A Toronto bra company is seeing significant sales after its two young founders had a successful appearance on CBC’s hit entrepreneurship show Dragon’s Den last week.
“It’s an absolutely crazy start [to] the year for us,” said Chloe Beaudoin, co-founder and COO of Apricotton, a business aiming to revolutionize the normally sleepy industry of teen bras.
Their venture idea is rooted in the business school graduates’ unfortunate experiences in lingerie shops — and the desire to provide girls with garments that don’t need to be discarded as they grow.
Several posts about the pair’s appearance on the show have racked up hundreds of thousands of views, gaining the company hundreds in new followers.
In an interview with TorontoToday, Beaudoin said the company has seen sales akin to the week of Black Friday since the episode aired, despite not having invested in any paid aids.
Beaudoin said the attention is exciting because it will support them to fulfill their mission of helping thousands of teen girls feel more comfortable in their bodies.
The horror of the paper thin training bra
Beaudoin, a resident of Toronto’s entertainment district, didn’t set out to become an entrepreneur — unlike her co-founder.
It was conversations with co-founder Jessica Miao, however, about shared negative experiences with bras as teens that directed her on the start-up path, she said.
Beaudoin recalled being a teenager on a shopping trip to a lingerie store with her mom and being horrified by training bras on offer.
“They’re paper thin. They’re white. They always have a little bow on them. They have zero support or coverage — and they’re not comfortable to wear,” she said.
The experience made Beaudoin feel insecure about her body, she added.
“It made me feel so scared of growing up.”
Through conversations, the pair — friends from Western University’s Ivey Business School — realized their hatred for training bras was common.
“90 per cent of girls feel embarrassed to wear a bra,” said Miao, during their Dragon’s Den pitch, citing a survey the company conducted. “[This] decreases their self-esteem to a point where they withdraw from friends, they can’t focus on school, and they drop out of sports.”
The young women realized there had to be a better way, and sought about building it.
A bra that grows with teen girls
After graduation, Beaudoin and Miao took full-time jobs in management consulting and marketing, respectively, but kept building the company.
Working from Toronto, they found a manufacturing partner and began developing their first bras. The product they created aims to grow with girls as they do, said Beaudoin.
This works because rather than sizing the bra based on cup size, as is common, Apricotton bras are sized based on a teen’s torso circumference, she said.
“Girls can actually wear their bra from when they're flat-chested to fully developed,” she said.
Apricotton bras come in six sizes, and products range in price from $32.95 to $38.
Third time lucky on Dragon’s Den
Seeing initial traction with their business, the pair ditched their jobs to focus on the venture full-time.
After having seen friends’ businesses grow after appearing on Dragon’s Den, they applied, but were initially rejected.
But on the third go-round, they made it past the auditions and were invited to appear before the panel of judges.
Beaudoin said the experience was stressful. To try and calm their nerves, the duo listened backstage to Taylor Swift’s “I can do it with a broken heart.”
While the music didn’t help much, their nerves lessened once they were before the judges, she said.
Fortunately, the premise was a hit with the show’s investor judges.
Several judges expressed excitement about the business's growth potential. “Bravo!” said venture capitalist Arlene Dickinson.
“Love the energy,” said Brian Scudamore, the founder of 1-800-GOT-JUNK.
During the episode’s taping in May, Beaudoin and Miao received two competing $100,000 offers for 10 per cent of the company.
The pair turned down the offer from their top choice, technology entrepreneur Michele Romanow, opting instead to work with a joint offer from Dickinson, Scudamore and global beverage entrepreneur Manjit Minhas.
Beaudoin said their decision to work with the three investors was based on a desire to be mentored by a team with a range of skillsets, who can support the young business to grow.
Dickinson said in an emailed statement, that she was motivated to invest because of the chance to support a venture helping teen girls at a pivotal stage of life.
“As a society, we need to revolutionize the conversation around puberty,” she said. “Creating products that genuinely meet the needs of its audience is how Apricotton is contributing to that.”
Deal inked with Dickinson
Since the show was taped in May, Apricotton has finalized deals with Dickinson and Scudamore. An agreement with Minhas remains in negotiation, Beaudoin said.
The initial investment terms proposed on the show have changed somewhat, the entrepreneur said, becoming more advantageous for the company.
Last week when the episode aired, the pair hosted a watch party with their friends.
When the clips of the show were posted to social media, the business value of participation became clear, Beaudoin said.
New purchase orders, as well as likes, shares and support from long-time customers, came rolling in.
In the coming year, the team will focus on growing their community and increasing sales in Canada and beyond. They’ll do it all from their home base in Toronto, Beaudoin said.
