Beddley offers an innovative new design for duvet covers. It makes them much easier to apply than a traditional cover. If the reality TV show Shark Tank has taught us anything, even the simplest household nuisances can be the seed for a profitable business. That is what Lola Ogden of Los Angeles offered in Season 11 of Shark Tank.
As a smart and ambitious entrepreneur, she targeted a common inconvenience familiar to everyone who loves the comforts of a plushy duvet. Her product certainly raised the Sharks’ interest. But how is the company faring today? Read on to find out its update and net worth after Shark Tank.
Beddley Shark Tank Update
Beddley has certainly faced some ups and downs during its business growth. But the creative thinking of its founder, Lola Ogden, has saved the company from failure with timely solutions.
Surviving the COVID Pandemic
Their toughest hurdle came in 2020 when demand for their duvet covers completely dried up due to the COVID-19 pandemic. However, Ogden pivoted smartly and diverted the entire Beddley production infrastructure towards producing facemasks for medical personnel and the general public.
Going Back to Production
In a notice published on its social media in June 2020, Beddley informed its followers of this development and assured them it would get back to producing duvet covers as soon as possible. The notice also promised to introduce new product lines as soon as it became viable.
Keeping Promises
By June 2021, Beddley was back producing their patented duvet covers but continued to be plagued by supply issues. Another notice released in November 2021 informed customers that they were moving on a pre-order basis, with the promise of delivering all orders by Christmas time.
Ogden successfully kept that promise, and as of February 2023, all supply issues have been solved. She maintained a connection with her customers by keeping them in the loop about the company’s internal problems. She also kept the promises that she had made publicly, which allowed her followers to trust her even more.
Expanding Business
Beddley is currently taking regular orders on its website and has expanded its line of products significantly. Beddley offers a large selection of duvet cover sizes, extending its customer base greatly. Size selections at Beddley currently include Twin, Twin XL, Full, Queen, King, and California King. The company is now posing its product lineup as ‘collections’. It offers enter duvet cover sets for $259, possibly its most value-for-money product option.
A major goal that Ogden shared during her Shark Tank appearance was to increase Beddley’s retail presence by selling their duvet covers through QVC. The company hasn’t succeeded yet, and its sales are still conducted mainly through its website.
Beddley Net Worth
Beddley has a net worth of over $4 million as of 2024. It has expanded to a range of complementary products. So, it is probably safe to say that Beddley will continue to grow.
The Sleep Easy costs $139 for the Queen Size and $149 for the King Size and offers numerous color options. Meanwhile, the Zero Stress Edition will set you back by $165 and $185 for the Queen and King Sizes, respectively, and is offered in three colors. All Beddleys are made 100% from specialized Egyptian cotton. It makes them comfortable and easily washable.
Is Beddley Still in Business?
Yes, it is in business. Even though Ogden exited Shark Tank without scoring any investment, she continued to work hard at her business, making it even more successful. She came onto Shark Tank with two major editions of the Beddley duvet covers, with multiple sizes and color options to fit various bedroom requirements perfectly. It started with two major editions: Sleep Easy and Zero Stress.
Shark Tank Deal
Beddley is an innovative new design for duvet covers that eliminates all the hassles usually involved with the commonly found duvet covers. Most duvet covers on the market come with a single open side and involve a lot of elaborate tricks to install, such as the commonly used Burrito Roll technique. These traditional duvet covers require inserting the duvets from the single open side, which is tough since duvet blankets are so large and unwieldy. And not to forget all the wiggling required to ensure the cover is placed just right.
What the Beddly does differently is that it comes with a patented three-sided nylon zipper feature, which allows you to place the duvet on the cover and zip it up. On top of that, it comes with ties on all four sides that you can fasten onto the duvet, ensuring that it never requires readjustment once put on.
Ogden appeared on Season 11, Episode 18 of the famous Shark Tank show with a confident pitch, asking for an investment of $150,000 in Beddley in exchange for 10% of the company. According to her, the investment would be spent on expanding the product to physical outlets and boosting online sales, which was the primary way she sold Beddleys.
Ogden shared that the production cost of a Beddley duvet is $57.50, with the selling price starting at $139. A major focus of her presentation was her promise to reduce the production cost. She explained that the production cost was high because they are manufactured in the US, and she expressed confidence in reducing the cost.
Lori Greiner, specializing in household inventions, was especially intrigued by the convenience of the Beddley duvet cover. However, when she shared her sales numbers, her product turned off all the Sharks.
Sales statistics are the most significant factor that the Sharks like to consider since it is the best way to know how successful a product or business can be. Ogden’s Beddley didn’t have the most promising sales figures. She stated that the company had done $12,000 in sales that year and $28,000 the year before. For the Sharks, this was a big red flag. Each shark backed off from Beddley one by one, leaving Beddley without a single Shark Tank deal.
Mark Cuban said that he liked the product and the entrepreneur but was discouraged by the sales figures. Daymond John had a more serious concern and stated that while the product was interesting, Ogden didn’t understand sales well and was worried that an unclear marketing strategy might gobble up all his money. Meanwhile, Robert Herjavec said Ogden had failed to explain how the investment would be spent on growing the business. Finally, Kevin pulled out without explaining, simply saying, “No, I’m out.”
About the Founder
Lola Ogden is a driven individual who came from a bright professional career to her Shark Tank appearance. She comes from the world of business and technology and holds a degree in STEM, specializing in chemistry and physics. She also has an MBA degree from Columbia Business School, meaning she has the best training in entrepreneurship you can get.
During her Shark Tank pitch, she shared her passion for creating products that solve problems. In this endeavor, she had already started at least one other business, GapEnder, which is a company that creates fitted women’s shirts designed to close the “bust gap.”
FAQs
Did Beddley get a deal on Shark Tank?
No, Beddley didn’t get a deal on Shark Tank. Its founder, Lola Ogden, approached the Sharks with a pitch of $150,000 for a 10% stake in the company. Although the Sharks were initially interested in Beddley’s innovative duvet sheets, the dismal sales numbers discouraged all of the Sharks from pursuing a partnership with the company.
Why use a duvet cover?
The comfort of duvet blankets has made them a universal bedroom item today. But while these down-filled blankets may be quite convenient to use, they can be a hassle to clean if they get dirty. So, duvet covers are essential companions that allow you to keep them clean, as you can easily change and wash them like any other part of bedding.
Why does a duvet have a zipper?
Duvet covers have a zipper to keep the blankets from slipping out during normal use. Most duvet covers only have one zipper at the bottom, making them difficult to put on. The innovative design of the Beddley duvet covers comes with zippers on three sides of the cover, making its use much easier.
How much is Beddley worth?
Beddlet is worth more than $4 Million, making it a highly profitable company considering its profit margins.
What is so special about Beddley duvet covers?
Beddley duvet covers come with a patented design with zippers on three sides of the cover rather than just one. This makes it much easier to install a Beddley cover than a regular duvet cover.
How much does a Beddley duvet cover cost?
Beddley duvet cover prices start at $139 for the Queen Size. It is found in selected stores, and you can buy your own Beddley on their website.