What Happened to Frameri After Shark Tank?
What is Frameri?
Frameri was a Cincinnati-based online eyeglass company that allowed customers to buy lenses and frames individually in a variety of shapes and colors.
Konrad Billetz created and leads Frameri Eyewear. Billetz received his first bachelor’s degree in biochemistry from Boise State University in 2009.
After receiving a Master of Business Administration from the University of Notre Dame in 2013, he co-founded Frameri Eyewear with co-founder Kevin Habich.
Rather of having to buy their glasses pre-assembled, Frameri provided the convenience of changing lenses to get the desired look.
Who is the founder of Frameri?
Konrad Billetz created and leads Frameri Eyewear. Billetz received his first bachelor’s degree in biochemistry from Boise State University in 2009.
He then earned a Master of Business Administration from the University Of Notre Dame in 2013, where he co-founded Frameri Eyewear with co-founder Kevin Habich shortly after Frameri’s founder and CEO, Billetz, began wearing glasses at the age of eleven after being shot in the eye with a BB gun by a friend.
He had grown dissatisfied with his eyewear selections over the years and wanted to launch a business that would solve his problem.
The majority of Frameri is component-based eyewear. Lenses and frames are supplied separately, and lenses may be exchanged for a range of various frames to get the desired style.
Although it looks to be a simple concept, glasses had to be purchased pre-assembled for many years. Frameri frames are made at a small, family-owned factory in Italy, while the lenses are made in Cincinnati.
Each lens is anti-UV, scratch resistant, and has an Anti-Reflective (AR) and an Electro-Magnetic Interference (EMI) coating. Each frame and lens sets you back $100.
The business secured $750,000 in venture capital in June 2014. Their main challenge is convincing people of how simple it is to replace the lenses.
What happened to Frameri’s proposal on Shark Tank?
Given the high inventory and heavy nature of the eyeglass market, Frameri is most likely looking for a Shark to fund inventories and provide guidance.
Konrad and Kevin entered the Shark Tank seeking $150,000 offer in return for a 3.5 percent stake in Frameri, valued at $4.3 million. They established the company to make it simple to switch out eyewear styles.
They show how easy it is to replace the lenses and how to sell their product. The price of a six-pack of glasses is $500.
Daymond wonders why they place such a high value on the company. Kevin thinks that they will be crushed by a huge manufacturer. Lori feels the patent has already been applied for.
The fellas show off their virtual reality try-on abilities. They say the frames will be $27 and the lenses will be $10. They got $70,000 in pre-order purchases, so Daymond feels they are only in the Tank for publicity.
Konrad and Kevin claim to be here to reach an agreement. Lori is concerned about the fact that they are unfamiliar with the items.
The gentlemen are searching for help in creating a brand. Kevin is interested about how much money they have on hand, and they estimate that they have about $38,000 every month for the next 24 months.
Daymond is leaving. Lori like the spectacles, but not the unproven and unknown component of the industry in which he is involved. Robert likes the goods, but he is disappointed with their degree of experience, so he exits.
Mark expresses an interest in the possibility for a valuation increase as well as the source of their client acquisition. They claim to be going to do a lot of public relations, but Mark feels their strategy is vague and exits.
Kevin claims that he can help them reduce customer acquisition costs and offers them a $150,000 loan. Kevin receives a $25 reimbursement for each client until he recovers $450,000, at which point he keeps 3.5 percent stock shares.
The boys are adamant about not giving up royalties and declining the offers, forcing Kevin to declare that they are dead to him and they both leave the pitch without a deal.
What Became of Frameri After Shark Tank?
Despite the fact that Conrad and Kevin refused the offer, they look to be doing well on their own following the pitch.
They got government financing and hired an ex-employee of Luxottica, the world’s largest eyeglass producer.
Their website was up and running in 2017, and they appear to be taking orders. They both began different businesses when the company closed its doors in January 2018.
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Frameri’s competitors
Zenni Optical, Glasses USA, Eponym, Framedirect, Werby Parker, Coastal, and Miami University are among the competitors.
Frameri’s Net Worth
The firm was valued at $4.3 million during and after the Shark Tank pitch. Because the corporation is no longer in existence, the net value of the company has remained unknown since that time.
Frameri FAQs
How can I buy the lenses?
Little is known of Frameri’s business practices, but it is known that they do not manufacture their own lenses.
This makes it likely that they either sell the lenses separately or use a third party distributor to supply them. It is also possible that they use an online retailer to provide the lenses.
How much did Frameri glasses cost?
Frameri frames and shades were sold in six-packs at $500, and each lens costs $10 plus tax and shipping fees.
What was Frameri made of?
Frameri eyewear is made in Italy by a family-owned factory, while the lenses are made in Cincinnati by a third party supplier.
What is Frameri’s customer acquisition strategy?
Frameri Eyewear had probably been focusing on referrals and word of mouth advertising to grow its business. Because their eyewear is directly marketed towards a secondary industry, it may be difficult for them to attain large quantities of customer acquisition without placing high-level effort into search engine optimization and traditional advertisement campaigns.
Was Frameri shipping their products?
Due to the high costs involved with shipping the frames and lenses, Frameri’s business may have been focused on holding back their inventory from customers. This would have been difficult to implement because of the location of the factory and outsourced lens manufacturer.
What was Frameri’s target market?
Frameri Eyewear’s target market is likely composed of consumers who were also vertically focused in their industry. Although Frameri does not manufacture their own products, they do offer starter kits that allow customers to build their own collection of frames and lenses.
What was Frameri warrant?
Since Frameri Eyewear’s tagline is “prescription eyewear with a twist,” it appeared likely that they would offer products in the same price range as their competitors. This may have influenced the sharks to judge their warrant cheaply.
Were Frameri glasses counterfeit?
Frameri may have been working to focus on direct-to-consumer marketing of their products, which would have made them difficult to counterfeit.
Was Frameri a scam?
Frameri appeared to be a legitimate business because they were being held up by Kevin and Conrad, who were little known within the eyewear industry. Their products were also good and may have attracted customers that other companies could not reach.
What was Frameri’s revenue?
Unfortunately, this has not been confirmed, but it is likely that they had not been generating many sales because of their varied distribution network and competitive prices.
Was Frameri an optical business?
Frameri Eyewear was indeed an optical business because they were attempting to enter into a traditionally dominated industry.
They aimed their marketing efforts directly at opticians and refractive surgeons, attempting to take advantage of their existing market share.
