Megan Cummins started the You Smell Soap company to introduce new luxury soap in the market. It first began as a college project on custom packaging but eventually, it turned into the You Smell Soap Brand in which she had two different aromas made into 1200 bars of soap to test the market.
She has made it clear that the company is in the Pre-Venture Stage with no sales to this point. She sent the luxury soap to various outlets all over the world to verify the market and come up with a price point for this luxury product.
Megan introduced another product named the You Smell Paper Soap which means a soap on a convenient piece of paper. The founder of the company appeared on Shark Tank seeking an investment from the sharks. Let’s check out what occurred to You Smell on Shark Tank including the You Smell Shark Tank net worth.
What Is The Net Worth Of You Smell Soap Before Appearing On Shark Tank in 2012?
Before appearing on the popular TV show Shark Tank in 2012, You Smell soap had an approximate net worth of $275,000.
What Is The Net Worth Of Your Smell Soap After Appearing On Shark Tank in 2012?
After appearing on the popular TV show Shark Tank in 2012, You Smell soap had an approximate net worth of $275,000.
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The Product Line Of You Smell Soap
You Smell Soap is a small business that was introduced by a graphic designer named Megan Cummins. The business had created a buzz in the market by introducing a unique luxury soap line which was an assortment of creativity and quality. The soaps were available in a wide range of scents along with fan favourites like lemon verbena and lavender mint.
It is not only a treat for the nose, the company also accentuates all-natural components perfect for sensitive skin. One of the most popular products of the company was their paper soaps which displayed the brand’s talent for unique packaging and presentation.
You Smell Shark Tank Pitch
Megan Cummins is the person behind the invention of You Smell Soap. According to her during a college activity, she was encouraged to come up with the concept of producing an innovative product with a beautiful label and package which she eventually turned into a business.
She served as a graphic designer before moving her business full-time. She decided to give all her time and energy into her business and therefore she left her job.
Furthermore, her would-be husband supported her by getting fully engaged in her business which enabled her to develop the visibility of the brand.
She converted the You Smell College product into a premium brand-led her to, believing that the result would have a massive market effect and generate substantial profits for her company.
Product / Service
You Smell Soap is an organic soap company that manufactures bright colours. It helps to bring a breath of fresh air to a snobby atmosphere.
The product is rich in vitamin E and antioxidants and is available in scents line Lemon Verbena and Lavender Mint. The company also manufactures paper wipes for freshening up on the go.
You Smell Soap is an elegant product that does not take itself too seriously. The product is manufactured by using natural ingredients like shea butter and olive oil. It is scented but it is mild and soothing on the skin.
These soaps have shea butter and olive oil and lather with a very smooth and creamy foam. The innate aroma of You Smell Soap does not interfere with its mild and relaxing properties on your skin.
The signature You Smell packaging of the company is used for each bar. The packaging is vintage-inspired and certain to begin a gossip.
The ingredients used to manufacture You Smell Soap are all organic, vegan, paraben-free, phthalate-free, and gluten-free.
Here are some important facts about the You Smell
- You may get brightness on your skin by using You Smell.
- It helps to keep your skin moisturized for a long time.
- Only organic ingredients are used to manufacture You Smell.
- It is available in two distinct flavors: Lemon Verbena and Mint.
- The idea of creating this business came up from a small college project activity.
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Why Did The Founder Of You Soap Appear On Shark Tank?
Megan Cummins studied at a university before pitching You Smell soap on Shark Tank and she graduated with honours when she completed her education. She was allowed to use a wide range of equipment to design packages for any product she could think of as part of a college assignment.
She was able to finish her project successfully. The idea of creating customized packaging for premium soap bars came up in her mind and she named it You Smell Soap.
When Megan got positive reviews for her luxury soap packaging, she made up her mind to make solid soap bars. She packed the soap bars in her unique packaging and sent them to verify the market.
To complete the project she created twelve hundred packages of luxury Soap and after that, she distributed them to over one hundred traders and retail stores all over the world.
According to her, she has done this to know what people think about her luxury soap and what price range she should fix for the product. You Smell Soap is not however a legal business and has no sales.
That is why Megan required some funds from one of the sharks so that she could expand production and start selling the soap bars to stores and other outlets.
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Megan Cummins appeared on Shark Tank to get an investment of $55,000 in return for a 20% share in her business. In the Shark Tank You Smell soap episode she distributed the samples of her two first scents, bomb, and lavender mint, and described her company as a venture.
To verify the market, Megan had 1200 bars and distributed them to colorful outlets where they charged $7 to $12 for each bar. There were some retail stores like Civic Outfitters who expressed their wish to order again. Initially, the company got a concrete platform.
How Did The Sharks React After Hearing The Pitch?
Mark Cuban inquired whether Megan has the determination to carry the product to success. In reply, Megan said that she was the most determined person and would make sure of the success of the product. Cuban wanted to invest $55,000 in exchange for a 20% share in the business.
Mark Cuban was the first shark who proposed to make a deal with Megan for specifically what she requested. He was trying his best to close the deal before any of the other sharks could make an offer.
Barbara Corcoran eventually made an offer saying that she was a better investor to deal with. She claimed 40% of the company and 10 cents on each bar sold.
Robert Herjavec was eager to know whether Megan had previously devoted full-time to this business. According to Megan, though she was appointed as a graphic designer by herself, if the sharks help her she would make the soap business her full-time job.
Robert Herjavec was ready to invest $55000 in exchange for a 20% stake in the business and he also promised to invest an additional $50,000 to help her get her business up and running quickly.
Did You Smell Soap Secure Any Deal From The Sharks On Shark Tank?
Yes, the founder of You Smell Soap was able to secure a deal for her company from the sharks. She did not leave the Shark Tank stage bare-handed. Despite giving an offer of $55,000 in exchange for a 49% stake in You Smell soap she finally changed her mind and reduced the percentage of shares to 30%. However, Megan accepted the offer of Robert Herhavec at last who invested $55000 in exchange for a 20% stake in the business and he also wanted to invest an extra $50,000 so that the business could grow and run quickly.
You Smell Soap Post Shark Tank Success
The three sharks Barbara Cochran, Mark Cuban, and Robert Herjavec gave proposals of investing in the business of Megan separately. Robert Herjavec was ready to invest $55,000 in return for a 20% share in her business and Megan Cummins accepted the deal.
Moreover, he promised to give her an additional $50,000 so that she could get her business up and running quickly. Nevertheless, she did not get the money after the You Smell Soap Shark Tank episode was aired.
She tried to call Robert Herjavec multiple times but she did not get a response to her messages. Herjavec took advantage of a barrage of negative coverage in the media to address the problem.
She finally turned down the $50,000 for 50% of the company he offered instead of the $50,000 for 20% she had been promised on the show since she did not want to share in the company’s earnings.
Megan was not contacted soon after the show as he had to fulfil the due diligence first and only then he would be able to decide to change his first proposal. Although the transaction with an outside investor failed, Megan was still able to grow her firm.
Her would-be husband began to work full-time for the firm. They worked on the business, You Smell continuously until an unknown amount was paid to the company in 2014. They were compelled to stop their business in 2016.
But her journey as an entrepreneur with the firm did not end there. After selling her soap business in 2014, Sparklepop has been featured in various publications, such as Oprah Magazine and Family Circle.
Currently, she lives in Los Angeles with her husband. She stopped her business in 2019 and as of 2023, the business is not active any more.
At this time she is focusing her efforts on Downloads that Donate, an Etsy site that trades digital clipart files that may be used to design t-shirts and other items.
Moreover, age contributes a part of her sales to no-kill animal shelters all over the United States. As per the current information, she is now running her contract design business which she has been operating since 2007.
Robert Herjavec was the shark with whom Megan Cummins finally chose to deal with although she got offers from three potential investors from Shark Tank for her new soap company.
The sharks had to undergo a due diligence procedure before signing the paperwork and exchanging funds. This is a general procedure for all of the deals made during the show.
According to Megan, she tried to contact Robert Herjavec after the program was aired but she was not successful in her attempts.
Ribern eventually backed out of the deal. After making unsuccessful attempts for a few months to contact her new shark investor she ultimately got word that Robert did not know that the company was beginning and had no sales.
As Herjavec promised Megan on the Shark Tank show he finally gave a contract to Megan to buy her company a few months after the show.
He changed the terms and conditions completely in this new contract. He asked for fifty percent of the company in the contract which was very higher than the initial offer he had given.
Megan and her finance tried their best to make the business successful. Their product was available on Amazon. In 2014, Megan realized that the valuation of the firm was not quite the same as she expected. That is why she sold the company to an anonymous company for an unknown amount. After selling You Smell, Megan began to work on something new named SparklePop, a jewellery fashion company. We wish her the best of luck with her new venture.
Are You Smell Soap still in business?
According to the reports Cummins was not able to complete the deliveries timely because of conflicting schedules although she had received positive responses from Shark Tank. Her ring finger was bare although she got engaged.
According to her, they chose to invest the money her would-be husband had saved for her engagement ring into the business. Since then, the You Smell Soap website has been removed from the World Wide Web.
But the You Smell Soap is still available online at Amazon at $8 for a 5.0-ounce bar.
What is the net worth of You Smell Soap?
When You Smell Soap was pitched on Shark Tank, the valuation of the company was $2.75 million. As of 2022, the net worth of the company is about $5 million.
Who is the investor of You Smell Soap?
Robert Herjavec, an American television personality, entrepreneur, investor, businessman, speaker, and author, had proposed to make a deal with the founder of You Smell Soap.
At first, he demanded 20% of the business for an investment of $55,000. But later he changed his deal and demanded 50% of the business from Megan.