Poppy & Peonies

Natalie Dusome, from Penetanguishene, Ontario, sought $300,000 for 20% of Poppy & Peonies, a company selling trendy, affordable, and functional handbags and accessories that convert between styles such as a crossbody bag and a clutch. The bags are sold online and through a direct-sales, social-selling model using influencers who host in-home shopping events. Sales in the last 12 months were $1.1 million with a profit of $250,000 and a margin of 61%. The average order value is about $129, the return rate is around 40%, and influencers earn between $3,000 and $5,000 a month.

Arlene Dickinson, joined by Manjit Minhas and Michele Romanow, initially proposed becoming brand influencers who would earn equity only after delivering $300,000 in value, then shifted to a joint cash offer of $500,000 for 30% split among four Dragons including Lane Merrifield. Jim Treliving offered the original ask of $300,000 for 20%. Natalie Dusome resisted having multiple Dragons involved, wanting a single strategic partner, which led Arlene Dickinson, Lane Merrifield, and Manjit Minhas to withdraw. Michele Romanow then offered to do the deal alone at $300,000 for 20%, which Natalie Dusome accepted.

Poppy & Peonies is still operating and sells through its website.