Key Points:
- Investment: £40,000
- Investor: None
- Equity Offered: 5%
- Business: Unhidden - Adaptive fashion for people with disabilities
- Target Audience: Disabled community
- Challenges: High production costs, early-stage business with low sales, need for significant capital investment
This Adaptive Fashion Brand Is Stylish Yet Functional
Investment Deal: Unfortunately, no deal was made.
The Pitch
Victoria Jenkins, founder of Unhidden, entered the Dragons' Den seeking £40,000 in exchange for 5% equity in her adaptive fashion business. Unhidden aims to provide stylish yet functional clothing for the disabled community, addressing various access needs such as dexterity issues, wheelchair usage, and accommodations for medical devices. Victoria’s inspiration stemmed from her personal experience with disability and her encounter with a fellow patient who struggled with finding suitable clothing.
Financials and Offer
Unhidden is a newly launched brand, currently in the pre-revenue stage, with only 50 units sold since its inception in November 2020. The business operates online and has garnered significant attention, positioning Victoria as a leading adaptive designer in the UK. The financial challenge is evident in the high production costs, with trousers costing £58.20 to produce and selling for £90, resulting in minimal profit margins. Despite these hurdles, Victoria has initiated talks with major retailers and secured a licensing deal with Viacom for adaptive children's wear.
Challenges Highlighted by the Dragons
The Dragons raised several concerns:
- Low Sales: With only 50 units sold, the Dragons questioned the market traction and business viability.
- High Valuation: The £800,000 valuation for a pre-revenue company was deemed unrealistic.
- Production Costs: The high cost of production in Bulgaria, while ensuring fair wages and sustainable practices, was seen as a barrier to profitability.
- Scalability: The need for significant capital beyond the £40,000 requested to scale the business effectively.
Deborah Meaden appreciated the potential impact on the disabled community but found the business not ready for investment. Peter Jones and Touker Suleyman suggested that Unhidden might better serve as an adaptive design agency, collaborating with established brands rather than solely focusing on its own product line.
Conclusion
Victoria Jenkins left the Den without securing the desired investment, but with valuable feedback and encouragement. The Dragons recognized the importance and potential of adaptive fashion but highlighted the need for a more robust business model and greater financial backing. Victoria remains committed to her vision of making adaptive clothing mainstream, believing in the future success of Unhidden and its mission to provide inclusive fashion options for everyone.