Joel Primus of Abbotsford turned down a deal with the “dragons” earlier this week.
Primus, president and CEO of the underwear company Naked Inc., appeared Wednesday with business partner Alex McAulay on the CBC TV hit show Dragons’ Den as a follow-up to his first appearance there in 2009.
The show involves budding entrepreneurs pitching their business ideas to a panel of five potential investors – called the “dragons” – for a shot at some of their money.
Two years ago, Primus was skewered on the show when he requested $150,000 for a 33 per cent share of his company, despite having had no sales of his underwear brand.
The following year, he was featured in a update segment on Dragons’ Den, showing that he had secured funding from investors and was about to celebrate the launch of Naked at 16 locations across B.C., Manitoba and Ontario.
Primus was invited back to Dragons’ Den this year in a “second chance” segment to again approach the dragons for funding.
This time around, he asked for $250,000 for a 17 per cent share of the company.
Four of the dragons were willing to ante up the funds for 50 per cent of Naked, to which Primus and McAulay countered with 25 per cent.
Dragons Arlene Dickson and Jim Treliving then came back with an offer of 30 per cent, which Primus and McAulay turned down.
“Trust me, if your business is everything you believe it to be, you’ll find the money at the price you want and you won’t have to sell your soul to a dragon,” Primus said afterwards.
He said Naked underwear has now expanded into the U.S. market, and its accounts include Holt Renfrew, Boys’ Co, Got Style and Kitson in L.A.