What Happened To Nicepipes Apparel After Shark Tank?
"Shark Tank" arguably becomes its best when the entrepreneurs and the Sharks disagree on the viability of a business. As things get heated, Kevin O'Leary might use his classic line, "Take your business behind the barn and shoot it." But time and time again, we will see the entrepreneurial spirit take over a businessperson as they stand their ground and refuse to let go of the company they poured their blood, sweat, and tears into.
We witnessed this firsthand when Lisa Binderow walked into the Tank to pitch her activewear company, Nicepipes Apparel. As a yoga teacher, Binderow's standard outfit included a pair of cropped yoga pants and a tank top, which wasn't ideal for the winter. After extensively searching the market for a pair of warmers, she found that most options were uncomfortable and outdated. So, she swooped in and crafted her own arm and leg warmers from a yoga pant material that would stay on and help her stay warm, all while blending in perfectly with her activewear.
During an appearance on "The Artist Evolution" podcast, she said that she initially only made a pair for herself, but when she wore them to classes, her fellow teachers and students also wanted in on the comfort, so she decided to make a business out of it. While people in her industry saw that she was filling a gap in the market, the Sharks didn't share the same view and went out for blood.
The Sharks couldn't get over Nicepipes' valuation
Lisa Binderow offered the Sharks 10% of Nicepipes in exchange for $100,000. She explained that she had phenomenal margins because she manufactured the warmers for $7.50 and sold them for $42. But she followed that up by disclosing that she had invested $300,000 of her money into the business and only garnered a sale of $80,000 since its start a year and a half ago.
The information made the Sharks question her valuation of $1 million, but she explained that she had seen the market potential in her classes. The answer didn't impress Kevin O'Leary, who said the product wasn't special because it was easy to duplicate. His dislike didn't phase Binderow as she compared herself to Spanx creator Sara Blakely, who pursued her dreams despite criticisms. Mark Cuban asked Binderow her greatest business quality, and she answered that it was her entrepreneurial and management skills, which Cuban believed was too basic and didn't point to anything specific. Throughout Binderow's pitch, Lori Greiner and Barbara Corcoran encouraged her to stand up for herself as the male Sharks wore her down.
So, when Robert Herjavec, O'Leary, and Cuban bowed out, Binderow didn't thank them for their time. Greiner encouraged Binderow to continue working on her business but didn't find it investable, so she backed out but earned the entrepreneur's thanks. Ultimately, Binderow admitted that she didn't know how to value the business, and chose to go with a higher valuation for more wiggle room. Although Corcoran offered $100,000 for 40%, Binderow turned it down.
Nicepipes is still in business
In Lisa Binderow's 2017 "The Artist Evolution" interview, she explained why she declined Barbara Corcoran's offer. "I knew what was best for my business, and by giving Barbara 40%, I was just gonna take a backseat and end up working for her." She elaborated that she was the one who had built her business from the ground up and learned tons of valuable skills along the way, so it didn't feel right to essentially hand the keys over to someone else.
Binderow explained that following the experience, she began to believe in her business and trust her entrepreneurial instincts more because she had to fight off the Sharks to keep her dream alive. As for Nicepipes' future plans, she shared that they aimed to expand their philanthropic efforts, and it seems like they followed through because their website claims they donate some of their proceeds to charities helping the homeless. Although Nicepipes is still in business, it's unclear how the company is doing, but it's safe to say it didn't end up as one of the most successful "Shark Tank" products.
In a 2017 E! interview, Binderow was happy to share that their company had been blessed with the "Shark Tank" effect, and their sales had grown exponentially since their appearance. Since then, they don't seem to have expanded their product range. Their Instagram page hasn't been active since 2018. According to Binderow's LinkedIn, she's still the company's CEO, but per her website, she's also working as a lactation consultant.