Goumi Kids is a kids fashion brand that appeared in Shark Tank Season 11 Episode 17 and this brand specially designs stylish and formal clothing lines for little kids. In today’s time, many big brands are focusing on kids’ fashion, but even after that, many problems are still not solved.
Most of the kid’s clothing brands have been unable to provide beautiful, functional, and sustainable clothing to solve this problem, Goumi Kids has been launched.
Linsey Fuller and Lili Yeo were looking for beautiful, functional, and sustainable clothes for their kids when they became moms, but they couldn’t find anything. Seeing this dream, they decided to start their own business and in 2010 Goumi was born.
When these two mothers took the first step to start their business, they faced many difficulties, the biggest being manufacturing.
They decided to go to Shark Tank to expand the company and asked the sharks for $1 million for 8% equity at $12.5 Million Valuation. They demanded a huge amount from the sharks, which was probably not expected by the sharks.
What Is Goumi Kids?
Goumi is a sustainable clothing line brand from Kids that provides clothing of different sizes at affordable prices.
Booties, pants, hats, pajamas, and many more products are provided by them, they use 30% organic cotton and 70% eco-friendly bamboo to make the product. They provide T-shirts, hoodies, robes, and more clothing for adults as well as kids.
You can buy the products of this brand from Amazon, Target, and their official website.
|Company Name||Goumi Kids|
|Founder||Linsey Fuller and Lili Yeo|
|Product||Functional essentials clothing for babies|
|Asked For||$1M for 8% equity|
|Final Deal||$1 Million line of credit at 9% for 10% equity|
|Episode (Shark Tank USA)||S11 E17|
|Air Date||Mar 27, 2020|
|Business Status||In Business|
|Headquarters||Beaverton, Oregon, United States|
|Lifetime Worth (Sales)||$11.2M *estimated|
|Buy and Watch||Buy Now||Amazon Prime|
Another Shark Tank Pitch
Who Is The Founder Of Goumi Kids?
The founders of Goumi Kids Company are two moms named Linsey Fuller and Lili Yeo. They started this company in 2010.
Lili Yeo is the co-founder and CEO of Goumi Company. Lili is a marketing specialist and has worked with companies such as Ziba Design, Hewlett Packard, Adidas, Mercy Corps, and more.
How Was The Shark Tank Pitch Of Goumi Kids?
After entering the shark tank, Linsey and Lili asked the sharks for $1m for 8% equity. After hearing this amount, the sharks were completely surprised. They have lifetime sales of $5.8 million and a projection of $2.5 million in 2019 sales.
Daymond John made an offer of $1 million for 30% equity. The founder countered $1 million for 15% equity at $6.7 Million Valuation. Daymond did not agree to this counteroffer.
Kevin O’Leary offered $1M as a line of credit at 9% interest for a 10% stake. After a few minutes of negotiation, the founder accepted Kevin O’Leary’s offer.
What Happened To Goumi Kids After Shark Tank?
This episode of Shark Tank was aired in time during Covid19-pandemic, due to which the product was not sold at the retail store of this company. Their products were sold a lot on the online store.
In 2022 they launched their Adults Apparel which includes Hoodies, Pajamas, Jackets, and many more.
What’s new on Goumi Kids
Last Update: July 28, 2023
The official Instagram handle of Goumi Kids has 230k+ followers but the user engagement on the posts is very less. Maximum posts have less than 100 likes and comments. This company has teamed up with Babylist to list products on the Babylist platform.
In July 2023, the annual revenue of this company is going to be $1.9 million.
Goumi Kids Shark Tank Update
This episode of Shark Tank was aired during the time of the Pandemic, due to which this brand reached a lot of people. Their products were not available at retail stores at the time of the pandemic but can be ordered online.
What Is the Net Worth of Goumi Kids?
The Goumi Kids are worth an estimated $10 million. Their clothing line is being sold from Amazon to multiple online stores. The baby clothes market size is $7.46 billion in the United States alone. The United States is a bigger market for baby clothes than the rest of the world.
Is Goumi Kids Still In Business?
Goumi Kids started in 2010 and by 2019, the company’s lifetime revenue had reached $5.8 million. In the time of the Pandemic, like all businesses, this business had to be down.
This retail apparel and fashion company is headquartered in Beaverton, Oregon, United States, and employs 11-50 people.
Yes, Goumi Kids is still in business as of July 2023.