Among the modern brands that come to save the environment and their respective products, Long Wharf has been a significant milestone. Long Wharf was a name that came to the attention along with the Shark Tank. But, they have been contributing to a green ocean with their sweaters since 2016.
What is Long Wharf sweaters?
Wharf sweaters are the major products sent to the market by the Long Wharf co. They are made of a soft blend of recycled oyster shells, recycled water bottles, and natural lambswool. They state that the purchasing of their bit-expensive sweaters could save the ocean as well.
Who is the founder of Long Wharf?
Michael Lamagna is the founder of the Long Wharf who formed the company in 2016. Mike is a graduate of Merrimac College in Finance. He and his sibling Lauren participated in the Shark tank as the founders of the company.
What happened at the Shark Tank
The start of the program commenced along with a statement of Kevin O’Leary saying, “Don’t cry for money as it doesn’t cry for you.” The fish tank episode 02 of season 13 started with the participation of several companies such as Songlrious, Muteme, and Proper Good meals. But, the Long Wharf Supply Company was one of the main concerns from the beginning. What they wanted was $375,000 for 15% equity of the company.
The two siblings started to explain their intentions of the Long Wharf, cleaning the oceans, recycling the oyster shells, and manufacturing sweaters. 50% recycled material and 40% plant-based viscose are used in the content. Also, they mentioned that they would have to spend $22.50 to $33.50 to produce a sweater. When it comes to the price they sell, a price ranges from $128 to $158 would be charged from the customers.
Peter came up with some important questions as he asked “I like the idea, but I have some questions to be answered and problems to be sorted out. The Lauren’s equity issue and the increased valuations are the issues to me,” said Peter. What Peter wanted to get from Mike and Lauren was to give $375,000 for 45% of the equity. Although Peter insisted that he was the only person who could take the business into the global market, Mike wanted to close the deal for 20% of the equity for $375,000, which did not work in the end.
Long Wharf Shark Tank Update
Mike and Lauren have not accepted any offer from Shark tank. Therefore, they just had to walk out of the tank without a proper solution too. Long Wharf did not want to shake their tree. That was because they had the feeling that the company was going to increase its profit no matter the price they chose. The advice from Shark Tank was to drop the prices of their products which could result in millions.
More importantly, Long Wharf got the advice to reduce the price of their sweaters and increase the number of customers they have. But, in the tanks’ overall opinion, it was visible that the environment saving doesn’t have to be in the product description as people don’t care in their deep as well. Time has passed, and it is possible to see what has happened now.
What happened to the Long Wharf after the Shark Tank?
Long Wharf is selling its luxury and environmentally friendly products at an elevated price at present. Although they have not published the number of products they could sell since the shark tank, they seem to be doing just fine. Also, they are improving their thoughts on the environment as well. For example, their committed work on preservation projects for Puffins is going smoothly. As they state of themselves, they are clearing 15000 gallons of seawater every day, which has been able to bring an impression to the company.
Long Wharf Supply Co net worth
Long Wharf is a company that had a small commencement and a massive improvement within the shortest period. The company could reach the target of $400 million at the end of 2015, along with an additional $47 million. The approximate net worth of the Long Wharf Supply Co at present is around $500 million. Although they have not revealed it recently, it can be higher than that as well.
Competitors of Long Wharf?
Among the most competitive luxurious sweater manufacturing brands, Golden Goose, Gucci, Off-White, Saint Laurent, and the Row are crucial.
Long Wharf clothing is a clothing company that manufactures sweaters in luxurious condition. In addition to that, they manufacture bags and similar kinds of items. They recently took part in the Shark tank as well.
Michael Lamagna is the owner of the company, who is also the Founder of Long Wharf Supply Co. His sibling Lauren is also a part of the company.
They manufacture sweaters and other stuff such as hats, bags, and small goods in South Portland, Maine.
The Long Wharf supply company is located in New Hampshire.
No, they could not make a deal in Shark Tank Episode 02. Since Mike did not accept the only deal for 40% of equity for $375,000, the founder of the company, it did not happen.
The approximate net worth of the Long Wharf Supply Co at present is around $500 million