How A Christmas Wishlist Inspired A Multi-Million Pound Business | Dragons' Den - BBC

hello dragons my name is Ben I'm Joe and I'm Oliver and our company is looks Collective we buy and sell pre-loved luxury items we've now amassed over 1.8 million followers and last month alone we got over 100 million views across our main three social media channels since in cooporation in December 2020 we have seen sales revenue exceed 8.5 million we are here today to ask for £100,000 for a 2% equity share in our company what's it called the company Lux Collective Lux Collective thanks for listening I'm going to pass you over to Al going to give you a quick demo on how it works basically this is our website um and we drop stock every day of the week and that can be anything from bags Footwear and accessories or from the top designer Brands so that's more like the buying side of things but obviously we do have customers who sell to us so that's where all the stock originally comes from right guys so is the business wholly owned by the three of you at the moment yes 100% And So when you say you've done uh 8 and a half million in sales to date give me the last few years since you launched so in 21 we did 2.5 million in sales revenue and a net of 285k in year 2 3.8 million in revenue and a net of 255k wow you're clearly printing cashier in terms of the net profit of your business so you've come in today asking for 100k it begs the question what why have you come here so the next step for our business we want to go into retail like your selfes your hars we want to have a store in there why there's a case study in America of a company very similar to us who've done the exact same thing and I think they were on about $1 15 million of Revenue in 2018 and 2019 they went into non Marcus and now they're at500 Million worth of Revenue so we want to basically do that in the UK so I'll tell you what I'll tell you where I am okay um some people in this Den wouldn't get out of bed for 2% not looking at anyone in particular but you're offering a a small stake in your business yeah but to have somebody motivated to want to get really involved in your business they're going to want to take a significant proportion of your business uhhuh I'm sat here thinking would I like a chunk of this business absolutely but then I feel like you would resent me because I'd won such a significant chunk of your business you'd get to the point six months time where you'd be really frustrated and saying why did we give her all of that chunk of the business when she just told us to do more of what we do CU that's essentially what you need to do okay so I'm going to shoot myself in the foot and tell you that I'm not going to invest and I'm out yeah I I I actually think the same um I'm not going to make you an offer do you know what I'm going to make you an offer cuz I just I just really like you guys and I think it' be loads of fun to work with I'm going to offer you all of the money for 5% interesting thank you very much thank you I appreciate that thank you so I too I'm going to make your offer and I'm not going to make it easy for you cuz I also want 5% of the business okay thank you Deborah thank you very much the business looks Rosy however you get a few bad months return yeah but I'm not going to give myself a away for 5% so I'll make you an offer mhm I'll give you all of the money but I want 10% cuz I believe that I can catapult you quicker can we go and talk to the wall talk to the wall to the window the most would go to four four go three go to four okay [Music] so like when I was 19 and I kind of like didn't really like the direction my life was going in so like I decided like car I need to start working on myself and um I started listening to your podcast St and like the conversations you've had with all these people really helped me get back on track and live like I never thought I'd be in this position now showing you guys my business that is tur over whatever can someone help me out I think I think we would prefer I think we would prefer to work closer with Steven fine the difference is you're getting eight years of experience with me getting 50 years it's fantastic experience we got a deal I think we have to I think we would prefer to agree well we would definitely want to agree terms I think 5% for us are too high right we would do we would do 3% that's where we're at Stephen and like we would shake hands on a DAT at 3% right [Music] now so you wouldn't be willing to go to 4% I think you're great guys and I'd love to work with you so in this case I'm accepting the 3% we got deal well done done you absolute soft touch they played you like a they had no negotiating power stru your ego Sten we love your podcast you know what I looked at it and I thought may you go aside would I do that deal with them I would yeah it's a good deal

Channel: BBC

Views: 116,237

Keywords: BBC iPlayer, United Kingdom, British TV, British TV Shows, Watch UK TV Online, Watch British TV Online, Watch British TV Shows Online

Id: df7rfzVLJpY

Length: 5min 55sec (355 seconds)

Published: Mon Jan 08 2024