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Lion Latch Shark Tank Update

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Lion Latch is a product made from hard plastic. Lion Latch is a two-piece container to store jewelry pieces while working or playing a sport. Lion Latch also comes with a carabiner that can be attached to a gym bag, key chain, handbag, or anything else.

An individual can also use Lion Latch for promotional activities, such as customizing the top of the box by printing a company’s logo. Lion Latch is available for sale on the company’s official website and on Amazon. Theon product is made in Texas and it protects jewelry from scratches while performing outdoor activities.

Lion Latch at a Glance:-

IdeaExplain in one line
FoundersLerin Lockwood
Asked For$150,000 for 15% equity
Accepted DealNo Deal
SharksNo sharks
Business statusIn Business
Episode No.Season 13, Episode 1
WebsiteLion Latch
Buy on AmazonBuy Now!

Index:

Who are the founders of Lion Latch?

Lerin Lockwood is the founder of Lion Latch. She is a high school art teacher and coach. She usually removes her rings and earrings while playing sports. One day, she caught a softball during a game and she felt a painful sensation in her finger. She removed her gloves to check the cause of the pain and found that her engagement ring was bent and a stone was missing.

She found the business in 2015 and launched business through a Kickstarter campaign raising $14,592. In March 2020, appeared on Good Morning America and that made her business successful. She just needed a shark’s help to make her product reach the retail stores.

Did Lion Latch get a deal on the Shark Tank?

Lerin Lockwood came on the Shark Tank seeking an investment of $150,000 for 15% equity in exchange for his business. Lerin brought a model with her and she played a demonstration about losing her ring and getting it back. Sharks were dazzled by the working concept as its problem. Lerin opened the numbers of sales worth $530,000 she did in the last five years, $230,000 was disclosed as previous.

Lerin needed shark expertise to support them, especially him in the manufacturing section. Kevin O’Leary was the first shark to move out as he had some back and go back-and-forth. Mark Cuban said he didn’t find it a scalable business and went out. Emma said she was not very interested in such a type of business and went out.

See also  Afresheet Shark Tank Update

Barbara Corcoran loved the attitude of Lerin but she also felt it was not scalable and moved out. Lerin was disappointed and said she could handle the manufacturing department on her own. All the sharks went out and no deal was placed on the table. Lerin came on the show with her gratitude and went out with an attitude.

What happened to Lion Latch after the Shark Tank Show?

On the show, Lion Latch walked out of Shark Tank without any deal. After the show, founder Lerin took the advice from Lori Greiner seriously and found a great manufacturer in her hometown, Texas. She made a profit of $50,000 in 2021. She quit her job as a teacher and coach to work full-time many and of her ex-colleagues still support her business. 

During the show, they came up with a valuation of $1,000,000. After the show, They emailed her to keep going and not stop selling them the products because they love them and need them. Lerin has also added variations to the original product because the demand for the product increased after it appeared on Shark Tank. 

Lion Latch before the show had total sales of $530,000 and currently, they are m, making $1 million annually. It cost $1.50 per unit.  They wholesale it for $ 5 and retail it for $10 and have 9 different color options. Lion Latch now comes in a sporty design, Lion Latch with logos of sports, and also a travel jewel case.

Competitors of Lion Latch are:-

  • Dooney
  • American Eagle
  • Rebecca Minkoff 
  • Michael Kors
  • Coach

What is the net worth of the Lion Latch?

The estimated net worth of Lion Latch is between $800,000 to $1 million. The valuation for the show was $1,000,000 as per the founders.

Is Lion Latch still in business?

Lion Latch is still in business and breaking the hurdles in its path. its Latch followed the advice of Lori Greiner, which helped the managed stability of her business. As of 2022, they are putting all their efforts to survive in the market.

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FAQs:

What is Lion Latch?

Lion Latch is a product made from hard plastic. Lion Latch is a two-piece container to store jewelry pieces while working or playing a sport. Lion Latch also comes with a carabiner that can be attached to a gym bag, key chain, handbag, or anything else.

Who founded Lion Latch?

Lerin Lockwood is the founder of Lion Latch. She is a high school art teacher and coach. She usually removes her rings and earrings while playing sports. One day, she caught a softball during a game and she felt a painful sensation in her finger. She removed her gloves to check the cause of the pain and found that her engagement ring was bent and a stone was missing.

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