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© 2021 MEAWW All rights reserved
© 2021 MEAWW All rights reserved
The Naqvi Family came on the show for the second time, but they failed to woo the Sharks this time around as well
The holiday season is finally here and it’s that time of the year where people will get together with their loved ones to celebrate the auspicious occasion of Christmas. People have unique ideas and traditions for celebrating the festival, and one of the most important aspects of celebrating Christmas is decorating the Christmas tree. However, if you are one of those who are constantly worried about the decoration items falling off the tree and getting broken into pieces, then 'Shark Tank' introduced something really significant for you. The risk of decorations falling off the tree is really high and that’s where ‘Ornament Anchor’ enters. Founded by the 13-year-old Ayaan Naqvi, ‘Ornament Anchor’ is a “set of secure ornament hangers are perfect for keeping all different kinds of Christmas ornaments safe. These heavy-duty ornament hangers anchor ornaments securely onto the branch instead of an ornament.”
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As soon as Ayaan and his family entered the show, there was a sense of excitement regarding the product. The family also came on Season 10 with a product that catered to children and this time around, they have taken the selling game to a whole new level. They actually had an amazing profit as they spend $1.50 to make a pack of 24 Ornament Anchors and they sell it for $24.99, so their profit margins are around 94%. Direct-to-consumers profit margins are 70% and wholesale. The family was seeking $90k for a 5% stake. Even though the profit margins actually made everyone happy, but none of the Sharks were interested in investing because they felt that it was a business that was seasonal. Also, the Naqvi family has a knack for starting new businesses every now and then. So, they did not feel much happy about the family changing business every now and then. So, they didn’t get the deal for the second time on the show. As soon as they came on the show and discussed the product, fans were quite vocal in sharing their reactions on social media. Most of the social media users were not happy with the product and they believed that people won’t buy repeatedly. One of the fans wrote, “I'm not saying whether or not the product is bad (it's definitely wildly overpriced), but just the fact that this family is back again after failing to get a deal before feels a bit sad and desperate. I hope we don't see them a third time.”
I'm not saying whether or not the product is bad (it's definitely wildly overpriced), but just the fact that this family is back again after failing to get a deal before feels a bit sad and desperate. I hope we don't see them a third time. #SharkTank
Another user noted, “The biggest problem I had with the ornament thing is that you don’t have to buy replacements every year. I don’t see a lot of annual repeat buying.” Meanwhile, one of the fans of the show tweeted, “My .89 ornament hooks work just fine and I’ve got some crystal on the tree and I’ve got a dog and crazy cat.”
I'm not saying whether or not the product is bad (it's definitely wildly overpriced), but just the fact that this family is back again after failing to get a deal before feels a bit sad and desperate. I hope we don't see them a third time. #SharkTank
My .89 ornament hooks work just fine and I’ve got some crystal on the tree and I’ve got a dog and crazy cat #SharkTank
“These kids yammering on with #OrnamentAnchors is enough for me to not want to invest in them. Mom and Dad never showed them pitches were talking too much killed their chances,” said one of the users.
These kids yammering on with #OrnamentAnchors is enough for me to not want to invest in them. Mom and Dad never showed them pitches where talking too much killed their chances. #SharkTank #SharkTankXmas
On the other hand, some people believed that the family is being a little greedy and could have sold the product at a low price. One user noted, “I never thought I’d live to say this but there is such a thing as TOO BIG a gross margin. It feels way off to take a 94% margin on OrnamentAnchor. The kids are full of poise but $24.95 for those thingies is going too far. Should’ve priced these at $9.99.”
I never thought I’d live to say this but there is such a thing as TOO BIG a gross margin. It feels way off to take a 94% margin on OrnamentAnchor. The kids are full of poise but $24.95 for those thingies is going too far. Should’ve priced these at $9.99. #SharkTank pic.twitter.com/23PJuk9olb
Great point! I wouldn’t hesitate to buy them for $9.99. I think this family is greedy! #SharkTank https://t.co/0kHRt84KDN
Another user noted, “Great point! I wouldn’t hesitate to buy them for $9.99. I think this family is greedy!” 'Shark Tank' Season 13 airs every Friday at 8/7c on ABC. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.
MEAWW is an initialism for Media Entertainment Arts WorldWide. We are one of the world’s fastest growing media-tech companies with hubs around the world. MEAWW brings you the best content from its global team of reporters on a platform technologically tailored to meet the needs of the modern reader.
© 2021 MEAWW All rights reserved
MEAWW is an initialism for Media Entertainment Arts WorldWide. We are one of the world’s fastest growing media-tech companies with hubs around the world. MEAWW brings you the best content from its global team of reporters on a platform technologically tailored to meet the needs of the modern reader.
© 2021 MEAWW All rights reserved