Matador Meggings Update | Shark Tank Season 15
Entrepreneur Valentine Aseyo pitched Matador Meggings in Shark Tank 15, seeking $250,000 in exchange for 10% equity.
Matador is an innovative activewear brand best known for its men’s leggings featuring a modesty pad to conceal the groin region.
The Sharks enjoyed Valentine’s enthusiastic pitch. However, none of them ended up making a deal because of their issues regarding the product.
It’s been quite a long time since the episode aired, and we have some updates on Matador Meggings after Shark Tank.
If you’re short on time, here’s a brief overview of what happened to Matador Meggings after Shark Tank!
Matador Meggings left the Shark Tank without a deal, but their presentation on the show became an internet sensation.
The company got featured in many news portals and business blogs. This popularity gave a nice boost in sales and Valentine Aseyo was able to cross $1 million revenue target by December 2023.
On the show night, Daniel Lubetzky posted on X (formerly Twitter): “@matadormeggings gave an entertaining presentation, but stage presence and entrepreneurial chops aren’t always a package deal. At the end of the day, I felt like Valentine has more to figure out. I really liked him and wish him the best!“
| Company Name | Matador Meggings |
|---|---|
| Founders | Valentine Aseyo |
| Founded | 2019 |
| Product | Athleisure clothing brand |
| Ask | $250,000 for 10% equity |
| Deal | No deal |
| Sharks | No shark |
About the company
The founder and CEO of Matador Meggings Company is Valentine Aseyo. He began his leggings business in 2019.
Alongside being the company’s owner, Valentine is also the designer, developer, marketer, and customer service representative.
Valentine is half Spanish. He was born and raised in Turkey. Later, he immigrated to the United States and worked in the marketing department of Facebook for 8 years.
He then began training to become a yoga teacher and felt the need to wear leggings like the rest of the women in his classes.
Unfortunately, he found nothing for men that concealed the groin area. Therefore, he took it upon himself to design the needed product. He created the prototype by sewing bra foam cups to a pair of old leggings.
Matador Meggings was made using “No-VPL (Visible Penis Line)” technology specifically tailored to the male anatomy.
It was also created to activate minor muscles and increase blood circulation and oxygenation during workouts, leading to improved performance and faster recovery.
The company sells leggings, compression shorts, tops, and bike gear for men in over 50 prints, bold colors, and designs.
Furthermore, with modesty cups, open pockets, zipper pockets, and inner drawstrings, the pants have loop holders in the back to carry sweat towels.
Matador Meggings are extremely comfortable with their sweat-resistant, stretchy, silky smooth fabric. Therefore, these leggings are perfectly suitable for heavy workouts, exercises, cycling, bike riding, mountain reading, etc.
The average price of a pair of meggings is around $90, which can be bought from the official website. The net worth of Matador Meggings is estimated at $1.5 million.
Matador Meggins Shark Tank Pitch Recap
Valentine Aseyo entered Shark Tank with his leisure wear clothing line for men, Matador Meggings.
He asked the Sharks for a $250,000 investment in exchange for 10% equity in his company.
He started his humorous pitch about his legging and athletic wear for men. His quirky personality and charm had the Sharks laughing with amusement.
Kevin O’Leary asked, “Are you making any money?” Valentine said that the brand had sold over $2 million worth of products in the last 3 years.
In the previous year, the sales were $620,000, and he’s aiming to make $1 million in sales in the current year.
The year before, Matador Meggings made $800,000 in sales, and in the first year he launched the product, he made $365,000 in revenue.
When guest Shark Daniel Lubetzky asked about the brand’s costs and profits, Valentine said that the manufacturing cost for leggings is $18 and retails for $92.
While the Sharks were impressed with the margins, Kevin O’Leary was concerned that nothing was proprietary about the product.
Furthermore, he said that modesty padding is the only thing that differentiates the leggings from other brands, and any big companies can easily copy this. For that reason, he was out.
Mark Cuban did not see Matador Meggings’ potential to blow up into a large business, so he was the next shark to opt out of investing.
Lori Greiner did not think guys would be interested in wearing the product. For that reason, she also did not make an offer.
Daymond John said it was an excellent business for Valentine; however, he did not find it investable, and for that reason, he was out.
Daniel Lubetzky was also out because he didn’t think Valentine had a clear idea about his target consumers.
Company update
Matador Meggings couldn’t secure a deal in Shark Tank, but his entertaining pitch an internet sensation. This gave the company a chance of free promotion.
The company saw a nice boost in traffic and sales when episode was aired. The company sold over $1 million worth products by December 2023.
The company is still in business and expanded their product lineup and now focusing its men’s leggings on the upper body.
Despite of Daniel Lubetzky advice not to launch too many SKUs very fast, Valentine expanded his product lineup and Matador has men’s leggings for upper body also.
On show night, Daniel Lubetzky tweeted:
As of March 2024, Matador Meggings is still in business and selling men’s athelisure products online. The last funding round-up was completed in January 2022 and they’re actively looking for funds.
Our team has followed up the founder and we come up with a fresh Matador Meggings updates when we get any response.
Other clothing brands that appeared in Shark Tank:
Conclusion
Even though Valentine failed to secure a deal from the Sharks with Matador Meggings, he was confident in his product. The valuable feedback he received from the Sharks will definitely help him in expanding his company.
