When he walked onto the Shark Tank Australia stage, Glossy Boys co-founder Lucas Lane became the youngest entrepreneur to ever make a deal on the show. In a surprise to investors and viewers alike, Lane also proved himself as one of the most ambitious entrepreneurs featured to date.
Episode two of Shark Tank Australia’s latest season, which aired Tuesday, exposed viewers to Glossy Boys — an all-in-one gel nail polish pen marketed at boys and men, in contrast to the countless products targeted at a traditional female audience.
“Glossy Boys is created to encourage guys to celebrate self-expression, but made super easy,” Lane, 13, told SmartCompany this week.
“So if you want to send a message, style your gear or create some art, we are for you.”
The young entrepreneur founded Glossy Boys with his mother, Breanna Lane, in 2021.
Two years later, and with $67,000 in sales to their name, Lucas and Breanna fronted up to the Shark Tank Australia panel in the hopes of challenging the nail polish incumbents on a massive scale.
While the cosmetics industry is becoming more accessible to men, nail polish options are lagging behind, the pair said.
That new market may also require new solutions: instead of applying a base coat, a colour, and a protectant layer, Glossy Boys theorise male consumers may prefer a one-and-done solution.
With a well-rehearsed pitch out of the way, the pair sought $25,000 in investment in return for a 5% stake in the company.
Three sharks bit. ShowPo founder Jane Lu offered $25,000 for 10%, only to be countered by Oodie mastermind Davie Fogarty, who proposed a $50,000 investment for a 25% stake.
Catriona Wallace made it a three-way fight, countering the other two Sharks by offering Glossy Boys’ original proposal of $25,000 for a 5% stake.
Faced with three offers, Lucas and Breanna briefly convened, before serving up a bold counter-offer.
The company would accept a joint contribution of $50,000 between Lu and Fogarty for a total of 15% equity, effectively giving each Shark a 7.5% stake.
In addition, Glossy Boys would take Wallace’s $25,000 for 5%.
The proposal, which effectively charged Wallace more for her equity, caused an instant uproar from the panel.
“Wow, you are a Shark!” said panellist Robert Herjavec.
With Lu and Fogarty in support, the final decision came down to Wallace.
“Fair enough, I’ll put my money where my mouth is,” she said, greenlighting the daring proposal.
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The uneven deal was a “bit Shark-y”, Breanna told SmartCompany but said having three new investors on the team fits in with Glossy Boys’ broader ethos.
“Why wouldn’t we have a totally diverse range of investors, in background and skills? Why not all three?” she asked.
The trio of investors, combined with the leadership of herself and Lucas, gives Glossy Boys expertise in e-commerce sales, marketing, product development, logistics and strategy experience, she added.
Now, Glossy Boys will fine-tune its customer experience and logistics strategy, while continuing to work with overseas suppliers.
“We have a trip planned to meet [in person] with a number of our suppliers which makes us smile every time we think of it,” Breanna said.
“We can’t wait!”
For Lucas, signing off on the deal has fast-tracked his entrepreneurial education.
“It’s been super cool, ’cause Cat is like Whatsapping from mountains and stuff, and Davie is in his beanie in Radelaide, he tells it straight,” he said.
“Jane is amazing, I mean she even smiles looking at spreadsheets! It’s impressive.
“None of them treat me like some kid. They look me in the eye, give me some rad advice and never speak down to me.”
“Lucas continues to get more impressive as he surrounds himself with more skilled operators,” Breanna added.
“And now, imagine the future, I mean his crew is the ‘Glossy Sharks’: Catriona Wallace, Jane Lu and Davie Fogarty; Australia’s brightest and most talented entrepreneurs.”
Read more about Shark Tank Australia here.
Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
