Legacy Shave is a company that makes grooming products. Their story is a great example of how passion and hard work can turn an idea into a multi-million business. Their impressive $6 million valuation is a testament to the success of their product. Let’s take a look at how they got to this point and what their future looks like.
The company’s main product is a shaving brush that attaches to the nozzle of any shaving cream can. The product was designed to give users the ultimate shaving experience while also reducing the amount of shaving gel or cream that is wasted down the drain. The shaving brush works by stimulating and lifting hair follicles for a smoother shave.
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During their appearance on Shark Tank, the brothers from Legacy Shave were hoping to secure an investment to scale the business. Mike Gutow presented a very convincing case, and the Sharks seemed impressed by his unique product. However, Barbara Corcoran did not invest, and Mark Cuban dropped out of negotiations as well. This left Mike with a very challenging decision to make.
Eventually, Gutow decided to team up with Lori Greiner. They were able to strike a deal for $300,000 in exchange for 30% of the company. This was a huge win for the company, and it has helped them grow exponentially ever since. Currently, the company sells their products on their website and through various retailers such as Target.