March 21, 2022
@getsunflow/Instagram
Sales of the Sunflow beach chair have taken off since New Jersey couple Leslie Hsu and Greg Besmer began selling them began selling them direct-to-consumer in 2020. The couple recently appeared on ABC's 'Shark Tank' and earned a big investment.
Beachgoers at various U.S. destinations this summer may soon see others lounging in fancy new chairs and decide it's time to upgrade from the rickety furniture they've been lugging around for years.
Sunflow, a high-end beach chair designed by a couple from New Jersey, just got a major publicity boost and a $1 million deal after appearing on last Friday's episode of "Shark Tank."
Leslie Hsu and her husband, Greg Besner, pitched their product to the ABC show's panel of investors with the premise that beach chair technology has been stuck in time for decades. The Short Hills, Essex County couple began selling their Sunflow chairs at pop-up stores in New Jersey and New York in late 2020 and generated approximately $2.9 million in direct-to-consumer sales by the time the show taped last July.
The Sunflow chair touts easy portability with back pack straps and a button lock feature that neatly folds up the seat. The chair reclines to four different positions and can be purchased with add-on accessories such as a sun shade, drink holder and water resistant bag for personal items.
Hsu, the daughter of Taiwanese immigrants, grew up in Maryland and spent most of her career as a handbag designer and interior design professional. Besner, a Margate native, transitioned from his own consulting business to handle the marketing operations for Sunflow.
The couple's combined experience led them down a path to developing and prototyping the Sunflow chair for more than three years before it became available. At the time the show was filmed, the company had already sold 11,000 chairs and 44,000 total units including accessories. They were on track to grow 409% in 2021 and bring in $4 million. In 2022, the company set a $10 million goal.
The video below includes both the "Shark Tank" appearance and reactions from business strategist Joe Pardo, a New Jersey resident whose channel frequently analyzes "Shark Tank" deals and includes interviews with guests on the series.
Some of the "Shark Tank" investors initially balked at the Sunflow chair's $198 price tag, which doesn't even include the accessories. The couple countered that 60% of their customers purchase every single major accessory for the chair, which pushes the total price closer to $300 before tax.
The Sunflow chair also is intended for patios, pools, backyards, parks and other outdoor lounging locations. Hsu also told the investors that she's already developing a higher chair for tables and tailgate settings, as well as a table.
"We are building a beach brand," Besner added, projecting that the company would grow to $100,000 million.
Most of the sharks were skeptical about the sustainability of Sunflow's growth. Mark Cuban, Lori Greiner and Barbara Corcoran all praised the couple, but dropped out of the running. Guest host Daniel Lubetzky offered $1 million for a 22.5% stake in the business, which the couple felt was "far" from their ideal pact.
Kevin O'Leary went back and forth with the couple before they struck a compromise: $1 million for a 5% stake in the company and a royalty of $5 per chair up to $1 million.
Sunflow's core buyers are likely people who have plenty of extra cash to spend. Maybe they bought a fancy vacation home at an absurd price during the pandemic. That's the key to understanding the company's long-term potential. People will be happy to pay the hefty price tag for a durable product that communicates a certain kind of beach lifestyle, one that is several steps above rusty old chairs with cobwebs and sagging seats.
Don't be surprised if you start seeing Sunflow chairs pop up more and more at the Jersey Shore this summer.
