EasiWefts, a revolutionary hair extension company, recently made headlines after they appeared on both Dragons’ Den and Shark Tank Global. Their pitch left the judges stunned and impressed with their innovative product. Read on to discover more about the bombshell revelation that had the Dragons and Sharks wowed.
Introduction:
The world of business is full of surprises, with new and innovative products hitting the market every day. Recently, a hair extension holder called Easyweft created by entrepreneur Nicola Wood made its way onto the popular TV show Dragons’ Den and Shark Tank Global. This product attracted the attention of the panel, which includes some of the most successful business leaders in the UK and around the globe. In this article, we will discuss the product, its benefits and features, the potential market, and how it won over the Dragons and Sharks.
What is Easyweft and how does it work?
Easyweft is a hair extension holder designed to make the installation and removal of hair extensions easier and cleaner. This product helps solve the problem of hair falling on the floor during stylist work. With its unique design, the Easyweft can hold hair extensions in place, allowing for easy application and removal. It works on both personal and commercial settings, making it versatile and practical.
Benefits and Features:
- Easy to use: The Easyweft is simple to use, making it ideal for both professionals and those who like to do their hair extensions at home.
- Holds extensions securely in place: The product’s design makes it possible to hold hair extensions securely in place, eliminating the need for tapes and other messy adhesives.
- Saves time and money: By making the installation and removal of hair extensions easier and cleaner, Easyweft saves time and money for both stylists and clients.
- Suitable for different types of hair extensions: The product can be used with different types of hair extensions, including clip-ins, weaves, and tape-ins. This makes it a versatile product that can be used with a range of hair extensions.
- Easy to clean and reusable: After use, the Easyweft can be washed and reused again, making it an environmentally friendly and sustainable product.
Market Potential:
The Easyweft is a product that targets women who wear hair extensions. One in seven women in the UK use hair extensions, and the total market for hair extensions in the UK is 15 million people. Moreover, the product can be used by professional hair stylists, making it a valuable addition to their hairdressing toolkit. This market is wide-open, and there is a great potential to capture a significant portion of it.
The Dragons’ Den Pitch:
During her pitch on the show, Nicola Wood requested £80,000 for a 25% stake in her business from the Dragons. She explained the product’s unique features, its wide potential market, and how it could benefit the hairdressing industry. Moreover, she shared the product’s sales figures; the product sells for £19.95 and has sold 1600 units, with revenue of £14,000. Finally, she projected sales of £205,000 this year and £420,000 next year, demonstrating the product’s growth potential.
The Dragons’ Questions:
The Dragons questioned the target market size for this product, which is a one-time purchase rather than reusable. Nicola had said that it was expected to replace adhesives and other products, but the Dragons wanted to know if the Easyweft would be a repeat purchase. Despite their concerns, the Dragons ultimately saw the large potential market and usefulness of the Easyweft.
Investment Interest:
Peter Jones, a popular British entrepreneur, was interested in investing in the product. He saw the potential in the market, the product’s innovative design, and its potential impact on the hairdressing industry. He understood the opportunity to scale and grow the business and ultimately made an offer.
Conclusion:
In conclusion, the Easyweft is an innovative product that solves a significant problem in the hairdressing industry. Its unique design, ease of use, and versatility make it a valuable product for both professionals and individuals. Its entry into the global market through Dragons’ Den and Shark Tank Global has allowed it to reach new heights. With the investment of Peter Jones, the company will be able to expand and grow to reach its full potential.
FAQs:
- Is the Easyweft a reusable product?
- Yes, the Easyweft is reusable and can be washed and used again.
- What types of hair extensions can the Easyweft be used with?
- The Easyweft can be used with different types of hair extensions, including clip-ins, weaves, and tape-ins.
- Who is the target market for the Easyweft?
- The target market for the Easyweft is women who wear hair extensions and professional hair stylists.
- What is the potential market for the Easyweft?
- One in seven women in the UK use hair extensions, and the total market for hair extensions in the UK is 15 million people.
- How much does the Easyweft cost?
- The product sells for £19.95.
