News

Actions

Detroit company featured on 'Shark Tank' gets $150K from Mark Cuban

CORP-Digital-Default-Image-1280x720-WXYZ.png
Posted at 12:27 PM, Oct 23, 2017
and last updated 2017-10-23 12:27:21-04

Detroit-based company "Ash & Erie" came to a $150,000 agreement with Dallas Mavericks Owner Mark Cuban on Sunday's episode of "Shark Tank."

Steven Mazur and Eric Huang were asking for $100,000 for 12.5 percent of the company but eventually came to a deal that gave them $150,000 for 25 percent of the company.

Ash & Erie makes clothing for shorter guys, with heights 5-feet-8 and shorter.

"We've been in Detroit since the very beginning. We both started our careers here and decided that Detroit was an important part of building this company," Mazur told 7 Action News last week

The company was originally named "Ash and Anvil" but had to change because of a larger company.

Mazur and Huang made their pitch by wearing a normal-size shirt and then ripping it off to show off the Ash & Erie shirt, a perfect fit for shorter guys.

They have shirts, jeans, dress shirts, flannels, casual button-downs and more. The shirts start at $79, according to their website.

The Sharks, including Robert Herjavec and Daymond John also compared heights with Mazur and Huang during the pitch.

According to Mazur and Huang, their biggest challenge at the time of the show was inventory. "Once we get more inventory we know we can do it," Mazur said on the show.

Herjavec was the first Shark to be "out" meaning they won't invest in the company. That was followed by Lori Greiner and John, leaving Cuban and Kevin O'Leary.

Thats when Cuban put in the offer of $150,000 for 25 percent and wouldn't let the duo hear what O'Leary had to offered. O'Leary eventually offered $100,00 for 15 percent and Cuban dropped out.

Before he had the chance, they accepted Cuban's offer. "You're lucky I like you," he said.

"The whole process was a lot of fun," he added. "It's a once-in-a-lifetime opportunity to be able to pitch to these billionaires that everybody knows and the whole thing was a great time."