What Happened to Long Wharf Supply Co. after Shark Tank Pitch
What is Long Wharf Supply Co.?
The Long Wharf Supply Co. makes environmentally friendly clothes out of recycled plastic and crushed oyster shells.
Their production process is absolutely unique in the industry, and the clothing style / design is influenced by the aesthetic of east coast fishermen seen by the founders as youngsters.
Long Wharf Supply Company, in addition to these soft clothes, provides a range of little goods such as travel kits, coasters, passport covers, and keyfobs, as well as handbags, hats, and other accessories.
The best part is that a portion of their profits are always utilized to replenish coastal oyster reefs, which work as natural filters for our bodies of water, filtering up to 50 gallons each day.
They have already aided in the reseeding of about 70,000 oysters.
Their “secret sauce” is the creation of “rPET yarn” through the use of patented nanotechnology. To make the sweater fabric, it fuses the oyster shell with the plastic and then combines it with high-quality yarn.
Who are the Long Wharf Supply Co. Inventors?
Lauren and Michael Lamagna are the driving forces behind Long Wharf Supply Company’s rapid expansion, but Michael came up with the idea first.
Lamanga studied finance at Merrimack College, according to his LinkedIn page. They grew up on the shores of Newburyport, Massachusetts, and have always had a fondness for beaches, boats, and fishing.
Michael eventually acquired a finance degree and relocated to New York, where he worked for private equity and fashion companies.
During this time, he acquired an interest in start-ups and how they functioned while staying faithful to his background.
That’s when he decided to start his own company, combining his professional and personal skills.
After noticing an authentic fisherman sweater in his father’s wardrobe, Michael was inspired to create the product and design.
He was drawn to ancient clothes because of the thick ribbed cuffs and collars, and because he and his family routinely discuss decreasing plastic waste in bodies of water, he decided to incorporate that as well.
The firm’s name is a nod to his great-grandfather, who worked in a textile business at Long Wharf, Boston’s iconic pier.
Lauren is the Brand Manager at Long Wharf Supply Company, which is especially suitable given her diverse set of skills gained while working at an eco-friendly candle company and a few other companies.
In August 2020, they launched a successful Kickstarter campaign, garnering $75,009. Furthermore, they were able to ship everything in time for Christmas.
They currently have hundreds of different models in a variety of colours and patterns. A sweater for males will cost between $128 and 158 dollars.
A sweater for a lady costs between $128 and $138. They also produce handbags, hats, and other “small items.” Manufacturing takes place in a firm in South Portland, Maine.
Michael, in particular, serves on the board of Harlem Lacrosse, a program that helps poor children in the neighbourhood.
What Happened to Long Wharf Supply Co. on Shark Tank?
Lauren and Mike appeared on Shark Tank season 13 episode 2 looking for $375,000 in return for a 15% share in their company. This translates to a $2.5 million value.
They talk about their experiences and educate others about the dangers of plastic pollution in our oceans.
They also highlight how oyster shells may get polluted when buried in landfills. Each sweater purchased comes with 30 oyster seeds, and they have planted over 70,000 oysters to date.
The Sharks appear to like wearing the sweaters. According to Mike, they are ten percent wool, fifty percent recycled plastic and mussel, twenty percent nylon, and twenty percent plant-derived viscose.
The Sharks are impressed when they see a two-hour time lapse of oysters cleaning a tank of contaminated sea water.
Lauren goes on to say that each sweater costs between $23.50 and $33.50 to make and sells for between $120 and $150. The cost of obtaining a customer is one dollar, and they sold $495,000 in the previous year.
When questioned, Mike explains that he is the only owner of the company.
The Sharks are perplexed as to why this is occurring. At this time, Kevin O’Leary interrupts to discuss the value.
He feels the firm is not even worth investing in based on its current sales and business plan. It’s a massive sum for something that has yet to be shown. Kevin decides that this is asking too much.
Daymond John tells a story about his daughter’s awareness of recycling. He may be devoted to the idea, but the cost is too great right now. Despite his willingness to help the company, he is no longer working.
Peter joins in, expressing his enthusiasm for their objective as well.
Mark wonders whether they might make a less expensive product, such as a tee shirt, and sell 5 million of those. Mark departs when Mike declares that he will sell five million sweaters.
Lori was impatient for a response to Mark’s inquiry. She believes she would have joined Mark if they could have found a more affordable option. They squandered the opportunity, and Lori is no longer living.
As a result, Peter is left. He likes the product and the concept, but he has some reservations.
He thinks the price is too high, but he also objects to the idea that Lauren has no stake in the company.
When pressed, Mike offers Lauren a 10% interest in the company, which appears to please Peter.
He offers $375,000 for 45 percent of the company, claiming the ability to grow into international markets.
The entrepreneurs attempt to counteroffer at 20%, but Peter refuses.
They decide that they don’t want to give up so much stock and leave the tank without a deal.
What Happened to Long Wharf Supply Co. Following Shark Tank Pitch?
Despite the fact that the siblings were unable to reach an agreement, fans observed that Mike Lamanga’s sister, Lauren, did earn some stock in the company as a result of her contributions to the brand’s success.
The Long Wharf Supply Company’s activities, both in terms of clothing and supply chain management, are continually increasing.
Because their production requires the usage of oyster shells, significant funds have been invested in the formation of new oyster cultures, which serve to clean up the ocean water in coastal regions.
What is the Net Worth of Long Wharf Supply Co.?
Lauren and Mike were looking for $375,000 in return for a 15% interest in their company on Shark Tank. This translates to a $2.5 million value.
Long Wharf Supply Co.’s Competitors
Long Wharf Supply Co. competes with Old Navy, American Eagle, and Belk.
Long Wharf Supply Co. FAQS
1. What are the products that Long Wharf Supply Co. makes?
Long Wharf Supply has several different products, including sweaters, gloves, hats and a limited edition series of scarves.
2. Are the designs in Long Wharf Supply Co.’s catalog inspired by the sea and fishing?
The designs are strongly inspired by the sea, the fishing industry, oyster culture and desire to be green when it comes to fashion.
3. Who is Long Wharf Supply Co. founder?
Lauren and Michael Lamagna are behind Long Wharf Supply Company but Michael came up with the idea first.
4. How can they contact them?
They can visit their website at www.longwharfsupply.com or Email them at [email protected].
5. Are the materials they use including recycled plastic?
All of the materials used by Long Wharf Supply Company are derived from biodegradable or recyclable sources such as nylon, cotton and mussel shells, with the addition of 10% wool yarn and plant-derived viscose.
6. Where is Long Wharf Supply Company located?
They are located in Nantucket, Massachusetts.
7. When was Long Wharf Supply Company featured on Shark Tank?
They were featured on Shark Tank on October 15th, 2021.
8. How much do their sweaters cost?
Men’s sweaters cost between $128 and $158, women’s are around $128-$138.
9. What payment methods do they accepts?
They accepts MasterCard, Visa, Credit Cards and PayPal.
10. How can they contact Long Wharf Supply Company?
They can visit their website at www.longwharfsupply.com or Email them at [email protected]
11. What is their return policy?
If consumers are not pleased with their item after getting it, they can return or exchange it within 30 days of purchase.
12. Where can they buy Long Wharf Supply Company products?
Their products can be bought on their official website at www.longwharfsupply.com