Shark Tank: Byoot Accepts $50,000 From Kendra Scott

When Iowa natives, Elyce and Nathan Billany, were vacationing in Jamaica, inspiration struck. Because Elyce was pregnant on their trip, she was often running to the restroom, only to struggle with her wet bathing suit. Explaining to her husband how frustrating women’s bathing suits are to take off and on when they are wet, she had an idea to design her own bathing suits featuring buttons down each side making it easier to use the restroom after swimming. Byoot was born, designing fashionable one-piece swimsuits that make going to the bathroom after swimming easier and more convenient than ever.

Will this unique swimsuit line button up a deal? #SharkTank

— Shark Tank (@ABCSharkTank) February 20, 2021

Byoot came to the Shark Tank seeking $50,000 in exchange for 30% equity in their company. They are looking for a Shark that is willing to help them work through the challenges of the swimwear business, such as appropriate sizing and marketing. Currently, they are utilizing a virtual, interactive fitting that allows consumers to be involved in ensuring their bathing suit fits appropriately, thus reducing the amount of returned product. It also reduces the amount of inventory needed on hand. The Sharks love that concept and feel that the unique, personal nature of their fitting is an excellent tool for customer satisfaction and retention.

The Sharks are also impressed with their “test and learn” mentality. Byoot tests different price points on different age demographics to try to find their sweet spot of maximum profit without overpricing themselves. Although the Sharks like the designs and their business model, they are concerned with their low sales since they are just starting out. Feeling a kinship to the Billanys, Kendra Scott decided to extend them an offer. She will offer them $50,000 as a loan that will be repaid within three years with 10% interest and a 5% equity share in Byoot. They quickly agreed to Kendra’s offer.

We think this deal will go swimmingly with @KendraScott as a partner! #SharkTank pic.twitter.com/tgUPDIOhTt

— Shark Tank (@ABCSharkTank) February 20, 2021

If you were a Shark would you have invested in Byoot? Do you think that Kendra made a wise decision loaning the Billanys $50,000 rather than a straight investment arrangement? Discuss in the comments below!