To create a combined entity worth up to $1.4 billion, Manscaped and Los Angeles-based blank-check firm Bright Lights were in talks in July 2021. By the first quarter of 2022, Manscathped expects to complete the transaction. Currently, the company is valued at $1 billion, making it a “unicorn.”
Manscaped Net Worth
There has been an enormous increase in the company’s value. They began with a $400,000 investment and are now worth around $2 million in the shark tank. Also, in 2021-22, they agreed with Bright lights Acquisition Corpito to become known on the NASDAQ exchange as MANS in early 2022. Now, they have a valuation of around $1 billion, which qualifies them as a unicorn.
Manscaped: What It Offers?
San Diego, California-based Manscaped offers male grooming services. It manufactures and distributes male hygiene and grooming products under the Manscaped name.
When Paul Tran saw a void in the market for an item specifically designed for men’s hygiene, he set out to fill it.
Co-founder Steve King was brought in to fill that void. Also, the two men set out to create the first male grooming and hygiene brand in history.
Male grooming products with a focus on pubic hair removal are the mission of Manscaped’s founder and CEO Paul Tran, who founded the company in 2016.
The term manscaping, a neologism that Merriam-Webster uses in its definition of the term, they used in the company’s branding. It has also used the shock value of tackling male hygiene taboos, as well as pun-based humor and paid celebrity appearances, to build its brand.
About the Father-Son Duo
It is a San Diego-based company founded by a father and son who are trying to change the way men think about grooming their own body hair.
Entrepreneurs estimate that in 2008, only 6% of men engaged in any form of “manscaping,”. But this number has risen to a staggering 73% in 2018, representing a $3,000,000 market. Manscaped has put together a kit for “below the waist body hair”. The kit includes a trimmer and a variety of conditioners and shampoos in a stylish leather-like case to meet this need. Besides the kits, customers can also choose from a variety of other products on the Manscaped site.
After meeting the chemists responsible for the original formulations of hair and shampoo, the father got more involved in the business by introducing his son to them. Using shock value, as well as pun-based humor and paid celebrity appearances, it has also built its brand around male hygiene taboos.
What Does The Product Offer?
- Men’s under-the-belt grooming products are the focus of this product.
- It is possible to remove hair from any part of the body with products from this company.
- The complete package includes conditioner, lotions, deodorants, and razors.
- We can learn a lot about male hygiene from the information on the website.
- They sell individually the products and in bundles.
- For $99.99 and $119.99 respectively, they offer the perfect package and the performance package.
- The Lawnmower 4.0 and Weedwhacker, which cost $84.99 and $29.99 respectively, are also on sale.
- Crop reviver, crop cleanser, and crop preserver are all vegan, paraben-free, dye-free, and cruelty-free products in the conditioner/lotion line.
- The product has received excellent reviews from customers on the company’s website.
- They also offer products at discounted prices for a limited time.
About the Product Kits
The production cost of each kit is $12, and it sells for $51 at retail. They claim a profit margin of $7 on each kit, but they also claim that each new customer costs $16. The company made $1,500,000 in gross sales in the previous year, but lost $133,000. Despite their claims to the contrary, the company disputes their assertions that they have returned all of their funds to the business as stock purchases, advertising, and promotion.
Let The Numbers Talk
Manscaped made $2,000,020,000 dollars in gross sales the year before this deal aired. Also, they could have made between $60 and $80,000 per month in profit if that money was not back into advertising and inventory. Entrepreneurs claim to recoup between $2 and $2.50 for every dollar spent on advertising.
The “Shark Tank” Deal
Lori Greiner accepted Mark Cuban’s unusual offer to put up the money “just to watch” her sell the product on QVC. Mark increased his equity request from 7% to 25% because there were two sharks involved in the deal. So he split between them as part of the money he put up.
This incident shaved just over $5,100,000 in value off of the company’s market value. Despite this, they agreed to the deal because they brought home two sharks instead.