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Pat McCarthy, a St. Charles resident who bottled the scent of cash into a fragrance called "Money," pitched his business plan to five successful investors Friday on ABC’s reality show “Shark Tank.”
While the investors raised concerns over the product’s success in a competitive perfume market, Daymond John — founder of the clothing brand FUBU — was attracted by the trademarked name “Money,” and made an offer of $100,000 for 80 percent of the company.
McCarthy declined the offer. With the momentum already behind his products, McCarthy said in a statement today that Daymon’s offer was unacceptable.
“I had accomplished my goal,” he said in the statement. “I wanted to get on the show and expose the product to millions of viewers without giving up any control of the company.”
In response to the other investors remarks about the competitive fragrance market, McCarthy believes he can position the product more as a lifestyle brand and not just as a fragrance.
McCarthy is also seeking third-party investors, if the right deal comes along.
To watch the episode online, click here.
Pat McCarthy, a St. Charles resident who bottled the scent of cash into a fragrance called "Money," pitched his business plan to five successful investors Friday on ABC’s reality show “Shark Tank.”
While the investors raised concerns over the product’s success in a competitive perfume market, Daymond John — founder of the clothing brand FUBU — was attracted by the trademarked name “Money,” and made an offer of $100,000 for 80 percent of the company.
McCarthy declined the offer. With the momentum already behind his products, McCarthy said in a statement today that Daymon’s offer was unacceptable.
“I had accomplished my goal,” he said in the statement. “I wanted to get on the show and expose the product to millions of viewers without giving up any control of the company.”
In response to the other investors remarks about the competitive fragrance market, McCarthy believes he can position the product more as a lifestyle brand and not just as a fragrance.
McCarthy is also seeking third-party investors, if the right deal comes along.
To watch the episode online, click here.
