Sunflow Chari’s net worth is $16 million as of September 2023. The company was featured on Shark Tank USA in March 2022, Season 13 Episode 16, and Kevin O’Leary invested $1 million for 5% equity + $5 per chair royalty until $1 million recouped for the company.
Do you like to enjoy a glimpse of sunlight in a super comfortable beach chair? Well, then, you will fall in love with Sunflow. Sunflow is the definition of an all-in-one portable beach chairs. It has high durability and comes with various accessories such as a drink holder, sunglasses holder, dry/beach bag, blanket, Turkish towel, etc.
Sunflow Chair Net Worth
|Net worth||$16 million (2023)|
|Annual Sales Revenue||$3 – 4 million|
|Lifetime sales||$80 million|
|Shark Tank Investor||Kevin O’Leary|
|Founders||Greg Besner and Leslie Hsu|
Sunflow Chair Net Worth Timeline
|Net Worth 2023||$16 million|
|Net worth valuation 2022 after appearing on Shark Tank||$20 million|
|Net worth valuation 2022 before appearing on Shark Tank||$16 million|
Who is the owner of Sunflow Chair?
Leslie Hsu, a fashion designer, and her loving husband, Greg Besner, a professor at NYU Stern School of Business, are the co-founders of Sunflow. Sunflow Beach Chair has summed up their intention of simple packing for a beach vacation. Sunflow’s founders, Greg Besner and Leslie Hsu, have a net worth of 15.2 million USD as of 2023.
What happened at the Shark Tank?
Lovely couple Leslie and Greg have pitched their deal, $1 million for 6% equity of their business. Let’s jump into the stats of the business. $2.9 million in sales revenue in 13.5 months, and Leslie and Greg expect 409% growth in their business at the end of 2022. According to them, Sunflow costs $70 and sells for $198, and they have a 78% margin from the bottle holder.
After hearing all of this, Mr. Daniel states his offer, $1 million for 22.5% of equity rights, and Greg starts to explain the future potential of their business and the importance of having a shark to ride along with them. Daniel demands a counteroffer, but Greg doesn’t respond, so Daniel says, ‘I’m Out. Mark and Barbara go out next, followed by Lori.
Four sharks are out, and the couple is still waiting for Kevin O’Leary to make his move. After a while, Kevin O’Leary offered a $1 million investment for 4% equity plus $5 per item sold as a royalty until the sum reached $2 million.
Greg’s counter offer: same deal with royalty limited to $1 million. Kevin counters a $1 million investment for 6% equity with a royalty re-cup of $1 million, and then Greg counters a $1 million investment for 5% equity with a royalty re-cup of $1 million. Kevin says, “Done”.
What happened to Sunflow Chair After the Shark Tank?
After the shark tank show, Sunflow released an array of new products to the market and now they are continuing to do so in both online platforms and retail stores.
However, Sunflow’s shark tank deal with Mr. Wonderful, also known as Kevin O’Leary, was short-lived, and the company has gathered over $3.5 million from other investors to expand its operations. The company performs well on social media platforms and has gathered over 17,000 followers for the Sunflow Instagram page.
Sunflow is still in business and its net worth is valued at $16 million by 2023 September.
Competitors of Sunflow Chair
Tommy Bahama Backpack Beach Chair, Hurley Delux Backpack Chair, Rio, and Olius are the main competitors of Sunflow in the market.