Carlo DiMeo loved his bear suit.
The former gym owner and software developer would don a grizzly getup at every ski hill. He loved the social side of the sport, and the costume made him a mountainside mini-celebrity.
Even though DiMeo, 35, enjoyed the fun, not all of his buddies were as wild about it.
“If we’re gonna stop, you gotta start to sell,” he recalled a friend saying to him one day, suggesting he capitalize on the popularity. “You’re having 50 different conversations before we get out of the parking lot.”
So, in 2020 the Boulderite founded Wildcoat as an animal-themed jacket company.
DiMeo said he hopes to do about $2 million in sales this year, up from $700,000 of revenue in 2024, his first profitable year.
Late last year he bagged a $300,000 investment on the TV program Shark Tank.
In an episode that aired in December, DiMeo went into the tank asking for $350,000 for 10 percent in his faux fur coat company, which makes more functional versions of his beloved bear costume that sell for $460.
Though he ultimately got the cash from Robert Herjavec – an original shark and cyber-security entrepreneur – he had to give up 23 percent of Wildcoat for it.
This is the first outside investment for Wildcoat. DiMeo and his co-founder put in a combined $185,000 to start the business.
The 23 percent figure allowed Dimeo to maintain half of the company, something he went into the show wanting to keep.
“It’s my baby and my business in the day-to-day,” he said. “Even working with the sharks, I’m the one in the trenches.”
Though the deal is still being finalized, DiMeo went with Herjavec, an investor in snow suit company Tipsy Elves, because he felt he understood the brand. He had an identical offer on the table with shark Daymond John, but the FUBU founder wanted to take Wildcoat in the licensing game instead of honing in on its own offerings.
“Robert’s vision was to keep the brand strong and keep doing what you’re doing. Just keep it tight and keep more visibility on the brand,” he said. “We don’t wanna dilute it too much and jump into too many things.”
Wildcoat’s jacket has seven pockets, detachable sleeves and mittens and a hood that goes over a helmet. DiMeo said that the outerwear is similar to other comparably-priced gear, making it an option for the coldest of powder days.
Since starting with grizzly and polar bears, Wildcoat’s stable has grown to include a black bear, panda, several types of wolves, a buffalo and a tiger. The coats are sewn in China.
“It’s kind of a novelty coat,” he said. “But once you try it on, you go ‘this is really nice too.’”
While primarily depending on Google and Facebook ads to sell during its first couple years, Wildcoat has shifted to more events to showcase its gear in person. He and his team go to mountains in Colorado and Utah every weekend, and they also strutted around several football stadiums throughout last season.
When they go to a Bills or Colorado game, the buffalo coat comes out. In Cincinnati, DiMeo chats up Bengals fans wearing a tiger striped shell. Chicago gets DiMeo back to his grizzly roots when walking around a Bears’ tailgate.
The plan is to ramp up those appearances. An eagle jacket went on pre-order this week, too, so DiMeo is a safe bet to fly into the home of the Super Bowl champs with a birdly Wildcoat.
As more coats sell, Dimeo believes that will create a snowball effect.
“There’s a lot of billboards in our customers. The people who buy it don’t mind attention,” he said. “Most of our reviews are about how nice and warm they are and how fun they are, because you really are a celebrity on the mountain.”
Wildcoat makes the vast majority of its sales from its website, but DiMeo said they are in two Lake and Company ski shops in Minnesota. He plans on getting into more similar stores this year.
Even though he’s gotten requests to make animal pants, boot covers and lighter coats, Wildcoat plans to focus on its main line, Dimeo said. The brand will add kids sizes this year, and, along with the new eagle design, he said a lion will go on pre-order next week.
“They’re fun coats,” he said. “And they’re really functional.”
Story via BusinessDen
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