Gavin Paris is a gender-neutral streetwear fashion brand. The brand targets youth by making perky and stylish clothes in line with the latest fashion. They recognize themselves as an oversized brand and not a plus-sized brand.
Launched in February 2022, Gavin Paris had already sold 25,000 products by the time they appeared in Shark Tank India Season 2.
More About Gavin Paris
Gavin Paris products are available on their website only. Their vision is to transform the streetwear niche into the mainstream and become king of that category.
Before Gavin Paris, Kishore used to run his family business of packaged water manufacturing plant. His younger brother looks after that business now. Kishore’s sister owns a garment business where she manufactures ladies’ garments. Kishore took the inspiration and decided to start his own brand.
Ashutosh is the CTO of Gavin Paris. He has finished his BTech. Ashutosh founded his first IT startup, TechOrion, during the second year of BTech. He used to offer digital marketing services to tech companies. He hails from Ludhiana and has a good knowledge of the fabric.
Gavin Paris has four categories of streetwear
- Oversized drop shoulder t-shirts
- Printed shirts
- Co-ord sets
- Polo t-shirts
They use 180 GSM thread, and their fabric is bio-wash.
Gavin Paris Shark Tank Pitch and Updates
Kishor and Ashutosh appeared on Shark Tank India Season 2 Episode 26 and demanded INR 50 lakhs for 5% equity at a valuation of INR 10 crore.
Their pitch started well. Aman liked their designs too. Vineeta felt the quality is superior, considering the affordable prices. Their 7 months’ sales were INR 1.4 crore. Their gross margin is 60%, and their net profit was INR 28 lakhs when they appeared on the show. Their consecutive sales figure for the previous three months were –
- August – 25 lakhs
- July – 22 lakhs
- June – 19 lakhs
The month-on-month growth rate is 15.8%.
Their average order value is INR 650. The making cost is INR 200, CAC is INR 100, and the shipping cost comes to around INR 84, with GST INR 32.5. Hence, they are left with a profit of INR 233.5.
They do basic marketing on Facebook and exhaustive marketing on Instagram that costs around INR 5-6 lakhs per month. They currently have 115,000 followers on Instagram. Their products are purchased 90% by males and 10% by females. They target people aged 18-24, but 25% of their sales also come from the age group of 25-34.
Gavin Paris Shark Tank Controversy
Kishor holds 100% equity in the company and only gives a commission to the Ashutosh. Sharks took a stand for him and decided not to continue further unless Kishor decided on the future equity distribution with Ashutosh. Kishor said they previously decided on a 90-10 split where 10% would go to Ashutosh.
However, Ashutosh defended Kishor by saying that he didn’t invest anything, and that’s why he’s happy with 10%. Kishor invested 50 lakhs in the business.
Ashutosh currently takes a commission of INR 25 on every product. Kishor said he would offer 10% equity and salary to Ashutosh in the future. Anupam claimed it was not a partnership but a royalty deal.
Anupam made his decision before anyone else. He felt there were two parts to the business –
- back-end (production handled by Kishor)
- Value creation with technology, marketing, and user understanding is handled by Ashutosh.
Anupam believed the second part is more critical and captures more value. He decided to leave the deal because he felt Kishor couldn’t justify his decisions that went against Anupam’s principles. He also motivated Ashutosh to assert his rights and demand what he deserved.
Namita felt it was a cluttered market. She felt they wouldn’t scale after a point because there’s no USP. And she also decided to go out of the deal.
Amit was the next in line to decline the deal. He felt Kishor was not able to understand the importance of his co-founder. He believed the whole business would shut down if Ashutosh left one day.
Aman also dropped out of the deal because he couldn’t feel the energy with them. Aman did make an offer to Ashutosh. He said either Ashutosh could fight with Kishor and take shares. Or he could come to Aman and start the same business. Amit also offered the same thing to Ashutosh.
However, Vineeta agreed to a conditional offer if Kishor agreed to give 40% shares to Ashutosh. She offered INR 30 lakhs for 20% equity at a valuation of INR 1.5 crore and INR 20 lakhs as debt at an interest rate of 12%.
|Kishor Jairamka and Ashutosh Roy
|Business is profitable
|Shark Tank Episode
|Season 2 – Episode 1
|INR 50 Lakhs for 5% equity
Gavin Paris didn’t get a deal from the sharks.
Frequently Asked Questions About Gavin Paris
After their appearance on Shark Tank India Season 2, people were trying to find more information about Gavin Paris. Here are some of the frequently asked questions about them.
1. Who Are The Founders of Gavin Paris?
Kishor Jairamka and Ashutosh Roy are the founders of Gavin Paris.
2. Is Gavin Paris profitable?
Gavin Paris is profitable. Their net profit was 18%.
3. Why Sharks did not invest in Gavin Paris?
The biggest reason for the sharks to fall out of the deal was the equity distribution of the business. Kishor held 100% stakes in Gavin Paris, while Ashutosh only got commissions on their products. This made all the sharks quit one by one. Vineeta made a conditional offer and asked to offer 40% equity to Ashutosh. The founders rejected the offer.
4. What happened to Gavin Paris after Shark Tank?
Gavin Paris did not receive any funds in the Shark Tank India episode. However, it’s clear that they would rethink their equity distribution. Ashutosh received amazing offers from sharks too.
We will update you about Gavin Paris as soon as we hear something from them.