From Ugly Sweaters to Millions: Tipsy Elves Net Worth
You may have searched for an ugly Christmas sweater at some point in your life. If you did, then there’s no doubt you’ve seen one of Tipsy Elves’s products.
The brand is a Shark Tank success story and as of 2023, Tipsy Elves’ net worth is $20 million. They make roughly $6 million annually.
Quick Facts (Tipsy Elves at a Glance)
- Shark Tank Episode: Season 5, Episode 12
- Aired: December 13, 2013
- Founders: Nick Morton and Evan Mendelsohn
- Investor: Robert Herjavec
- Final Deal: $100,000 for a 10% stake
- Status: Operational
About Tipsy Elves
Tipsy Elves began as a company selling ugly Christmas sweaters with fun and witty twists. The idea came from a tipsy Santa and his elves making clothing up at the North Pole.
The brand uses high-quality materials and unique designs to make clothing that fits well. Its mission is to design products that turn any occasion into an unforgettable one.
Tipsy Elves Founders
After quitting his job in the law industry, Evan Mendelson started work as a search engine optimization specialist. That’s when he found out that “ugly Christmas sweater” is a google search with high traffic.
Realizing the potential in the niche industry, he asked his friend, Nick Morton, to teach him how to design clothes using Photoshop. The two would start Tipsy Elves in 2011.
Tipsy Elves Before Shark Tank
During the first two years of Tipsy Elves, the brand managed to sell $1.35 million worth of products. $862,000 of these sales happened in 2012 through Amazon.
They would then draw the attention of wholesale brands like Urban Outfitters. However, the two felt like they were reaching the peak of what they could do alone. By this point, they had already become the top result for ugly Christmas sweaters.
It was around this time that they would come across an ad for Shark Tank auditions. They figured it was worth a shot!
During their pitch, Nick and Evan brought in a few of their closest friends to do a mini fashion show. Their friends came in with sweaters depicting Santa falling off his sleigh as he’s dragged by reindeer. Another was of bucktooth Rudolf.
The duo requested $100,000 for 5% equity. However, the sharks were straight-faced throughout the whole presentation. At first, it looked like none of them were buying it.
Eventually, Kevin O’Leary would make a deal. He’d pay $100,000 but wanted a 0% stake. He instead wanted to receive $2 per sweater sold by Tipsy Elves.
Robert Herjavec countered this with a proposal to pay $100,000 for 10% of the company. Nick and Evan chose Robert since he’d serve as a mentor, whereas Kevin only wanted the money.
After Shark Tank
After the show aired, Nick and Evan presented new lower-end products to Robert. However, he advised them against it and recommended they stick to their high-quality clothing. The duo took this advice and haven’t regretted it since.
Just 2 years after the show aired, they made $10 million in sales. They moved into a new office and even got a deal to sell sweaters worn by the main characters in the movie The Night Before.
Today, the company has 45 employees, and it expects to make $200 million in lifetime sales.
For their 10th anniversary, they set the record for the world’s largest ugly Christmas sweater!
Tipsy Elves Products
Tipsy Elves expanded their line and now make beautiful snow suits and apparel for any occasion. From Mardis Gras and Valentine’s to St. Patrick’s Day, you’re sure to find an item you’ll love.
Tipsy Elves’s net worth shows us that even an ugly sweater is invaluable.
We’re sure that the company wouldn’t achieve this success without incorporating fun into everything they do. Make your holidays more memorable by checking out Tipsy Elves’s store.