Danon Beres, the CEO of a family business called Washed Up Hollywood, offering celebrity-style designed buckles and belts at affordable prices, came into Shark Tank Season 1 and asked the sharks for $500k in exchange for a 25% stake in his company.
What happened to this business? Did any sharks invest, and how is it doing now? Read on to find the answers to all these questions.
| Company Name | Washed Up Hollywood | |
| Founder/Co-Founder | Danon Beres | |
| Founded | 2008 | |
| Product | buckles and belts | |
| Asked For | $500K for 25% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode | S1 E7 | |
| Air Date | Sep 13th, 2009 | |
| Business Status | Out of Business | |
| Website | Visit Website | |
| Headquarters | Austin, Texas, United States | |
| Lifetime Sales | $3M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Danon revealed that the target market for the product is people aged 18 to 40 who prefer wearing celebrity-designed fancy-style belts. The belt is being sold in 300+ retail stores across 12 countries, with a major presence in America and Canada.
He also mentioned that the average landed cost of the belts is $40, and they are sold in retail stores for $99 each. Up until 2008, he has sold nearly 10,000 units of belts, generating approximately $435,000 in revenue and resulting in a net profit of $50,000.
He is the CEO of the company and also the designer of the belts. He has invested $120,000 in the business so far.
Daymond John, Kevin O’Leary, and Robert Herjavec liked the product and cash flow, but they are concerned about the company’s $2 million valuation. The founder’s goal is to reach a worth of $32 million within 5 years.
All five sharks declined to invest in his company because he asked for an amount higher than the company’s worth.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Kevin Harrington | No Offer |
| Kevin O’Leary | No Offer |
| Robert Herjavec | No Offer |
| Barbara Corcoran | No Offer |
| Daymond John | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | No Deal |
Washed Up Hollywood Shark Tank Update
Due to his overconfidence and unrealistic valuation, he couldn’t secure a deal. Despite his refusal to give up, he struggled to sustain the business amidst high competition in the following years, eventually leading Danon to abandon his family business.
Our research revealed that Washed Up Hollywood has closed down, and Danon Beres is now working as a Senior Sales Manager at the cybersecurity company Huntress.
You can watch Danon’s interview here after Shark Tank.
If you’re interested in learning about the progress of more businesses from Season 1, you can find some links shared below.
