Bootay Bag has come a long way since its humble beginnings as a $300 startup. Founded by Elly Gheno in 2016, this women-led subscription underwear company has grown into a thriving business with an impressive net worth. From its Shark Tank appearance to its continued expansion, Bootay Bag has shown resilience and ingenuity in navigating the competitive world of intimate apparel. This blog post will explore Bootay Bag’s origins, Shark Tank’s journey, and the company’s current financial standing and prospects.
Who is Bootay Bag?
Bootay Bag is a subscription-based underwear service that aims to make shopping for lingerie a hassle-free and empowering experience for women. Frustrated by the tedious task of browsing crowded stores and digging through discount bins, Elly Gheno founded Bootay Bag in 2016 with a simple mission: to deliver high-quality, stylish undergarments directly to her customers’ doorsteps. The company’s focus on inclusivity, body positivity, and convenience has resonated with women across the United States, leading to Bootay Bag’s rapid growth since its inception.
Who Is The Founder Of Bootay Bag?
Bootay Bag was founded by Ellyette “Elly” Gheno, a savvy entrepreneur determined to disrupt the underwear industry. Elly’s frustrations with the hassle of traditional underwear shopping inspired her to create a more convenient and empowering solution. With just $300, Elly built Bootay Bag, leveraging her digital marketing and e-commerce background to drive the company’s early success.
How Was The Shark Tank Pitch Bootay Bag?
Elly’s quest for growth and guidance led her to Shark Tank, where she pitched Bootay Bag to a panel of seasoned investors. During her appearance in season 12 of the show, Elly revealed that Bootay Bag had already generated $15 million in sales despite its low-profit margin of just 5%.
This caught the Sharks’ attention, and they were eager to help Elly unlock the company’s full potential. After a competitive bidding war, Elly ultimately accepted a $500,000 investment from Kendra Scott in exchange for a 10% stake in Bootay Bag.
| Entrepreneur | Elly Gheno |
|---|---|
| Business | BootayBag |
| Pitch Ask | $500,000 for 5% equity |
| Result | Accepted $500,000 for 10% equity from Kendra Scott |
| Other Sharks | Barbara Corcoran (offered $500,000 for 20% equity) |
| Kevin O’Leary (offered $500,000 for 15% equity) | |
| Outcome | Kendra Scott and Elly closed the deal at 10% equity |
Bootay Bag Shark Tank Update:
The Shark Tank deal with Kendra Scott proved to be a pivotal moment for Bootay Bag. With the additional funding and Kendra’s guidance, the company expanded its product line, which now includes not only its signature underwear subscriptions but also bodysuits, dresses, corsets, shorts, and leggings. The company’s social media presence also grew, with its Instagram following reaching over 213,000 engaged followers.
What Happened To Bootay Bag After Shark Tank?
After the Shark Tank deal, Bootay Bag continued to thrive. The company leveraged its increased resources and visibility to expand its product offerings and strengthen its marketing efforts. One of Bootay Bag’s standout successes was a viral TikTok video featuring one of its athletic underwear sets, which helped drive significant sales and brand awareness.
Additionally, the company shifted from a strictly subscription-based model to offering direct-to-consumer purchases, providing customers more flexibility in shopping for Bootay Bag’s products.
Bootay Bag Net Worth:
While Bootay Bag’s exact net worth is not publicly disclosed, the company’s impressive growth trajectory and successful Shark Tank appearance suggest a healthy financial standing. The $500,000 investment from Kendra Scott and Bootay Bag’s steadily increasing sales and expanded product line indicate that the company’s net worth is likely in the millions of dollars. As Bootay Bag continues to develop and refine its business model, its net worth is expected to grow.
Bootay Bag Growth and Operations:
Bootay Bag’s growth can be attributed to its ability to adapt and innovate within the highly competitive intimate apparel industry. By diversifying its product offerings, the company has been able to appeal to a broader range of customers and capitalize on emerging trends.
Bootay Bag’s focus on inclusive sizing and body positivity has also resonated with its target audience, helping to build a loyal customer base. In terms of operations, the company has streamlined its logistics and fulfillment processes to ensure efficient delivery of its products to customers across the United States.
| Update Details | Details |
|---|---|
| Post Shark Tank | Deal with Kendra Scott closed successfully |
| Expansion | The product line expanded to include bodysuits, dresses, corsets, shorts, and leggings. |
| Sales Channels | Products are available on the BootayBag website and some on Amazon |
| Subscription Model | The original subscription model is still prevalent; products are also available for direct purchase. |
Bootay Bag Marketing and Sales:
Marketing has been a critical driver of Bootay Bag’s success. The company has leveraged social media, particularly Instagram, to showcase its products and build a strong brand identity. Bootay Bag’s emphasis on featuring real women of all shapes and sizes has helped to create an authentic and relatable connection with its customers. Additionally, the company’s strategic partnerships, such as its Shark Tank deal with Kendra Scott, have further amplified its marketing efforts and expanded its customer base.
Bootay Bag Social Media Presence:
Bootay Bag’s social media presence is a testament to its commitment to connecting with its customers. With over 213,000 followers on Instagram, the brand’s engaging content and user-generated posts have cultivated a loyal and enthusiastic community. Elly Gheno’s Instagram account, with nearly 8,000 followers, also serves as a platform to share her entrepreneurial journey and inspire other women.
Bootay Bag Interesting Facts:
- Elly Gheno started Bootay Bag with just a $300 investment, an impressive feat considering the company’s current success.
- The company’s name, Bootay Bag, was inspired by Elly’s desire to make shopping for underwear more fun and lighthearted.
- In addition to its Shark Tank appearance, Bootay Bag has been featured in numerous media outlets, including Forbes, Bustle, and Refinery29.
- The company’s commitment to body positivity and inclusivity has set it apart in the often homogeneous world of intimate apparel.
What’s Next For Bootay Bag?
As Bootay Bag continues to grow and evolve, the future looks bright for the company. With its expanded product offerings, strong social media presence, and the guidance of seasoned investors like Kendra Scott, Bootay Bag is poised to solidify further its position as a leading player in the subscription underwear market.
Additionally, the company’s recent venture into new territory, such as Nunya Wellness, suggests that Elly Gheno and her team are not content to rest on their laurels but are continuously seeking new opportunities to innovate and disrupt the industry.
Final Words:
Bootay Bag’s journey from a $300 startup to a thriving, multi-million dollar business is a testament to the power of innovation, persistence, and a deep understanding of the needs of its target market. Elly Gheno’s vision and entrepreneurial spirit have driven Bootay Bag’s success, and with the continued support of investors, customers, and the broader community, the company’s future looks brighter than ever. As Bootay Bag continues to evolve and expand, its net worth and impact on the intimate apparel industry will grow alongside it.
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