Shark Minh invested 350,000 USD (more than 7 billion VND) for 35% of shares of ADT Hitek - a high-tech fabric startup, in episode 6 of Shark Tank Vietnam.
In the latest episode aired on November 6, Mr. Antonio De Torres - Founder of startup ADT Hitek - called for capital of 300,000 USD for 20% of shares for ADT smart fabric technology. He revealed that his company specializes in providing quality fabrics, integrating many features, and prices that are considered suitable for the mass market.
"ADT technology is the future of the textile industry, including fabrics and apparel. Over the past 5 years, I have advocated developing textiles, improving design techniques, creating wear-resistant, durable, versatile, and environmentally friendly fabrics...", said Mr. Antonio De Torres.
With 20 years of experience in the garment manufacturing industry, having worked at Gucci LVMH, Giorgio Armani, Christian Dior, Antonio De Torres said his customers often require products with more features than regular fabrics, which even some high-end fashion houses find difficult to meet.
After many years of collecting opinions and carefully researching the market, he came up with the idea of doing business with this model. According to him, the difference of ADT is not in the skillful cutting and sewing techniques, but in the quality of the fabric - designed by a famous company in Japan. "They used to produce fabric for Boeing, NASA and created many other fabric technologies", he pointed out. This material has advantages including: no wrinkles when washed, no static electricity, no pilling, no clumping, two-way or four-way stretch...
Despite just launching a product, Antonio De Torres is confident that ADT's revenue next year will reach $700,000, including new and bespoke lines (which serve the 0.01% of wealthy people in Vietnam). The Spanish-American designer revealed that he will use the money to invest in opening an offline store, focusing on online channels and working capital.
Shark Minh Beta (right) closed the first deal as soon as he joined Shark Tank season 6. Photo: Shark Tank
After the startup's presentation, investor Bui Quang Minh (Minh Beta) - Chairman of Beta Group - highly appreciated this fabric combination idea. "Very potential, not many countries have this special combination: balancing low production costs and high skills. Therefore, I offer 300,000 USD for 40% of shares".
After discussing with his partner, Mr. Antonio De Torres wanted 350,000 USD for 25% of the shares. Shark Minh said: "What I expect is the current revenue from the bespoke line, more than 600,000 USD a year. In case we value your company at 1 million USD, that is 350,000 USD for 35% of the shares with the condition: next year's revenue from bespoke must reach at least 800,000 USD".
The founder of ADT immediately posed the opposite question: "With 35%, what do you bring to us so that we can explode and make the brand stronger?"
Shark Minh responded to having consulted a similar business that went from zero to huge revenue and explained: "Now you can take a little less money. I still invest 350,000 USD but do two rounds. 200,000 USD for 20% of shares, then 150,000 USD after 24 months. Then I will take another 5% if the company reaches at least 300,000 USD with a new product for the mass market."
Mr. Antonio De Torres agreed to the above proposal. After successfully closing the first deal, Shark Minh joked: "From now on, ADT will have another free KOL, which is me."
Shark Minh is always cautious in every deal. Photo: Shark Tank
Businessman Bui Quang Minh was born in 1983, received a full scholarship from the Australian government, graduated with an MBA from Harvard University, USA. In addition to his role as chairman of Beta Group, he is also a singer, musician, actor, and made his mark with the works Vietnam Oh and Vietnam Oh! Beat Covid .
(Source: Beta )
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