Raise your hand if you feel that a belt is a necessary accessory. Apart from holding up your pants, it goes well over long flowy dresses and complements most attires. There was a time when belts with chunky and loud belt buckles were all the rage. Think Howard Wolowitz from Big Bang Theory in 2007; the show’s popularity played some part in making it a trend.
The accessory was available in the market way before that but didn’t get any attention until it was brought to the people’s attention.
One person who had been capitalizing on it was Danon Beres, an entrepreneur and a son following in his father’s footsteps.
Danon used to see his father make beautiful belts that were quite popular. Back then, his belts sold above $1,000 a piece. Danon wanted to be in the same business, but his vision was to make more affordable belts with the same quality.
That’s when he came up with Washed Up Hollywood. As the company’s name says, the belts are high-quality and for the upper class but cheap. Danon invested $120,000 of his own money into the business because he believed in it. However, his appearance on Shark Tank showed him the holes in his strategy.
Is the Company Still Active?
Out of Business
Washed Up Hollywood was founded in 2005. After Danon’s appearance on Shark Tank, he made a couple more sales, but the business didn’t last long. The belts were priced too high, and there was no guarantee that the sales would continue in the future.
The valuation of the company did not balance the revenue. As a result, the business could no longer keep up with manufacturing and shut down five years later in 2010.
How Did the Shark Tank Pitch Go?
Danon appeared on Ep.8 in Season 1 of Shark Tank, looking for $500,000 in investment for a 25% stake in the company. He stepped on stage with two models wearing Washed Up Hollywood belts and buckles. Danon spoke about his unique belt buckles and handed the Sharks samples.
Robert Herjavec liked the quality of the belt and said the buckle was pretty cool. Robert told him that his product is made for the elite class, such as famous celebrities but with an affordable price tag. He told the Sharks that his belts had been featured in magazines, and his know-how of the fashion industry allowed him to make great strides.
Since he had somewhat taken over his father’s business, his newly-designed belts were sold in 300 stores in 12 different countries and upscale department stores in the US and China.
Robert asked about his sales, and Danon replied that he made $435,000 in 2018. His net profit on these numbers was $50,000. All the sharks were impressed by the sales Danon had made over the years. He then revealed that he designs the belts himself, which is an impressive feat since he was also handling the responsibilities of a CEO.
Robert and Daymond liked the product but were not happy with the valuation of $2 million. When Robert asked how he will get his profit if he agrees to invest in the company, Danon does not give a straight answer. He says that in 5 years, he can take the company to $32 million.
In response, Robert stated that Danon is asking for too much and that even if he wanted to make a deal, he would ask for a 100% stake in the company. Robert backs out at this point. Kevin does not like the numbers and feels they are too risky. Barbara states the same thing, and they both back out.
Kevin says that Danon wasted Sharks’ time by quoting such a high price, and he backs out. Daymond also tells Danon that he is angry with the numbers and cannot give him the amount of money he is asking for. He backs out last.
In the end, Danon said in an interview that the Sharks didn’t see the potential of his product, but he doesn’t regret coming on the show.
Our Review of Washed Up Hollywood
Washed Up Hollywood offers people uniquely designed belts inspired by Hollywood. From logo buckles to crystal skulls, cherubs, and more, there are belt designs for men and women. Made in the USA and designed by Danon, these belts targeted people who had a liking for pop culture relics.
Though the company offered great designs, the buckles were priced too high. It’s possible that the venture was not successful due to this reason. The belts can still be bought online, but without exposure, they are forgotten.
Pros of Washed Up Hollywood
- Available on eBay
- High-quality belt and buckles
- Designs from the 60’s to 90’s era for men and women
Cons of Washed Up Hollywood
- No longer available online through the official website or on Amazon
- High price tag
Who is Washed Up Hollywood For?
Washed Up Hollywood was initially marketed to the younger generation by Danon. His father, who had run the same business for 30 years, sold belts to millennials. His target audience went all the way up to 40 years old, whereas Danon had his sight set on an age category of 18 to 28 years old. Both father and son made unisex belts and a few specific designs for men and women.
Are There Any Alternatives?
When Danon started his business, he had no competition, which he claimed on Shark Tank. Now, the business is closed, and several companies offer iconic belt buckle designs.
A Cut Above Buckles
This company offers belt lovers the chance to customize buckles with designs and initials. They also have a catalog available online from which you can take inspiration.
Buckle My Belt
This is another competitor that offers unique belt buckles. The designs are not as elaborate as the ones offered by Washed Up Hollywood. They have divided their belt buckles into categories with names such as Nordic, Mythical, Animal, Dragon, etc.
Our Final Thoughts
The Sharks said that Danon had an attitude problem, and he was deluding himself into believing that his product had the potential to become successful. The Sharks even went as far as to say he was quite greedy. A deal could have been made if Danon had made a realistic speech about the present and not a future five years from then.
