Will the Sharks Say I Do To Do Amore? | Shark Tank US | Shark Tank Global

[Applause] next up is a business that adds more meaning to one of the most meaningful purchases someone can [Music] make hi sharks my name is chrishan matrona and I'm from Houston Texas my company doore is improving one of the oldest traditions in the world sharks many of you have shopped for engagement or wedding rings before but looking back what do you remember about that ring maybe the store it was from the carrot weight maybe how much you spent but what if your life-changing day could have changed another life forever that's exactly what doore does not only do we create some of the most sustainable rings in the world using recycled precious metals and ethically sore stones but we take it one step further every doore ring gives a person in a developing country access to clean water this way a couple can change another life forever on their special day with each ring our customers are literally helping to solve one of the most pressing problems in the world today so how does it work sharks it's simple just visit our website and design the perfect ring for your loved one and when you're ready just check out and we'll begin making your ring right here in the USA and when you receive your ring you and your partner can see the specific impact that your ring made you can pull up a photo and the GPS corners of the actual water well you new help builds along with information on the community that now has access to clean water clean water changes everything we've already built water projects in nine countries and the list keeps growing so sharks for $600,000 in exchange for 6% of my company which one of you would like to be my partner and say yes to my proposal lovely presentation thank you is this simply a situation where you take a percentage of your profits Target a community that needs fresh water and send the money there to do the work so the way it works is whether you're buying a $250 wedding band or a $25,000 engagement ring every ring gives one person access to water over the last few years 20.5% of our net profits have gone towards it on average it's about $50 per ring you're burdening your business with a 20% tax basically but there must be a reason you're doing that other than the reason the reason is my story like when I was younger my family and I moved to India and we were walking to school one day and we saw a large crowd gathered around a lady that was crying the little boy was laying in his mom's arms and he had died from the Bad Bunny or the bad water that he and his family had to drink every single day and this image has stayed in my head for a really long time later as an engineer I went to work in the middle of nowhere to help drill oil wells and very quickly I learned it takes weeks and weeks to get to oil but you hit water with within minutes this bothered me because there are literally people and children dying from not having clean water when the clean water is 100 yards beneath their feet around the same time I was shopping for engagement rings and I was really troubled at these symbols of love came with questions of Ethics so I thought when I proposed what if I could do it with a ring that didn't just not hurt the world but actually help the world how do you Source the diamonds ethically so all of our natural diamonds were only for in them if we're 100% sure they're from an ethical mind and by that you mean that the labor is treated well that the conditions of mining are good correct or we do lab created Diamonds the lab created Market is booming even the Rings you're seeing they're made from recycled precious metal recycled gold recycled Platinum so how long how long ago was this when did you start the company so I left my job in 2013 I had saved up $18,000 I put every single dollar into starting the company to 2014 was my first year working on this full-time you must have a Wonder talk about your business yeah let's do it so last year we did 8.3 million in sales this year we'll be doing 11.5 million in sales W what did you make what did you make on the 8.3 what are you going to make this year on the 11 so we've already done 5.2 this year so far to date and we've netted 460,000 cash flow positive on the okay what about it did you make money on the 8.3 last year we do um it was a little bit less than 100,000 what do you charge for let's say a 2 karat solitary sure so yours is very close to 2 karat it's about 2 and2 your engager ring was $10,800 that is a created diamond that is a lab created diamond every single ring here is lab created except for yours Mr Wonderful what's your average sale what's the amount so our average order value is $3,900 okay so Barbara also has a beautiful lab created engaging ring yours is $3,400 and what did you give Lori 10,000 I'm not here to get in trouble but um well I'm out I'll tell you that buddy so our gross margins are 41% they are and yeah and 41% for an e-commerce jewelry company is definitely above average I think you're a very impressive business person and you're a person that from your heart is pursuing this but this is not my world congratulations zun thank you I'm a huge I'm a huge fan can I tell you all how much capital I tell you how much Capital we've raised I invested $188,000 in 20 1 right that's every single dollar I had when I quit my job we have not raised a single dollar more so cumulatively we've done 26 million 26 million plus in sales I always thought I would have to of course invest more money I would have to raise money I'm literally standing here we've only invested $188,000 this is the first time time I've ever pitched anyone it's no small feat to be able to go from $18,000 to 11 million in sales and 9% margins you deserve a lot of credit thank you that you have a better Mission than 99.9% of them You' probably got better marketing than 99.9% of them but that's hard to sustain because anybody else can walk in the door and try to do the same thing there's no barriers to entry to compete with you and that makes it hard to invest in so for those Reasons I'm out okay thank you I I don't think just anyone can add this to what they're doing yes they can I think it's amazing what you've built you built it with nothing but great salesmanship and marketing when my first husband proposed to me I took a new pair of skis instead and it was a good decision when I proposed to my second husband I took a Volkswagen instead cuz I really wanted a Volkswagen Bug so I've never had an engagement ring I've never had a marriage ring and I've never even ever bought anything real in the jewelry area so I'm certainly not your gal here right I really wish you the best of luck but I'm [Music] out listen let me let me give it to you straight I appreciate your enthusiasm and I believe you are a good entrepreneur okay your valuation is insane here's my offer I'll take the 6% basically as a tip but I'm going to put a royalty on this deal a 100 bucks a transaction that royalty goes away after I get three times on it okay I give you the 600,000 I make three times that on a royalty of $100 a transaction and I put you into my network of L and we try and sell more of this I actually think listen I think that deal makes a lot offer from him because he is in that business I think Kevin is given you an offer far better than I would so for those Reasons I'm out thank you thank you Lorie what do you want to do you only have one [Music] offer I'm trying to convince others to come back in you have a Bird in Hand you have Kevin here and he is listen if you don't want to do the deal I'm okay with it I gave you a real bad at the end of the day we came to make a deal but I don't think that we need help with the things that you're indicating we need help with more distribution we need help with the marketing part of changing think I do with all my companies what do you think I do I reduce their customer acquisition costs that's what shark Tank's all about that's why you have to pay more for a shark any shark but one that's in the wedding industry you have to pay even more four for I know this space inside out I'm not cheap take the offer or not your decision would you do the 600,000 for 10% of the company no we're a revenue we're growing talk anymore no the answer is no never never I'll do it for 15% I've done so many deals in my life I understand valuation it's a discipline I have so you have a second offer you have off for 15% In the Heat of the Moment do you want to do it I'll help you with everything you said marketing wise I can help you with that do have a deal one second one second don't don't walk here yet one second one second no no don't do it again 12% I promise you I will make Daniel I know all of you all work hard I know that yall work so hard for your money I promise you I will work so hard to literally help solve the water you're going to say no for 3% I promise you I promise you we're going to keep growing I will change the world with you together and like you are the one that I I'm out I appreciate it now you can deal with Daniel thank you thank you make it [Music] easy 15% I'll donate the other 3% to your cost you do 700,000 what I said 15% but that 3% equivalent that we're dividing I will donate it to the ca that we agree that's really nice do we have a deal [Music] and you oh yes let's do it I am so excited you are such a hand yes you can shake your hand

Channel: Shark Tank Global

Views: 86,982

Keywords: Shark Tank, Shark Tank US, Shark Tank Australia, Kevin O’Leary, Barbara Corcoran, Daymond John, Robert Herjavec, Mark Cuban, Lori Greiner, Dragons’ Den, Money Tigers, Entrepreneurship, investment, reality tv

Id: rY8l3DC_cl8

Length: 10min 37sec (637 seconds)

Published: Mon Jul 08 2024