Lion Latch Jewelry Tote is a double-layered rigid plastic container to store jewelry. It appeared in the Shark Tank season 13 episode 1. Lion Latch, Lerin Lockwood entered the show with the hope of $150,000 for 15%. And the company now has a net worth of $800,000 – 1 million in 2023.
- 1. Lion Latch Jewelry Tote Net Worth in 2023
- 2. What is Lion Latch Jewelry Tote?
- 3. Who invented the lion latch?
- 4. What happened to Lion Latch Jewelry Tote in the Shark Tank
- 5. Lion Latch Jewelry Tote SHARK TANK UPDATE
- 6. What happened to Lion Latch Jewelry Tote After the Shark Tank
- 7. Competitors off Lion Latch Jewelry Tote
Lion Latch Jewelry Tote Net Worth in 2023
Here is an update on Lion Latch Jewelry Tote’s net worth so far.
|Lion Latch Jewelry Tote’s Net worth before appearing on Shark Tank
|1 Million USD (business valuation)
|Lion Latch Jewelry Tote’s Current Net worth (2023)
|$800,000- $1 million USD
Lion Latch Jewelry Tote’s founder Lerin Lockwood has a net worth of 600,000 USD as of 2023.
What is Lion Latch Jewelry Tote?
‘Where to put my valuable belongings while I’m working out?’ is a problem for all sporty souls, but no more. Thanks to Lion Latch the problem was solved.
Lion Latch is a double-layered rigid plastic container to store jewelry sade and securely while you are working out.
Who invented the lion latch?
Lerin Lockwood is the founder of Lion Latch. Lerin is a high school teacher and she is a coach. Lion Latch is her invention to solve the problem she has faced due to the need to frequently remove her engagement ring while she’s coaching.
What happened to Lion Latch Jewelry Tote in the Shark Tank
Lerin came into shark tank offering 15% equity of her business for $150,000. Her presentation started by explaining the sorrow of losing jewellery. Sharks seems to understand the need for such a product and started checking the sample following Lerin’s demonstration.
As per the business stats of Lion Latch, the business has made over $530,000 for the past five years and out of it $230,000 was made in the last year.
The cost of the product is $1.5. The wholesale price is $5 and the retail price is $10. Lerin seeking an investment to establish a proper manufacturing mode. She has quit teaching and allocated her full potential to the business.
Kevin doesn’t like to hear the jabs noise occur once the locker plates are moving, hence he said ‘Out’. Mark says he can’t see the gravity of Lion Latch. Probably the business won’t make $20-$50 million. ‘I’m Out’, so was Emma.
Lori believes Lerin does not need a shark to solve her manufacturing problem. Hence she says she’s out and the business is too small for Barbara. So she said ‘Out’.
Lion Latch Jewelry Tote SHARK TANK UPDATE
Lerin Lockwood has offered 15% equity of her business Lion Latch for $150,000. She has stated explaining the need for the product and the sharks seem interested. Lion Latch has a 70% profit margin from wholesaling, and 170% from retailing.
However, due to gravity, the scope, and the sustainable nature of the business, sharks have placed doubts. Hence, Lion Latch was unable to win a shark tank deal.
What happened to Lion Latch Jewelry Tote After the Shark Tank
Lerin started Lion Latch with a booster campaign and after that, she has made rapid growth in her business. In March 2020, Lion Latch was aired on ‘Good Morning America’ and it has boosted both the reputation and the sales of the business.
After that Lerin expanded Lion Latch product varieties. Lerin has offered nine different colors to choose from in both universal and custom-made name-branded varieties. So her product was solid with a firm customer base.
Even though Lerin was unable to secure a shark deal, her sales jumped up after the premier date of the Lion Latch episode. She has further expanded Lion Latch product varieties. Now they have jewelry cases for travelers and sports fans.
Furthermore, the company is still in business with a growing social media fan base, especially for Lion Latch on Facebook and Lion Latch on Instagram. The net worth of the business is valued at $800,000- $1 million in 2021.
Competitors off Lion Latch Jewelry Tote
The Carabiner Jewelry Holder is the main competitor of Lion Latch.