What Happened to Rareform After the Shark Tank Pitch?
What is Rareform?
Rareform is a company that handcrafts vinyl billboard backpacks, duffel bags, and wallets. Rareform helps to Mother Nature’s conservation efforts through recovery and recycling.
Rareform is responsible for the excellent and unusual backpacks that can be seen around the state of California.
Additionally, the company makes and sells high-quality wallets and handbags at a price point that is comparable with the competition.
Who is the Founder of Rareform?
Aric and Alec Avedissian established Rareform. The two brothers were born and reared in Los Angeles.
They launched the company in 2012, and it has grown exponentially since.
They chose billboard vinyl because of its durability, waterproofness, distinctiveness, light weight, and environmental friendliness.
The company’s first surf bags were made using financing donated by the duo’s family and friends.
The two brothers have become entrepreneurs since they became adults. They are presently concentrating their efforts on creating their company’s global reputation for benefitting from environmental conservation.
Avedissian was inspired to convert billboards into useful materials after observing locals in El Salvador erect roofs made entirely of billboards.
Avedissian confirms that he had believed billboards were made of paper until seeing paper houses.
He next considered the commodities that vinyl might be utilized to manufacture. Finally, Rareform was born.
What Happened to Rareform at the Shark Tank Pitch?
They established the company in 2012. They are sold in over 200 surf shops, Whole Foods Market, REI, and Amazon, among other venues.
Aric and Alec seek $300,000 in return for 10% ownership of their business. This corresponds to a $3 million valuation.
They tell their experiences and provide complimentary samples. The samples were obtained from an advertisement for Shark Tank on a billboard.
They have exclusive agreements with two large billboard companies in California, which give them with free content.
The cost of making the surfboard bag is $12. They offer it wholesale for $40 and retail for $80.
They say that the story sells the product and that high-quality displays are necessary to promote their items in stores.
They had a combined sales total of $1.1 million throughout the course of their careers, including $700,000 in the previous year.
Regrettably, they sustained a $130,000 loss last year.
The brothers own 40% of the company, with the remaining shares held by external investors.
Barbara is the first Shark to officially admit to having an abnormally large number of investors.
Mark remarked that they must have great growth in order for him to return his investment; else, he will exit the venture.
Lori had stepped out due of her dissatisfaction with the lack of uniformity.
Robert has departed, as he does not concur with the assessment.
Kevin O’Leary chooses to finance $300,000 at an annual interest rate of 8% in return for 10% ownership.
They respond with 15% in pure equity, but O’Leary desires 40% if the deal includes only an equity component. They ultimately accept his first proposal.
What Happened to Rareform After the Shark Tank Pitch?
Although the arrangement with Kevin was completed, the conditions were altered to include a $150,000 loan for 5% of the business following the show’s airing.
Sales more than quadrupled following the first air date.
As of May 2021, the firm is still operational and producing $4 million in annual sales.
What is the Net Worth of Rareform?
Aric and Alec seek $300,000 in return for 10% ownership of their business. This corresponds to a $3 million valuation. They accepted a comparable offer.
Who are the Competitors of Rareform?
Outdoor Products, Cotopaxi, The K3, Fishpond, Mountain Equipment, Big Agnes, FREITAG, and Alchemy Goods are some of Rareform’s top competitors.
What Happened to Send A Ball After the Shark Tank Pitch?
What Happened to Element Bars After the Shark Tank Pitch?
Rareform FAQS
Is Rareform a reputable business?
Rareform currently has a 3.2-star rating from ten customers, indicating that the majority of customers are satisfied with their purchases. Rareform is the 11th most popular brand in the Backpacks category.
Is Rareform still in business?
As of May 2021, the firm is still operational and producing $4 million in annual sales.
Where is Rareform headquartered?
Its crew then disassembles each billboard in their warehouse in Agoura Hills, California, before sending them out for final sewing.
Where are Rareform handbags manufactured?
While the material is equivalent, it is sourced from tarps rather than billboards, giving Rareform a major competitive advantage — it is also partially manufactured in Los Angeles.
What material do billboards consist of?
Due of their durability and low cost, the majority of billboards are composed of paper or vinyl.
Of course, there are digital billboards and, as mentioned earlier, hand-painted billboards.
Both are feasible options, however billboards made of paper or vinyl are substantially more prevalent.
How are vinyl billboards cut?
Yes, their vinyl material is really easy to cut and trim, leaving little fraying.
Alternatively, a utility knife, box cutter, or even a pair of sharp scissors may serve. The poly mesh layer in the centre helps to prevent additional fraying or ripping.
Is each Rareform bag truly unique?
Yes. It Each Rareform bag is one-of-a-kind because to its construction from a unique billboard. They acquire a range of billboard vinyl, and each item is unique in terms of personality, set of wear, and business.
After hand-washing and hand-cutting a billboard in our Los Angeles office, they turn it into a bag that is as one-of-a-kind as they are.
How do they maintain their bag’s cleanliness?
They may use any mild soap or spray cleaner on a delicate cloth or sponge! They highly discourage the use of a washing machine to clean clothing.
Avoid using cleansers or other products that include bleach or other harsh chemicals, such as non-reef-safe sunscreen, since they may cause discolouration.
What is the largest duffel you own?
In order of volume, Weekender Duffle (53 Liters), Union Duffle (40 Liters), and Light Duffle (24 Liters). The TSA has approved all duffle bags for carry-on.
What episode was Rareform on Shark Tank?
Rareform was featured 19th episode of Season 8
What happened to Rareform after Shark Tank?
Although the arrangement with Kevin was completed, the conditions were altered to include a $150,000 loan for 5% of the business following the show’s airing.
Sales more than quadrupled following the first air date. As of May 2021, the business is still operational and producing $4 million in yearly revenue.
Who is the owner of Rareform?
Rareform was founded in 2012 by Alec and Aric Avedissian.
How much is Rareform shipping?
Basic shipping is $5.95 for orders under $100. On orders over $100, standard shipping is free.
Are billboards recycled?
Billboards are printed on recyclable polyethylene substrates, which are subsequently recycled to make plastic resins for extrusion or moulding into new products such as rail ties, nursery pots, and shipping pallets.
Can people purchase Rareform directly from a store near me?
Yes. They distribute Rareform goods through more than 300 retail locations globally.
Are they seeking for a shop in their neighbourhood that sells Rareform? Send an email to [email protected] to reach them.
How long does it take for Rareform to ship?
Regular delivery via USPS typically takes between one and five business days following the dispatch of their merchandise.
Is Rareform an ethical company?
Each of their factories undergoes an audit and accreditation process to guarantee that employees are treated fairly, safely, and ethically.
They owe them a debt of gratitude for assuring the durability and quality of their Rareform gear.
How they make money?
Their primary source of revenue is product sales.
They do, however, benefit from sponsorships of athletic events and limited-edition billboards.
Additionally, they get money from the selling of their billboard vinyl that has been taken from a billboard.
What are the strengths of Rareform?
Their handcrafted objects are long-lasting, of the greatest quality, and constructed of manufactured materials.
