Whatever Happened To The Comfy After Shark Tank?
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Do not get it confused with the Snuggie — it's The Comfy! On "Shark Tank" Season 9, Episode 13, brothers Brian and Michael Speciale introduced one of the coziest products to hit the stage: a sherpa-lined, wearable blanket that, according to the duo, makes the wearer feel as though they're living in a giant hug.
When the Speciales stand in front of the sharks and request $50,000 for a 20 percent stake, they're only six months into running the business and have yet to officially launch it to the public. Despite having zero sales, they're extremely passionate about the product, which was invented during the throes of Michael's divorce.
While staying with his brother, Michael saw his young nephew Saxon sitting on the couch wearing one of Brian's sweatshirts, knees and arms cozily tucked inside. Michael couldn't get over how comfortable Saxon looked, and upon spotting a sherpa blanket laying on the back of the couch, the idea for The Comfy was born.
The Comfy closed a deal with Barbara Corcoran
On "Shark Tank," Brian and Michael Speciale are full of energy and get all of the sharks (except Lori Greiner) to try on The Comfy, which they intend to sell for $39.99. The brothers explain that the front pocket is large enough to fit a tablet, the oversized hood can double as a pillow (a perfect addition for flights), and the product is reversible. Similar to Saxon wearing his dad's sweatshirt, Comfy users can tuck their knees and arms inside for ultimate coziness.
When Greiner expresses concern that The Comfy is too similar to the Snuggie, the Speciales stress the differences. The Snuggie, they say, is like wearing a giant robe backward that must be taken off once up from the couch; that isn't the case with The Comfy, which is basically a massive hoodie. Neither Mark Cuban nor Kevin O'Leary are interested due to the business being so new. Cuban fears the Speciales would burn through a lot of money simply trying to figure out what does and doesn't work.
It comes down to Robert Herjavec, who offers $50,000 for 50%, and Barbara Corcoran, who proposes $50,000 for 30%. The Speciales counter her offer with a 25% stake, but she declines. Ultimately, a deal is made with Corcoran for her original offer.
The Comfy experienced financial issues and a lawsuit
Once it was officially launched to the public after its "Shark Tank" appearance, The Comfy enjoyed much success during its first several years. In an interview with Forbes, Michael Speciale revealed that, in 2018, the company garnered $20 million in revenues. Thanks to the promotional efforts of Barbara Corcoran, The Comfy went viral online and became available at Target and other retailers. By 2020, The Comfy reached $65 million in revenues. However, that was the temporary end of its positive trajectory.
Over the next two years, due to supply chain issues and Corcoran allegedly refusing to invest more money, The Comfy found itself $15 million in debt and selling only $40 million worth of product. Additionally, there's a lawsuit from former The Comfy CEO Susan Hudson, who claims the brothers promised her a stake in the company if she helped dig them out of their financial hole. Her ownership, the lawsuit said, was never granted, though the Speciales denied these allegations.
Michael, determined to save his creation, ended up buying Brian (who didn't want to be involved in the negative situation) and Corcoran's shares of The Comfy and becoming CEO. He told Forbes, "Offers were coming in, restructuring deals. And I'm like, 'I invented this product ... I'm not giving up.'"
The Comfy has expanded to include character designs and more
Things may have looked bleak for Michael Speciale a few years ago, but after assuming the role of CEO, he managed to keep The Comfy afloat. At the time of this writing, the company is still very much in business and has even expanded operations since its "Shark Tank" debut.
The original Comfy is available in eight colors for $49.99 a piece, a slight increase from $39.99. Plus, customers are no longer limited to the flagship offering. Originally released as a one-size-fits-all product, The Comfy now comes in a children's size, a Teddy Bear Quarter-Zip, the Dream Big Blanket and a water-resistant model. There is also a larger lineup of designs — including Mickey and Minnie Mouse, The Mandalorian, Spider-Man and colleges — for those who want something different than a solid color.
Speciale told Forbes, "We have to concentrate on what's right in front of us in the present right now. But we have to have an eye on the future as well and continue to innovate and offer new products, colors, patterns, whatever, to the customers because retailers are coming back to us now and asking for that."
It seems that The Comfy continues to resonate with the masses, boasting a 4.8-star rating on Amazon. In fact, the product is doing exactly what Speciale initially wanted it to do. One customer said, "It's the ultimate wearable blanket that will have you feeling like you're wrapped in a warm hug."