Underwear innovation startup, JustWears, featured on last night’s edition of Dragons’ Den, which saw co-founders Yang Liu and Alex Walsh negotiate terms to support their growing business. After two hours of negotiating, the co-founders finally made the decision to walk away, turning down offers from both Tej Lalvani and Toukar Soulyman. Instead, the company took their concept to a group of young backers and raised more than five times that amount from a new generation of millennial investors, including YouTube influencer Caspar Lee, to achieve their mission of solving men’s wellness issues by reinventing basic wears.
JustWears are bringing innovation to the men’s underwear category, with their signature double-pouch design which gives men more space and airflow where they need it most. The upper pouch allows quick-draw access, while the lower – made of high-performance mesh fabric – wicks away sweat and creates better air flow down under. What’s more, they use some of the softest fabric on the market, made from sustainably sourced Austrian beech trees.
On turning down Dragon cash, co-founder and CEO Yang Liu says: “We are so grateful to Tej and the Dragons’ Den team for inviting us on the show, and for making us an offer. However, when it came down to it, we wouldn’t have achieved what we have thus far without the continued support of our early investors so we needed to do a deal that would treat them fairly. What’s more – and as Sara’s comment highlighted – there is an audience of customers and opinion leaders who are more aligned with our business model, and can help take our brand to the next level.”
“We’re determined to prove that online-only businesses can thrive – particularly at a time of world crisis like we are currently experiencing, she adds. “By operating as a direct-to-consumer model, we have safeguarded the business; we are in a position to operate and support customers as and when they purchase underwear from us.”
