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Beard King: Redefining Grooming for the Modern Man
Beard King, a bib that collects facial hair trimmings, was presented to Shark Tank season 07, episode 07, by Nicholas and Alessia Galekovic.
Beard King collects all the shavings after you shave, so you can easily discard them when you’re finished.
Beard King bibs are available in white and black. They include a pocket that keeps the bib handy for grooming.
Beard King also sells beard oils, brushes, combs, tee shirts, and hats bearing the company’s logo.
The company’s flagship product is a modern interpretation of the traditional barber’s bib. A suction cup attaches the bib to the bathroom mirror, and the other end clips around your neck.
They opened in June 2014, making them the latest business to capitalize on the still-strong “beard trend.”
Beard King offers grooming and care packages that assist in transforming the everyday man into a stylish and sophisticated gentleman. The best part is that you can perform this service on your own based on barbershop standards.
Their signature item is the beard bib grooming cape. This headgear transforms you into something similar to a platypus and collects all beard trimmings, which can be thrown in the trash without having to worry about your spouse or girlfriend reprimanding you for hair in the sink.
Beard King was founded by husband and wife team Nicholas and Alessia Galekovic in 2014.
Nicholas, who describes himself on his LinkedIn profile as an entrepreneur and business consultant, sold Beard King in 2019.
Since then, he has founded a company that offers commercial plane passengers hygiene products. According to her Instagram account, Alessia is a model who has pursued this career.
Nicholas Galekovic has grown facial hair for quite some time now. As a youngster, he grew his first beard, and the women in his life called him out for the problem of leaving his facial hair all over the sink.
The Beard King firm was founded on the beard bib he created to please his wife. How would this novel concept do on Shark Tank?
Beard King arises from the age-old dilemma of “Whose hair is this in the sink, and who’ll clean it?”
Nicholas heard the same thing from girls ever since he developed his beard ability. Nicholas chose to live by another adage as a newlywed: “Happy wife, easy life!”
Nicholas updated the barber’s bib concept for home use by including suction cups that adhere to the mirror.
They were able to conduct sales online after filing a patent. The two generated $140,000 in eight months; however, they wanted to increase manufacturing as wholesalers requested samples and could not supply them. It was now time to find an investor.
Beard King Shark Tank Pitch: From Sink Struggles to Shark Tank Success
Nicholas and Alessia Galekovic, the entrepreneurs behind Beard Bib and other grooming products, entered the Shark Tank seeking $100,000 for a 20% stake in their business, Beard King.
Alessia was frustrated with cleaning beard trimmings off the sink when she came up with the idea for Beard Bib. She and Nicholas created Beard Bib to catch trimmings while grooming their beards.
The product had generated $80,000 in sales by the time they appeared on the show, thanks in part to a viral video they had created. Each bib had a production cost of $7 and was sold for $29.
The couple explained that the investment was needed to scale up manufacturing operations to meet the growing demand for their product.
Despite having a patent pending and interest from wholesalers, they were unable to fulfill larger orders with their current setup.
During the pitch, Robert Herjavec was the first Shark to bow out, suggesting that based on their sales, they could self-fund the business.
Mark Cuban expressed interest in seeing a broader product range and opted out.
Kevin O’Leary likened the product to a ‘beard diaper’ and believed it was a standalone product rather than a scalable business, leading him to decline.
Guest Shark Chris Sacca also exited the deal due to uncertainty about how he could contribute.
Lori Greiner empathized with the couple’s story, recognizing the burden of clean-up often falling on women.
She negotiated for a majority stake of 51% due to the perceived risk but eventually settled for 45% after Nicholas countered the offer.
This deal marked a turning point for Beard Bib and set the stage for their future growth and success in the grooming products market.
Final Deal: Lori Greiner agreed to invest $100,000 for a 45% stake in Beard King.
The Evolution of Beard King After Shark Tank: From Rejected Deal Setback to Million-Dollar Success
The deal between Lori Greiner and Beard King fell through after the episode aired on Shark Tank. Forbes reported that negotiations were unsuccessful.
The Beard King website now sells the beard bib in black or white and a full King Kit, which includes beard oils, brushes, and the beard bib.
There is also a Beard Queen section on the website, which features t-shirts bearing the Beard King emblem, as well as thongs that evoke oral sex. It appears as though they should have stayed within their wheelhouse.
Additionally, they sell the beard bib at a limited number of retail locations across the United States. Beard King has a fairly active social media presence.
They almost certainly did not regret appearing on the show. The company was on track to reach a million dollars in sales by the end of 2016.
When they entered the Tank, they reported $80,000 in sales. The company generates over $2 million in annual revenue.
Beard King continues to operate today from its headquarters in Deerfield Beach, Florida. Having started with humble beginnings, it has grown to a million-dollar business with seven employees.
The Beard King has been the target of numerous knockoffs, primarily overseas knockoffs of lower quality but similar in design.
However, these can quickly be distinguished from the real Beard King because their product photos are crudely Photoshopped, and their brand names are random strings of characters.
The Beard King has diversified its product lines to include grooming products, hair care products, and even branded t-shirts.
The Beard King was acquired by Raj Patel, an entrepreneur and investor, in 2019. Beard King goods are still available for purchase through the company’s website and Amazon.
Beard King is still in business with an estimated net worth of $7.5 million. The company now sells beard oil, facial cleanser, and other beard-related products.
