Jennifer Paschall and Gita Vasseghi stepped into the Shark Tank in Season 9, Episode 905, to present their innovative portable waxing kit, No Mo-Stache. As industry veterans—Jennifer owning The Beauty Strip waxing salon in North Hollywood and Gita working as a Los Angeles-based fashion executive—the duo recognized a gap in the market for an easy, travel-friendly waxing solution. Their solution? A discreet and effective waxing kit that allows women to remove unwanted facial or bikini area hair effortlessly, without the need for a salon visit.
Their product lineup includes No Mo-Stache, designed for upper lip hair removal, and No Mo-Bush, catering to bikini line hair removal. The application process is simple: users rub the wax strips between their hands to warm them up, apply them to the desired area, and pull them off for quick and efficient hair removal. The process is designed to be easy, convenient, and relatively pain-free.
Each No Mo-Stache kit contains 24 or 40 strips, priced at $12 and $16, respectively. The No Mo-Bush kit includes 16 or 32 strips, priced at $12 and $22. Every pack also comes with aloe cream packets to soothe the skin post-waxing. The brand has gained traction with positive online reviews and availability in major retailers, including Sephora, Anthropologie, and Amazon.
No Mo-Stache Net Worth
With its continued success, No Mo-Stache has grown into a well-established brand in the beauty industry. By 2022, the company reported annual revenues of $4 million. Given its widespread availability in 15,000+ retail locations, strategic partnerships, and strong sales performance, the estimated net worth of No Mo-Stache is several million dollars, with further potential for growth as it expands its product line and distribution channels.
Key Takeaways
- No Mo-Stache is a portable waxing kit for women, designed by Jennifer Paschall and Gita Vasseghi.
- The duo pitched the product in Shark Tank Season 9 (Episode 905), seeking $100,000 for 25% equity.
- They secured a deal with Lori Greiner and Bethenny Frankel for $100,000 for 25% equity with a $1 royalty until $200,000 was recouped.
- Post-show, the company expanded into major retailers like Anthropologie, Harvey Nichols, Virgin Megastore, Ulta, and CVS.
- By 2022, the company’s annual revenue reached $4 million, with products available in 15,000+ retail locations.
The Shark Tank Pitch
Jennifer and Gita entered the Tank seeking $100,000 in exchange for 25% equity in their company. They emphasized the product’s convenience and compact design, demonstrating its ease of use on a model.
The Sharks had mixed reactions:
- Mark Cuban jokingly questioned why women wouldn’t just shave instead.
- Robert Herjavec admitted he was unfamiliar with the need for such a product.
- Bethenny Frankel compared it to Sally Hansen wax strips, with the founders clarifying that No Mo-Stache was more compact and discreet.
- Kevin O’Leary inquired about the company’s valuation and proprietary elements. The founders revealed they had no patents and had generated $200,000 in sales over two years, with $300,000 projected for the next year.
- Lori Greiner was concerned about its Sephora performance, as it was only in 60 out of 200 stores, but the founders assured her they were expanding into five new distributors.
The Negotiations
The Sharks saw potential in No Mo-Stache but had differing opinions on valuation and terms:
- Kevin O’Leary offered $100,000 for 10% equity plus a $1 royalty per unit until he recouped $300,000.
- Bethenny Frankel proposed $100,000 for 40% equity, incorporating the product into her Skinny Girl beauty line.
- Lori Greiner saw potential for QVC and joined Bethenny in discussions.
As negotiations progressed:
- Jennifer and Gita countered Lori and Bethenny at $100,000 for 35% equity.
- Kevin reduced his royalty demand to $0.75 per unit, then $0.50 per unit.
- Lori and Bethenny ultimately agreed to $100,000 for 35% equity, plus a $1 royalty per unit until they recouped their investment.
- Jennifer and Gita countered with $100,000 for 25% equity with a $1 royalty until they returned $200,000, which Lori and Bethenny accepted, declaring “No Mo Negotiating!”
No Mo-Stache Shark Tank Update
Following their Shark Tank appearance, No Mo-Stache continued expanding. They introduced their bikini wax product, No Mo-Bush, and, with Bethenny and Lori’s guidance, secured placements in Anthropologie, Harvey Nichols, Virgin Megastore, and Ulta.
The company also secured a nationwide distribution deal with CVS, which was featured in a Season 10 update (Episode 1009). By June 2021, No Mo-Stache was available in over 15,000 retail outlets and online at Amazon. By November 2022, the company reported annual revenues of $4 million, marking significant growth since its Shark Tank debut.
No Mo-Stache continues to thrive as a go-to waxing solution for women on the move, proving that a simple yet effective idea can find massive success with the right strategic partnerships.
Conclusion
No Mo-Stache’s journey from a Shark Tank pitch to a multimillion-dollar business is a testament to the power of identifying market gaps and executing a well-thought-out strategy. With its compact, travel-friendly waxing kits, the brand has revolutionized personal grooming for women on the go. Backed by influential investors and strong retail partnerships, No Mo-Stache has cemented its place in the beauty industry, with continued growth and expansion on the horizon. Its success story showcases how innovative products, paired with strategic mentorship and distribution, can lead to lasting business achievements.
