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When it comes toShark Tank, there is a lot to learn about deals and negotiations when it comes to the show. There was one deal that not had the Sharks tipping their hat to the dealmaker, but it was also a mastercalss in negotiation and business sense.
Often billed as one of the biggest deals inShark Tankhistory, it saw Kevin O’Leary, a notoriously difficult Shark to get, drop $2.5 million for 10% in the company, just so he could get it into Costco. Given that O’leary already had his horses in the wine business, the opportunity seemed too good to have been passed on.
Zipz Wine had Kevin O’Leary very excited, despite the myriad of issues that he pointed out
Zipz Wine was a company that had very innovative packaging when it came to serving single-serve wines. However, the price point for this product was something that O’Leary latched on to, which eventually led to the rest of the Sharks backing out. However, O’Leary would go ahead to shell out the amount that the company needed, which would be one of the biggest deals ever offered onShark Tankat the time.
What a night! I’ve never been so excited about a#SharkTankdeal! Thanks for tweeting with me & stay tuned for#OlearyFineWines&#ZIPZnews
The other Sharks in the room urged Andrew McMurray, who was here to pitch the company, to go ahead with the deal, which he did after talking to his other partners and investors. Despite its low sales, the deal was the biggest that had happened inShark Tankat the time, andKevin O’Learywas sure that he had what it took to take the company, through Costco, where it needed to be to make a profit.
Zipz Wine went out of business without any Costco deal
The Costco deal that Kevin O’Leary promised to Zipz Wine,failed to materialize in any real way. O’Leary had expressed his concerns about the speed at which things were moving, but there was a positive trend to things to begin with.
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While its Wine side of things did not work out, Zipz has still held on for a while longer, licensing its packaging to other companies, which is something that Robert Herjavec had focused on during the pitch of the show. Apart from that, Zachys Wine & Liquor moved to New York, which now serves as its new primary location, in 2022.
Despite being one of the most expensive deals on the show, Zipz Wines already had a slew of problems that were pointed out in the show itself, such as packaging that didn’t make sense, an unusual price point, and so forth.
Shark Tankis streaming on Prime Video.
Anuraag Chatterjee
Content Writer
Articles Published :1633
Anuraag Chatterjee, Web Content WriterWith a passion for writing fiction and non fiction content, Anuraag is a Media Science graduate with 2 year’s experience with Marketing and Content, with 3 published poetry anthologies. Anuraag holds a Bacherlor’s degree in Arts with a focus on Communication and Media Studies.
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