While European women go out of their way to highlight their curves, Indian women often go in the opposite direction as they try to hide the natural shape of their bodies, observed mother-daughter entrepreneur duo Lavanya Aneja and Kriti Anjea of clothing brand Lea, sparking intrigue among the Sharks on a recent episode of Shark Tank India. They pitched their company, Lea Clothing Co, as a brand that “celebrates women of all shapes and sizes.” The sharks looked immediately impressed, setting the stage for yet another interesting episode of Shark Tank India Season 3. The pitch culminated with boAt CEO Aman Gupta feeling a sense of FOMO, as he watched his fellow Sharks engage in negotiations without him.
Introducing the brand’s products to the judges, Lavanya said that one of Lea’s USPs is that it has developed a proprietary sizing chart for Indian bodies, which range between the sizes of XS and 5XL, “so that women feel confident in our clothes.” The pitchers further introduced their sister brands — Saanjh by Lea and L’ange by Lea, which produce ethnic wear and swimwear/lingerie, respectively. The pitchers asked the Sharks for Rs 1 crore for 2 per cent equity, with the valuation set at Rs 50 crore, shocking Shaadi.com CEO Anupam Mittal.
As the episode progressed, the Sharks also poked fun at Lavanya for calling her mother “Kriti ji” and not “Mummy,” to which the pitcher responded, laughing, that it had become a habit.
When Sugar Cosmetics’ CEO Vineeta Singh asked Lavanya how she managed to float three establishments in such a short span, Lavanya said that their products have been receiving good responses, emphasising that women were buying Lea’s corsets with the intention of wearing them with sarees and lehengas too. She added that 75 to 80 per cent of their products are corset-based, which further impressed the Sharks.
The pitchers also informed the Sharks that while Lea’s average selling price was Rs 6,900, the garments under the Saanjh label cost between Rs 12,000 to 13,000. She further mentioned that while their initial investment was Rs 25 lakh, Lea broke even in four months, became profitable, and has been ever since, making the Sharks jaws drop. Breaking down their business, Lavanya said they made sales amounting to Rs 60 lakh in February 2024, adding that they witnessed net sales of Rs 3 crore in the fiscal year 2022-23.
Lavanya also outlined specific areas where she intends to allocate funds from the Sharks, including performance marketing, increasing inventory and establishing retail partnerships with multi-brand outlets. They further introduced the Sharks to their upcoming innovation, the ‘Lea virtual trial room’.
As the discussion ended, Mittal was the first one to express that he was impressed with their venture and offered Rs 1 crore but for 4 per cent equity. He also sought 2 per cent of sales as royalty until Rs 1.5x of his investment is recouped. Vineeta also joined Anupam and asked for 4 per cent equity. Taking the pitchers by surprise, Emcure Pharmaceuticals’ ED Namita Thapar and Inshorts CEO Azhar Iqubal also extended the same offer, mentioning that they are keen on joining in.
Despite saying that he loved their entrepreneurial spirit, Gupta backed out, stating that he wouldn’t be able to show much interest in their business.
Meanwhile, as the discussions were going on, Mittal altered the joint terms, and sought 6 per cent equity for Rs 1 crore. As the pitchers stepped out to discuss further steps, Gupta asked the judges, “Will she even listen to you?” In response, both Singh and Mittal supported Lavanya, saying “She’s a bit enthusiastic and energetic, but that’s not a problem,” dismissing Gupta’s ‘concern’ and effectively shutting him down.
Once they returned, Lavanya urged Mittal to roll back on the offer to Rs 1 crore for 4 per cent equity and to reduce the royalty to 1 per cent. Once Thapar raised the bar and said “Rs 1 crore for 4 per cent equity and 2 per cent royalty until Rs 1.5 crore is recouped,” the pitchers closed the deal with the four Sharks. As the episode concluded, Gupta said, “I am getting a bit FOMO sitting here alone,” cracking everyone up.
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