"Guys the price is too high"— When Shark Tank's Kevin O'Leary rejected 'Soapsox' due to high price point

Shark Tank Season 6, which aired in 2014, featured Soapsox in one of the episodes. The founders, Ray Philips and Alvin Uy, wanted the sharks' expertise and an investment of $260,000 for 10% of their animal-shaped washcloths for kids. The brand presented a variety of stuffed animal washcloths and toys that were feasible for playing and bath routines.

The founders handed the sharks the samples and introduced all seven animal designs they had created. The sharks loved the samples but wanted to dig a little deeper into the numbers. For sharks, the sales profile and retailers were good, but the high price point of the product raised an alarm. Kevin O'Leary, in particular, pointed out that "20 bucks for a sponge" was a lot of money.

Mark Cuban was the first to opt out of the deal, citing that the idea was not intriguing. Other sharks were interested in whether the founders could lower the price point. However, Shark Tank investor Kevin O'Leary was not sure of the great future of the product with such a high price point and remarked:

"Guys the price is too high. I can't even see this ever long term more than 12.99 ever. It should be 9.99 and you're not worth 2.6 million I'm out."

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What happened with Soapsox founders in Shark Tank Season 6?

With Shark Tank investors Mark Cuban and Kevin O'Leary out of the deal, Soapsox founders Ray and Alvin had three sharks left at their disposal for the investment. Robert Herjavec appreciated the brand's concept, but he was stuck at the high valuation of 2.6 million dollars and remarked that he was not ready to put in the money.

Daymond John came into the deal and asked the founders why they valued their company at 2.6 million dollars. After listening to the Soapsox founders, Daymond John offered them a deal. He offered $260k, the exact amount asked by the founders, but asked for 33% of the equity. The founders wanted to know if Lori Greiner had to offer something.

Lori pointed out that their patent was still pending, which was a roadblock in addition to the product's high price point. She opted out of the deal, leaving Ray and Alvin with just one offer. While Ray and Alvin contemplated Daymond's offer, Kevin interjected and told them they would make a big mistake by not accepting Daymond's deal.

While Ray counteroffered Daymond, asking $350k for 15% stakes, Lori and Robert offered $1 million to buy the entire. Having no satisfaction with both offers, Ray and Alvin left the Shark Tank with zero investment.

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Shark Tank US airs on ABC.