What Happened To Frends Headphones From Shark Tank Season 7?
Perhaps as far back as the advent of Beats by Dre in the late 2000s, over-ear headphones have become more than just another way to listen to music on the go. Compared to compact earbuds, over-ear headphones are distinctive enough to be considered part of one's outfit, meaning designer headphones need to exude the look of something you want to show off in public. Of course, in addition to looking cool, you also want your designer headphones to have top-shelf sound quality worthy of what you paid for them.
In 2011, a company called Frends formed to fulfill that stylistic endeavor (and no, that is not a typo). Frends sought to create headphones that would meet a perfect middle ground between style and functionality, emphasizing comfort for female users. Five years later, in 2016, the creators of Frends brought these flashy 'phones before the investors of the show "Shark Tank" to secure some fresh funding in their pursuit of functional style.
The pitch
Frends was the brainchild of owners Sheen Moaleman and Keir Dillon. Each pair of headphones sold by the brand features both premium-grade sound and acoustics and specially designed interchangeable speaker caps. Each of these caps was constructed from luxury-grade materials, the same kind of stuff you'd see in high-end jewelry and accessories, such as polished gold, gunmetal, and rose gold. According to the Frends website, the interchangeable design aims to foster "limitless self-expression."
In addition to the basic overview of their product, Moaleman and Dillon explained how their business had been going to the Sharks, highlighting their difficulties. While they had managed some promising sales in partnerships with Apple and Best Buy, they had failed to meet their $6 million sales target the year prior and were around $9 million in the hole. While these shortcomings tempered expectations, the founders were confident that their next Frends product, potentially bolstered by a Shark investment, would swiftly recoup their losses.
Did the Sharks go for it?
Moaleman and Dillon were looking for a $1 million investment from any interested Sharks, in exchange for which they would receive a 7.6% stake in the company. Unfortunately, right off the bat, the stories of the brand's shortcomings weren't doing much for the Sharks' interest. Kevin O'Leary backed out of the deal, followed by the episode's guest Shark, Ashton Kutcher, Lori Greiner, and Robert Herjavec. With only one Shark left on the board, Mark Cuban, the founders' hopes were dashed as he, too, backed out.
In a closing comment, Cuban noted that while difficulties with consistent sales and excess inventory aren't out of the ordinary for an electronics brand — the fact that Moaleman and Dillon were betting the proverbial farm on the launch of a single new product didn't inspire much confidence in him. With all five Sharks out of the game, Moaleman and Dillon left the show without any financial assistance for their brand.
Is Frends still in business?
While Frends wasn't able to secure financial assistance from the Sharks, the company has managed to persevere, albeit in a slightly different form. Since that episode of "Shark Tank" aired, both Moaleman and Dillon have left the company, passing the reins over to new CEO Daniel Davis.
Before their departure, though, the founders sought to clean Frends up a bit and leave it more functional for whoever came next. In an op-ed written for Inc. a year after the "Shark Tank" episode, Dillon explained that, while he was disappointed by the lack of investments, Mark Cuban's comment gave him a lot to think about. Instead of going all-in on the new Frends product, Dillon opted to halt new product lines and spend some time cutting costs and reshuffling priorities.
"After my experience with the taping, I knew I needed to become a stronger CEO and run the business differently," Dillon wrote. "One of the best decisions I made was to enlist the help of a business coach, who helps me identify what my strengths are while also illuminating which areas I should find great people to help with instead."
Frends products are still available for sale on the brand's dedicated website, as well as at major retailers like Walmart.