"Honestly nerve-racking" -When Shark Tank investors lost out on Cashmere Hair 

Reflecting on her Shark Tank experience, Rachel Koren told the San Diego Business Journal:

"It was honestly nerve-racking to be in front of the sharks, especially because we were so new to the whole business,"

But the rejection came with a silver lining:

"While no deal was made, and it was tough hearing the feedback, it made us better and more savvy businesswomen in the end. Looking back now, we are grateful that a deal wasn't made. We've not only done it all on our own, it's also all ours. And that's something we are really proud of."

The pitch came during a 2013 episode of Shark Tank, where entrepreneurs present their business ideas to a panel of successful investors. Sisters-in-law Rachel and Melissa Koren brought their premium clip-in hair extensions company, Cashmere Hair, to the Tank.

The duo had created the brand after struggling to find quality extensions that looked natural and felt right. Melissa's experience as a celebrity hairstylist in Los Angeles and Rachel's background as a professional model gave them unique insights into what made great hair extensions.

How did Cashmere Hair fare on Shark Tank?

The Korens' presentation focused on what set their product apart. Rachel demonstrated the ease of their extensions by removing and reattaching a full set of tracks from her own hair. They emphasized their meticulous supplier research and use of premium Remy hair from India.

Their ask was modest: $45,000 for a 15% stake in the business. In just six months of operation, they'd already sold $38,000 worth of products. Their growth plan included creating instructional videos and expanding through "hair parties" at salons.

Despite the quality of the product, the Sharks had concerns. The extension market wasn't new — these beauty accessories dated back to ancient Egypt. The Sharks worried about competition, price points, and marketing strategy. One by one, they declined to invest.

But the Korens weren't discouraged. They took the feedback and used it to strengthen their business approach. Their commitment to quality remained unchanged, as did their creative touch with color names like "Sunset Blonde," "Beverly Hills Brunette," and "Roxbury Red."

Cashmere Hair’s success beyond Shark Tank

Today, Cashmere Hair pulls in annual revenues of around $3.6 million. The brand has expanded its product line to serve different needs, from volumizing thin hair to blending with short haircuts. They have also expanded into human hair lashes and hair care products.

Their success has been greatly aided by social media. With 14,000 TikTok followers, 23,000 Facebook followers, and around 92,000 Instagram followers, the business has a strong online presence. More than 5,200 reviews with an average rating of 4.5 stars can be found on their website.

A number of celebrities have taken notice of the brand. Melissa McCarthy, Chelsea Lazkani, Megan Maroney, Alix Earle, Ariana Grande, and Kelly Clarkson are among the celebrities featured on their "As Seen On" page. By taking home the 2024 Wedding Wire Couples Choice Awards, they have also caused a stir in the wedding industry.

The business's success without Shark Tank funding demonstrates that rejection may occasionally be a hidden advantage. The Korens have maintained complete control of their vision, creating a one-stop shop for all things hair extensions.

From their signature clip-ins to specialized brushes and hair care kits, they've built a brand that caters to every aspect of the extension experience.

Looking back, those nervous moments in the Tank were just the beginning of a much bigger story. As crazy as it sounds, sometimes the best deals are the ones you don't make.

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Shark Tank airs on ABC Fridays at 8 PM ET and streams on Hulu.