Forever Modest Shark Tank Pitch:
Forever Modest is a fashion brand which focuses on modest office wear, casual wear, sports wear, swimwear etc. Their clothes are modest, stylish and trendy. They also offer customizable sizes. their products are can be purchased from their own website or through Instagram. Since their inception in 2021 and Forever Modest have sold 2,761 products so far. The founder’s vision is to make modest fashion a mainstream fashion category and then dominate that with her own brand. To fullfill that vision, The company sought an investment of ₹20 Lakhs for 10% of the company.
Forever Modest had over 15,000 followers on Instagram at the time of the pitch. Their first month of sales was October 2021 and they finished the first financial year which would be FY21-22 at ₹12 lakhs. The company has done ₹15.61 Lakhs so far in FY22-23 with projections to close the year at ₹50 lakhs. Their last month’s sales were at ₹4.2 lakhs. Sana also shared that their consumers are people between 16-31 years old. Further, Most of their sales are coming from B2B sales. Moreover, The brand has gross margin of 40% and net margin of 25%. The price range from their products is between ₹1,499 to ₹3,000.
Forever Modest Shark Tank Negotiations & Funding:
Namita gives the first offer of ₹5 Lakhs for 5% of the company and ₹15 lakhs as debt at 12% interest. She added that this is a very cluttered market and it would take her a long time to see any returns on her investment but she wanted to mentor Sana. Aman goes out citing Sana had already had a good offer. Peyush goes out of the negotiations due to the same reasons.
Amit wanted to promote entrepreneurship with Sana therefore he offered ₹20 lakhs for 20% of the company. Vineeta added that Sana picked the right category but with weak preparation, she suggested Sana stay focused. With that Vineeta joined Amit’s offer of ₹20 lakh for 20% of the company.
Anupam noticed that Sana’s business fundamentals are weak but he still wanted to help her so he asks if Namita would come along with him to offer ₹20 Lakhs for 20% of the company which she agreed to. Sana takes a moment to think and comes back to asks if all interested sharks would come together on this offer of ₹20 lakhs for 20% of the company which all of them agreed to and they shook hands on that.
Who is the founder of Forever Modest?
Sana Farheen Saikh founded Forever Modest. She comes from Aurangabad. Sana is a fencing champion and 23 years old. she thought of this brand while she was playing sports and not finding comfortable clothing to wear.
How is Forever modest doing after Shark Tank India?
Our research in the company revealed that their Shark Tank India deal with Sharks did indeed close after the show aired. As of November 2023, The company is still in business and thriving. They have over 23 thousand Instagram followers and growing is a good pace.
Source: Instagram @forevermodest.in
Here are other companies from Season 2 Episode 49.