After an unfortunate engagement ring incident, Lerin Lockwood created a small plastic tote to keep jewelry and other small valuables safe and secure. Did the former coach and teacher strike gold with her Shark Tank Season 13 pitch? Find out more in our Lion Latch update.
If you’re short on time, here’s a quick overview of what happened to Lion Latch after Shark Tank!
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Lion Latch appeared on Shark Tank Season 13 and left without a deal. Despite the lack of offers from the sharks, our Lion Latch update does have a happy ending — the company is still in business and has expanded its product line since Shark Tank to include new themes and colors. Additionally, Lion Latch recently became one of the first official TikTok Shops on the new sales platform, rapidly generating over 20,000 orders in the first three months.
Shark: Result: Kevin O’Leary No Offer Mark Cuban No Offer Emma Grede No Offer Lori Greiner No Offer Barbara Corcoran No Offer
Shark Tank Lion Latch Update
- Entrepreneur: Lerin Lockwood
- Business: Plastic ring holder
- Ask: $150,000 for 15% equity
- Result: No deal
- Shark: None
With a strong opening showcasing the problem her product aims to solve. Lerin Lockwood’s pitch begins with an actress frantically searching for a lost wedding ring. The pitch is complete with flying garbage and dumpster diving. With a Lion Latch, Lerin says, you’ll never lose track of your important items again.
As the sharks examine her product, she earns some giggles from Lori Grenier by including a pair of hearing aids in Kevin O’Leary’s Lion Latch to help Mr. Wonderful with “his listening skills.”
After, she shares with the sharks the inspiration behind her ring holder. The idea originated when she lost her engagement ring’s diamond during softball practice.
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Vowing to not make that mistake again, she 3D printed a prototype of the holder. After seeing it, some of her players and co-workers asked her to make them one, and Lerin knew she had created something special.
Turns out, her friends weren’t the only ones interested in the idea, as Lion Latch has done $530,000 in sales over the past five years. In 2020, Lerin sold $230,000 worth of ring holders and profited just over $50,000.
With a low cost of $1.50 for manufacturing compared to the sales price of $5 wholesale and $10 retail, Lerin seems to have a good thing going.
She informs the sharks she needs a partner for manufacturing issues. She also shares that she needs help with packing and shipping.
All sharks agree Lion Latch is great for Lerin, but none believe it is scalable. Starting with an overly enthusiastic decline from Kevin, each of the sharks eventually goes out.
Mark Cuban doesn’t believe that Lion Latch can reach enough sales to draw him in and dropped out.
Guest shark Emma Grede says she admires Lerin’s tenacity and presentation but isn’t interested in the specific product.
Although she doesn’t see Lion Latch as an investable business for herself, Lori offers her some advice. She tells Lerin to find a reliable manufacturer and watch the business take off.
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Barbara Corcoran also admires Lerin’s determination and entrepreneurial spirit, calling her a “dog on a bone”. However, she doesn’t personally want to invest in the product.
Despite not getting a deal on Shark Tank, our Lion Latch update is a happy one. Lerin shared on Instagram that she took Lori’s advice and found a good manufacturer in her home state of Texas.
She also notes that she’s received lots of kind emails from teachers and words of support to “keep the sales coming!” So, it looks like Lerin is going to be just fine without a shark.
In a recent Lion Latch update, the company became one of the first businesses to operate on TikTok Shop. Using the social media platform’s new e-commerce integration, they brought in more than 20,000 new orders in just the first three months.
As Lerin shares on the Lion Latch website, while not getting a deal on Shark Tank was disappointing, she also considers it “one of the biggest blessings.”
The company has recently moved from a studio to an official headquarters, and Lerin continues to share her knowledge and experience through panels and speaking engagements.
Check back for more Lion Latch updates, and find out what the other companies featured on Shark Tank Season 13 Episode 1 have been up to since their pitches:
- Kin Apparel Update
- Uprising Food Update
- Pashko Apparel Update
For more on Shark Tank Season 13, be sure to check out our Season 13 products page.
Source: https://t-tees.com
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