Long Wharf was a name that came to the attention along with Shark Tank. But, they have been contributing to a green ocean with their sweaters since 2016. This article will briefly describe Long Wharf, its owner, and the Shark Tank update after the particular episode.
What are Long Wharf sweaters?
Wharf sweaters are the significant products sent to the market by Long Wharf co. They are made of a soft blend of recycled oyster shells, recycled water bottles, and natural lambswool. They state that purchasing their bit-expensive sweaters could save the ocean as well.
Who is the founder of Long Wharf?
Michael Lamagna was the founder of the Long Wharf, who formed the company in 2016. Lamagna is a graduate of Merrimac College in Finance. He and his sibling Lauren participated in Shark tank as the company’s founders.
What happened at the Shark Tank
The Shark tank episode 02 of season 13 started with the participation of several companies. 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 for the Long Wharf, cleaning the oceans, recycling the oyster shells, and manufacturing sweaters.
50% recycled material and 40% plant-based is used in the content. Also, they mentioned that they would have to spend $22.50 to $33.50 to produce a sweater. Regarding the price, they will charge fees ranging from $128 to $158 from the customers.
Peter wanted Mike and Lauren 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.They had to walk out of the tank without a proper solution. That was because they felt that the company would increase its profit no matter the price they chose. The advice from Shark Tank was to drop the costs of their products which could result in millions.
More importantly, Long Wharf got 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.
What happened to the Long Wharf after the Shark Tank?
Company 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 themselves, they are clearing 15000 gallons of seawater every day.
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 $4 million at the end of 2015. The approximate net worth of the Long Wharf Supply Co is around $5 million. Although they have not revealed it recently, it can also be higher than that.
Read what happened to Long Wharf Supply Co.’s worth and net worth update here.
Competitors of Long Wharf?
Golden Goose, Gucci, Off-White, Saint Laurent, and the Row are crucial among the most competitive, luxurious sweater manufacturing brands.
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 Shark tank as well.
Michael Lamagna is the company’s owner and 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 them for 40% of equity for $375,000.
The approximate net worth of the Long Wharf Supply Co is around $5 million.