Deborah Meaden admitted to making one of the worst negotiating decisions of her Dragons' Den career after being impressed by an entrepreneur seeking investment for his ethical fashion business.
Entrepreneur Sam pitched his company Yes Friends, asking for £10,000 in exchange for a 2 per cent stake. The business aims to prove that ethical clothing does not have to be expensive.
Ethical fashion mission
Sam explained that Yes Friends was launched in 2021 with a sustainable and ethically produced £7.99 T-shirt, selling 4,000 units in one month. He said the company has since worked to challenge the idea that running a fashion business ethically is too costly.
Peter Jones questioned whether this approach differed from other modern clothing brands. Sam responded that the vast majority of brands are not paying living wages, despite factories claiming to do so. He referred to benchmarks from the Global Living Wage Coalition to support his point.
Unusual offer
Deborah was impressed by the product, the company's ethical mission, and Sam's knowledge. She said she loved everything about the business and described herself as his perfect dragon, before making an unexpected offer.
She offered £20,000 for the same 2 per cent stake, admitting it was the worst negotiating stance a Dragon could take. Sam accepted, even turning down a £30,000 offer from Touker Suleyman, who requested 25 per cent of the business.
Sam said he was 'amazed' by the offer, while Deborah described it as an 'ethical investment'. Dragons' Den airs on Thursday at 8pm on BBC One.
