One mum caused a stir on BBC’s Dragon’s Den after asking for something the Dragon’s had never seen before.
Charlotte came to the Den with the idea of The Little Loop, a clothing exchange service aiming to reduce waste from children’s clothes.
She pitched the subscription based service to the Dragons, asking for £70,000 for 7.5% equity stake in the shared wardrobe.
She began by explaining the business: “I realised there was a huge problem with children’s clothing. Every time they grow, seasons change, you have to replace them all. It costs a fortune and you’re left with piles of barely worn clothes that you need to dispose of.
(Image: BBC)
“Parents can choose from the best ethical and sustainable brands, keep the clothing for as long as you need them and swap them at any time.”
“It will save around two thirds of buying new on average and you’ll have none of the hassle of sorting, storing and selling clothes when you’re done.”
The subscription costs £18 in exchange for £165 worth of clothing. She explained that the brands will take on 44% revenue and the company will take around 56%.
(Image: BBC)
Dragon Sara Davies was thrilled with the idea and said: “If this had existed when I had my kids, I would have absolutely been right there.”
Charlotte was chuffed with her kind words and said that even if she didn’t get an investment, hearing those words would be reward enough.
Peter Jones decided not to offer an investment as he didn’t think she would be able to break the lucrative fast fashion business, but Stephen Bartlett came to her defence and compared The Little Loop to the success of game-changing app Spotify.
(Image: BBC)
Deborah and Sara offered all the money for 12.5% while Stephen and Tuka wanted 15%.
She then went on to ask the all important question: “I’m going to ask for something that I’ve never heard asked for in the Den before. Would you both be prepared to invest all of the money, £70,000 each, taking the total to £140,000 for 12.5% each.”
Deborah and Stephen agreed to her unusual offer and Charlotte teared up saying she would be ‘delighted to accept’.
The pair had agreed that it wasn’t something they had seen on the show before and took her up on the offer, making history on the favourite BBC show.
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Source: Celebrities - dailystar.co.uk
