As soon as the Comfy Shark Tank episode was aired they sold out within only 24 hours.
That was just the beginning. The brothers expanded their product line to include The Comfy Feet, Comfy Kids, and Comfy Hoodie options.
Within a short time, The Comfy became viral through social media and started to obtain orders from more than 7) countries all over the world.
Discovering the effect social media and online marketing could have, Michael and Brian started to improve their overall web presence. They have a lot of fans and followers on Facebook, Instagram, and Twitter, and their online sales numbers, through their websites, are strong and developing.
With the assistance of Barbara, The Comfy is now sold on QVC, Bed Bath & Beyond, and Amazon.
What Was The Net Worth Of The Comfy in 2021?
After getting an investment of $50,000 from Barbara Corcoran, the Comfy started to grow more. As of 2021, it has generated more than $8 million in revenue. And their product still seems to be one of the best sellers of all Shark Tank products to date. As of 2021, it had a net worth of $20 million.
What Was The Net Worth Of The Comfy in 2022?
As of 2022, the Original Comfy had a net worth of $50 million.
What Is The Net Worth Of The Comfy in 2023?
The net worth of the comfy in 2023 is $50 million.
The Comfy Shark Tank Update
The Original Comfy is a combination of an oversized sweater and blanket. The founders of the Comfy, Brian and Michael Speciale represented it on Shark Tank season 9 episode 910 in 2017.
The product is a fleece-lined, oversized hooded sweatshirt that comes with a soft microfiber exterior.
The brothers appealed to the sharks for an investment of $50,000. For this, they were ready to give up a 20% stake in the business.
Finally, they secured a deal of $50,000 from Barbara Corcoran in exchange for a 30% stake in the business. Within 24 hours of the airing of the Comfy Shark Tank episode the product sold out.
With the assistance of Barbara Corcoran, they were able to continue their sales throughout the summer.
They also came up on QVC and sold out. In 2018 Bed, Bath, and Beyond started to keep the products in its stores. The product is also available in Costco, Zappos, Kohl, Amazon and The Paper Store.
As of 2023, the company is still active in business. In 2022, it managed to generate $15 million in annual sales.
In 2019, just one year after the appearance on Shark Tank the Original Comfy generated $20 million in sales. It became the sixth highest-earning company in Shark Tank’s history with $150 million in lifetime sales.
The founders of the company were trying to repay the debts and re-energize the brand.
How Did The Comfy Perform After Appearing On Shark Tank?
The Original Comfy became very successful after appearing on Shark Tank. The product was sold out within 24 hours of the airing of the show. Since then the company has been doing well. It has made partnerships with major stores like Bed, Bath, and Beyond, Zippos, and Amazon.
The company also appeared on QVC and the products were out there also. As per the Shark Tank recap, the company had generated more than $20 million in annual sales and continues to generate more than $10 million in annual revenue.
The Comfy is supposed to be one of the top ten success stories of Shark Tank and is no doubt one of the best investments of Barbara Corcoran since the show started.
Nonetheless, the company encountered a few challenges. One of the biggest concerns mentioned by the sharks was the resemblance of The Comfy with the Snuggie. The co-founder of the company was striving his best to pay off the debts.
What Challenges Did The Comfy Face After Appearing On Shark Tank?
The company encountered a few challenges after appearing on Shark Tank. Barbara Corcoran who invested $50,000 in exchange for a 39% stake in the business and helped to promote the brand online was picked up by popular influencers and entertainment outlets.
She also connected the two brothers with salespeople and marketers so that the comfy could land on the shelves of the retailers like Costco, and Target.
However, things began to untangle and Corcoran sold out. Now the co-founder is trying to repay the debts and re-energize the brand.
At the time of the Shark Tank pitch, the sharks were concerned about the resemblance of the Comfy to the Snuggie.
Lori Grenier pointed out that The Comfy does not have any remarkable differences from the Snuggie except the hood.
Despite this, all the products were sold out within only 24 hours of the show. The company was doing very well after the show. It appeared on QVC. They were sold out there also.
The company partnered with major stores like Bed, Bath, Beyond, Amazon, Zippos, etc. In 2021 they managed to generate $20 million in revenue.
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How Did Barbara Corcoran Help To Promote The Comfy After Shark Tank?
Barbara Corcoran played a significant role in promoting the Comfy hoodie brand after Shark Tank. She helped the founders in sourcing and marketing to make it a successful product.
Her investment of $50,000 helped to make Comfy one of the Shark Tank’s most successful brands. The company has sold a lot of units through major retailers like Amazon and Target.
After getting represented on Shark Tank, the company got incredible exposure.
The Original Comfy is a must-have product. It is a nice gift. Due to the popularity of the Original Comfy, it became available almost everywhere.
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Did the founders get any deal for The Comfy on Shark Tank?
Yes, the founders secured a deal of $50,000 from Barbara Corcoran in exchange for a 30% stake in the business
Is the Comfy still in business?
Yes, Comfy is still active in the business.
How do I buy Comfy?
If you want to buy comfy you just need to visit their website www. comfyco.com.