What Happened to Lion Latch after Shark Tank?
What is Lion Latch?
The Lion Latch is a device that provides clients with a safe place to store their jewelry while exercising or engaging in sports. It is constructed of two hard plastic components and may be used to store earrings, rings, necklaces, and pendants.
The Carabiner secures it without the need of zippers or fasteners. Users may then connect it to their keychain or gym bag to keep their valuables safe and secure.
The Lion Latch may be linked to a backpack, gym bag, or even a key chain thanks to the Carabiner. The Lion Latch not only securely holds earrings and rings at the gym or on the run, but it also functions as a pill box.
The Lion Latch was invented by Lerin Lockwood. Lerin is an art teacher who also coaches volleyball at Texas Eclipse Club Volleyball.
She earned a Master’s degree in Sports Management from the University of the Incarnate Word. In addition to running Lion Latch, she is the Rising Stars Youth Volleyball League’s Youth Volleyball Coordinator.
Who is the founder of Lion Latch?
Lerin Lockwood is the Lion Latch’s founder. Lockwood is a high school art teacher and coach. Lerin is an active woman who removes her earrings and rings before participating in sports.
She got the idea for her creation while catching a softball during a game. She found her engagement ring had been twisted and was missing a stone when she felt a sting on her finger and removed her glove to examine.
Many businesses begin by addressing a problem, and Lockwood found one: where to properly store jewelry when it is removed. She arrived at her now-patented design after testing with many ideas.
It’s a two-piece, hard plastic jewelry storage container. A Carabiner closes it, and you can then connect it to your key chain, gym bag, or anything you like.
She founded the company in 2015 after successfully earning $14,592 through a Kickstarter campaign. Storing jewelry can protect it from damage caused by dirt, scratches from fitness equipment, and other factors. In her native state of Texas, she makes the product.
In March 2020, Lerin was featured on Good Morning America, which blew up her firm. She sells the Lion Latch in nine different colors for $9.95.
They are also popular promotional items that you may personalize with your company branding. Currently, they are only available on her website and on Amazon.
What Happened to Lion Latch at Shark Tank pitch?
Lerin Lockwood wants to latch a Shark for Lion Latch, her solution for keeping jewelry safe while exercising or engaging in sports, in episode 1301. She wishes for the assistance of a Shark in getting entrance to retail businesses.
Lerin appeared on Shark Tank in seeking of $150,000 in return for a 15% stake in her company, which worth $1 million.
She tells the story of lost diamonds with the help of an actress who is “looking for her missing ring” in a rubbish can. She demonstrates how it works while the Sharks examine their samples.
Mr. Wonderful’s hearing aid was concealed within, causing some back and forth between the two. Mr. Wonderful states, “This will make me want to NOT invest in you.”
Lerin’s sales have totaled $530,000 during the previous five years, including $230,000 in the last year. She opted to retire from teaching in order to pursue this opportunity.
Each unit costs $1.50 to produce, $5 to wholesale, and $10 to retail. Her problem is with productivity. She’s worked with three different manufacturers and still individually packages each product before shipping.
Mr. Wonderful was the first Shark to leave, clearly angry by Lerin’s comments at his hearing. Mark was out if he couldn’t see it expanding to a $10, $20, or $50 million company.
Emma was likewise indifferent; she exited as well. Lori believes Lerin was capable of fixing her manufacturing issues on her own, so she exits.
Barbara admires Lerin’s dedication, but the company is too small for her, so she too departs. Finally, she departed the pitch without a deal.
What Happened to Lion Latch after Shark Tank?
Despite failing to get a deal during the pitch, the firm is still in operation, and the company income has yet to be disclosed.
Competitors of Lion Latch
The Carabiner Jewelry Holder is the main competitor that makes comparable items.
Net Worth of Lion Latch
During and after the pitch, the firm was valued at $1 million. Since then, the company has continued to operate, and hence its net value may be more.
Lion Latch FAQs
What exactly is Lion Latch?
Lion Latch is a jewelry holder that hooks to your Carabiner, belt loop, key chain, backpack, or gym bag’s metal slider. It’s a two-piece plastic case for bracelets, necklaces, and earrings.
Who is the inventor?
Lerin Lockwood, a teacher in San Antonio, Texas, who also coaches volleyball at the Texas Eclipse Club Volleyball, designed the Lion Latch.
How much did she want on Shark Tank?
Lockwood was looking for $150,000 for a 15% stake in Lion Latch, which had a $1 million valuation.
Did she have the deal?
No, she did not have a deal with the Shark Tank investors.
Is Lion Latch still in operation?
Yes, Lion Latch is still in operation. It is, in fact, available on the website and on Amazon.
Where is Lion Latch located?
Lion Latch is a restaurant in San Antonio, Texas.
How much did the product cost to manufacture?
It may differ from retailer to store, however most distributors charge $1.50 per unit, with a few wholesale wholesalers charging $5 per unit.
What is the price of the Lion Latch?
Customers may currently purchase a Lion Latch for $10.95 to $54.75 on their website or Amazon, depending on the pack.
What is the Lion Latch market like?
The market consists of everyone who enjoys wearing jewelry and wishes to keep it safe.
How does the Lion Latch connect to your sport bag?
The Lion Lock is secured with a strong Carabiner. It might potentially be clipped to a user’s workout bag or back pack.
How does the Lion Latch function?
The user unlocks the latch by placing their hand under the latch’s top portion.
What exactly is the function of the Lion latch?
Organizer for Key chains and Jewelry this portable jewelry bag works like a little vault, securely holding rings, necklaces, and other small items like prescriptions or hearing aids.
Is Lion Latch available for purchase?
Yes, Lion Latch is available for purchase. The product is now distributed from San Antonio, Texas.
What is the Lion Latch shipping cost?
Shipping costs vary per store, and the website provides free delivery on orders of $50 or more.
How long does it take for Lion Latch to arrive?
The merchandise is delivered in two to four days.
Is Lion Latch under arrest?
Lion Latch, on the other hand, does not have a warrant.
What is the return policy for Lion Latch?
Returns are not accepted.
How much does it cost to become a Lion Latch affiliate?
People may sign up as affiliates on their website to become affiliates of the product.
Is Lion Latch available in other countries?
Yes, the product is accessible globally via their website and Amazon.com, with free delivery on orders of $50 or more.
Who is the company’s CEO?
Lerin Lockwood is Lion Latch’s founder and CEO.