Ashley Sankar, working tirelessly at her day job, dedicates her nights and weekends to build her clothing side business, NineteenTwenty. The Phoenix-based startup, co-founded with her husband Zach Sankar, specializes in multi-functional garments such as puffer jackets and windbreakers that can transform into items like tote bags and pillows.
Launched in December 2022, NineteenTwenty has made impressive strides, generating $269,000 in annual sales in its first year. The Sankars have consistently sold out each quarterly batch of their products, indicating a strong market demand. Ashley, an ex-U.S. Army logistics officer and current senior program manager at Amazon, initially started the company to supplement their income while her husband pursued his pilot ambitions.
However, the success of NineteenTwenty prompted them to reinvest their profits back into the business rather than taking personal earnings. In a recent episode of ABC’s “Shark Tank,” the couple pitched their clothing line seeking a $250,000 investment for a 10% stake. They faced challenges such as a complex financial presentation and the competitive nature of the apparel industry. Mark Cuban highlighted their profit calculations as a concern, stating they hadn’t fully accounted for shipping costs.
Despite these hurdles, investor Kevin O’Leary offered $250,000 for 30% equity but insisted Ashley leave her job. This led to lively discussions among the sharks, with Robert Herjavec empathizing with Ashley’s commitment as a part-time CEO. Ultimately, the Sankars negotiated with Herjavec, who offered $250,000 for a 25% stake. They agreed to his terms, firmly believing, “I’d rather have 70%, 72% of something than 100% of nothing,” highlighting their dedication to growing NineteenTwenty.
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Source: CNBC
