"No explanation why" -When Shark Tank’s Robert Herjavec backed out of a deal with Stryx off-camera

Shark Tank investor Robert Herjavec declared to the hopeful founders of Stryx, a men's makeup brand:

"I'm in this. I don't want to go in this for a short time. I don't need a royalty. I'm in it for the long run. We're gonna build something and let's go for it,"

These words marked what seemed like a promising partnership between the tech mogul and entrepreneurs Devir Kahan and Jon Shanahan. The deal? A cool $600,000 for 10% equity in their company. No royalty.

But, sometimes, even the most promising TV moments don't translate to real life. While Stryx walked away from their Spring 2022 Shark Tank appearance with a handshake deal, the partnership never materialized.

"[The show] told us they were not moving forward with no explanation why, even though we asked several times,"

Shanahan later revealed to Forbes in 2023.

Still, Stryx's appearance on ABC's hit show, where entrepreneurs pitch their business ideas to a panel of successful investors (the "Sharks"), proved transformative for the brand. Their pitch challenged conventional beauty industry norms and brought men's makeup into millions of living rooms across America.

What happened during Stryx Makeup’s Shark Tank pitch?

Kahan's lightbulb moment came from an unwanted wedding guest – a massive pimple on his big day. Instead of a quick concealer fix, the blemish became an unwitting star in his wedding photos. This experience sparked a revelation: why shouldn't men have access to simple, effective makeup solutions?

Walking into the Tank seeking $600,000 for 5% equity, Kahan and Shanahan came armed with impressive credentials. Their company had already reached $2 million in lifetime sales and secured shelf space in CVS Pharmacy stores nationwide. The pitch valuation of $12 million raised eyebrows, but their sales numbers spoke volumes.

"The one thing we can't argue with is the sales. Whatever you're doing, it's working," Herjavec noted during the episode.

Not all Sharks were convinced. Lori Greiner worried about the unclear packaging and brand name, while Daymond John balked at the valuation. But, the pitch sparked a bidding war between O'Leary and Herjavec. Mr. Wonderful offered a complex deal: $300,000 as a loan plus $300,000 for 2.5% equity with a $2 royalty arrangement. Herjavec countered with a straightforward $600,000 for 10% equity.

Stryx's approach to men's makeup is refreshingly practical. Their products, including the Concealer Pen and Energizing Eye Tool, are designed for finger application and packaged in sleek, discreet containers. The brand's mission goes beyond sales – they're working to normalize the idea that men can wear makeup, too.

Stryx’s success beyond Shark Tank

Despite the deal falling through, Stryx's TV appearance supercharged its growth. The company expanded into Target stores, launched new products like Pimple Patches, and released its own Android app. Their social media presence exploded, with their TikTok following nearly double their Instagram audience of 160,000.

Customer reviews tell a success story. Their concealer maintains a solid 4.2-star rating on Amazon, with users praising its easy application and natural coverage. The brand's product line has grown to include Tinted Moisturizer, Brow and Beard Gel Comb, and Bronzing Gel.

Today, Stryx products are available at major retailers, including Target, Nordstrom, and Urban Outfitters. While their CVS partnership ended, their retail presence continues to expand. The company regularly releases new product bundles, including their aptly named "Shark Tank Kit," featuring their star products.

The Shark Tank effect might not have landed Stryx a shark, but it certainly helped them make waves in the beauty industry. As the first men's makeup brand to appear on the show, they've helped pave the way for a more inclusive approach to male grooming – proving that sometimes the real win isn't the deal but the journey itself.

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Catch Shark Tank on ABC every Friday at 8 PM ET, with streaming available on Hulu.