@ Debbie Brooks Handbags
First of all, I have to say I liked your handbags, and that I can see "Debbie Brooks" becoming a household brand name. What I can't see though is a person in his/her right mind giving you $540,000 for 20% of your company. Why? For a few reasons. First off, your company isn't worth a valuation of $2.7 million. It's that simple. We all get that your projected gross is $1.6 million, but you're just not there yet. That being said, why in the world would you go in asking for so much money? Don't you know that the Sharks won't make offers on ridiculous evaluation? Would you have made an offer if you were the Shark? Be honest with yourself. Second, you are entering a huge market with extreme levels of competition. Besides for the fact that you are competing with brands like Gucci, Coach, and Burberry, you are competing with the thousands of others all over the world trying to enter their purses into the big leagues as well. To market your brand alone and compete with the big boys you will need endless funding, which no Shark is interested in. Third, as all the Sharks said, your idea is not proprietary. Anyone can make a similar type of magnet to put on, as long as it's just little different than your patent covers. In order to get an investment from the Sharks in this type of product, your product has to stand out and come across as a huge improvement to what currently exists. Since yours doesn't do this, you got no investment.
Just on the positive side, I like your idea of selling your products in jewelry stores away from the rest of the competition. I am a bit surprised that they are interested in carrying handbags, but I guess in today's economy you can't ask questions.
Nice product, but bad idea for seeking so much money for such a low percentage. You won't win the greed game with the Sharks. Overall performance: 5