Unshrinkit offers a product solution that can be used to un-shrink any woolen sweaters that might have shrunk as a result of being washed or dried.
The Unshrinkit product has a heating element that you can attach to your clothing. The element will reverse the shrink on the fabric without making any changes to the cloth surface.
Using Unshrinkit involves five simple steps:
Step 1: Fill your sink with around a gallon (3 liters) of warm water.
Step 2: Pour an entire bottle of Unshrinkit into the water.
Step 3: Put your clothes in the water and Unshrinkit mixture, and let them stay there for a minimum of 30 minutes. Make sure that the clothes do not stay in the water for more than two hours.
Step 4: At the end of this period, take the clothes out, rinse them with cold water, and gently stretch until they return to your preferred size.
Step 5: Squeeze the clothes to remove any excess liquid, and let them dry.
Since Unshrinkit has been designed for people with sensitive hands, you need not wear gloves while using this solution. However, if you are used to wearing gloves while doing laundry or washing dishes, you can continue to do so.
A couple of Harvard Business School students, Nate Barbera and Desiree Davis Stolar, are the co-founders of Unshrinkit. Before joining hands with Desiree, Nate worked at Johnson & Johnson.
Is Unshrinkit Still an Active Business?
Yes, the business is operational as of June 2022, with Desiree operating as the CEO. Unshrinkit has annual revenue of approximately $2 million.
How Did the Shark Tank Pitch Go?
Nate and Desiree made their Shark Tank appearance on episode nine of the seventh season, seeking an investment of $150,000 in exchange for a 15% stake in Unshrinkit.
They started by discussing the issue of shrinkage – particularly in sweaters – which they feel is a very critical and prevalent problem.
They proceed to give the product demonstration, outlining the five steps discussed above.
They told the Shark panel that the product can be used for any type of wool. Desiree said that the sweater she is wearing right now is what led to the production of Unshrinkit – the product had allowed Desiree to expand the shrunken wool strands back to the original length.
Desiree researched the market and observed that there was no such solution out there, and this made realize that a product like Unshrinkit had tremendous commercial potential.
Nate then takes over the pitch, talking about how he discovered the Unshrinkit formula during his time at Harvard. He explains the chemistry of the solution, saying that they have used a common chemical compound, but have applied for a patent which will prevent competitors from using the formula for the purpose of un-shrinking.
The product costs approximately $1 to make, and sells for around $12 to $15. They used to sell the product at less than $10, but the customers and investors felt that this price undervalued the product, which is why they had to increase it to a minimum of $12. The owners said that they anticipate sales worth $135,000 in the coming year.
Daymond said that only around 12% of wool products will shrink. The Unshrinkit owners said that they see their product like aspirin – it is better to possess it and not have to use it, than to need it and not have it in your possession.
Robert thought that the idea was excellent, and people on low budgets would definitely want a solution for un-shrinking their clothes. He asked the owners as to how large can the business grow over the next year, to which they replied that they are confident of increasing the revenue to $2 million.
Lori was the first to make a decision: she thought that the product had a limited market, which is why the business is not scalable. She was out.
Kevin, too, liked the idea, and was willing to offer $150,000 in exchange for a 33.33% stake. Nate countered with $150,000 for 15%; Kevin wondered why he should accept this counter-offer if his is the only offer on the table.
However, Mr. Wonderful was soon forced to eat his words, as Daymond made an offer of $150,000 for 25% of the equity. Daymond mentioned that his sportswear brand, FUBU, had never experienced a shrinking issue thus far, and therefore, Daymond’s interest was only in licensing the product. For this reason, he made his offer contingent on successfully obtaining a license.
Mark was very impressed with the product and owners, and offered the $150,000 for 15%, which was precisely the counter-offer which Nate had for Kevin.
Needless to say, Unshrinkit jumped at Mark’s offer, and the deal was closed.
Our Review of Unshrinkit:
The Unshrinkit solution certainly helps reverse the shrink on sweaters and other woolen apparel. However, we observed that the impact was quite mild, and the product might only be suitable for clothes that have shrunk a slightly or moderately. In other words, Unshrinkit might not be able to help with sweaters that have endured a significant degree of shrinking. Another problem is that, if you stop using the product regularly, your clothes might start to shrink again. Also, Unshrinkit leaves an odor that might come across as unpleasant to some users, but that does go away within a few hours or days.
Pros of Unshrinkit:
- Helps un-shrink woolen clothes
- Easy to use
- Good for a limited amount of shrinking
Cons of Unshrinkit:
- Might not work on clothes that have shrunk significantly
- Once you stop using the product, the clothes might start to shrink again
Are There Any Alternatives?
We could not identify any products or solutions that could replace Unshrinkit.
Our Final Thoughts:
Harvard graduates Desiree and Nate came up with a unique solution for ‘rescuing’ shrunken woolen clothes. Unshrinkit has gone from strength to strength under Mark Cuban’s mentorship and, as of June 2022, is earning more than $2 million annually.