Legacy Shave Net Worth 2024 Shark Tank Update
Legacy Shave’s net worth is $6 million as of 2024. Legacy Shave makes $1.9 million in annual revenue in sales from its online store and other platforms. In November 2022, they appeared on season 14, episode 7 of Shark Tank USA, and made a deal with Lori Greiner for $700,000 for 95% equity. The final valuation was $736k, down from the founder’s initial estimate of $3 million. According to stats, Lori Greiner has made at least $5.7 million by investing $700k. As of 2024, Legacy Shave is still in business. But how does Legacy Shave reach this much net worth after Shark Tank? Let’s find out more.
Legacy Shave Net Worth 2024
| Net worth | $6 Million |
| Annual Sales Revenue | $1.9 Million |
| Profits | $550,000 |
| Lifetime sales | $4.8 Million |
| Investor | Lori Greiner |
| Founder | Mike Gutow and Dave Gutow |
| Employees | 5 – 25 |
Legacy Shave has a net worth of $6 million as of 2024. The company made $96,000 in sales in a year when it appeared on the show. However, Mike and his family invested $400,000 to start the company.
Also, the company has sold over 100,000 units and earned around $1 million within five years before appearing in the show.
Legacy Shave’s founders, Mike Gutow and Dave Gutow, have a net worth of $300,000 as of 2024.
Legacy Shave sales and revenue
Legacy Shave’s sales were reportedly quadrupling in the week following the episode. This initial surge helped the company achieve over $1 million in gross sales by November 2022, and it doubled in 2023. As for the end of 2023, Legacy Shave’s monthly revenue is around $170,000.
Legacy Shave secured a strategic partnership with Dollar Shave Club in early 2023, gaining access to a broader audience and distribution channels.
This collaboration is estimated to have fueled significant revenue growth, although exact figures remain undisclosed. During Father’s Day in 2023, they experienced a 30% increase in sales compared to the previous year. Similarly, holiday seasons like Black Friday and Cyber Monday have consistently brought sales jumps.
Net worth timeline
| Net Worth 2024 | $6 million |
| Net Worth 2023 | $1 million |
| Net worth valuation in 2022 after appearing on Shark Tank | $736K |
| Net worth valuation in 2022 before appearing on Shark Tank | $3 million |
How much did Lori Greiner make from Legacy Shave?
Lori Greiner, the “Queen of QVC,” saw potential in Legacy Shave when they appeared on Shark Tank in 2022. She offered $700,000 for a 95% equity stake in the company. Legacy Shave reportedly surpassed $1 million in gross sales by November 2022, and it was doubled in 2023.
When considering Legacy Shave’s net worth and Lori Greiner’s equity investment, she has made nearly $5.7 million from the Legacy Shave deal.
Competitors of Legacy Shave
Few brands emerged with products with similar features. Here are the most popular alternatives for Legacy Shave: Dollar Shave Club, Wet Shave Club, and Proactiv® Shave Club.
Legacy Shave Shark Tank Update
| Legacy Shave’s Current Net Worth (2023) | $6 Million |
| Episode | Season 14 Episode 07 |
| Company name | Legacy Shave |
| Product | Shaving Cream can and attachable shave brush |
| Founder | Mike Gutow and Dave Gutow |
| Asked for | $300K for a 10% Equity |
| Final deal | $700K + a royalty of 3% of net sales in perpetuity for 95% of the company |
| Shark | Lori Greiner |
| Business status | In Business |
| Location | Royal Oak, Michigan |
Mike accepted the deal of $700,000 from Lori Greiner at the Shark Tank. Lori received about 95% of the company shares. Many fans had a different idea about Loris’s decision to buy the company.
However, Legacy Shave received many new customers soon after the show aired. The company also got a chance to be featured in a QVC show a week after its Shark Tank appearance.
With that, they sold over 2500 units and gained new customers. However, the company’s social media had no updates after last December. And the product was out of stock at many stores, including Amazon, by April 2023. However, the company’s official site is still actively selling the product.
According to online records, Legacy Shave is still in business in 2024. Also, it was featured in famous shows like Good Morning America and Today Show. And with the popularity of Shark Tank, it was featured in the QVC show.
Followingly the company introduced a Shark Tank Special product after the show. Even though their social media is updated infrequently, the official site still sells the product.
Don’t miss these products from Season 14
What is Legacy Shave?
Legacy Shave is a modern shaving cream brush with a shaving can. It comes with brush-lathering technology. So, the technology lifts and stimulates hair follicles, giving the users “The Ultimate Shaving Experience.”
It helps users get the cleanest and closest Shave. Also, it makes it easier to apply shaving cream to the face. And this reduces the waste of shaving cream every day.
It was a successful Kickstarter campaign and got attention from many, with many positive responses.
Legacy Shave Founder
Mike Gutow is the founder and owner of the Legacy Shave Company. He is a graduate of Michigan State University. He started Legacy Company in 2016.
He had been interested in creating this shaving brand for years, and his first attempt was unsuccessful.
And he worked with several big companies, including his management firm Gutow Management. After his father’s death, he launched his new company with his brother Dave. However, appearing on Shark Tank was the turning point of his life.
FAQs
Legacy Shave is still in business in January 2024.
It made $1.9 million yearly in 2023.
Lori Greiner invested in Legacy Shave.
Legacy Shave had $550000 last year.
According to the equity she has in the company, She earned nearly $5.7 million from Legacy Shave.
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Responses