What Happened to Riveter Handbags after the Shark Pitch?

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What is R. Riveter Handbags?

R. Riveter is a handbag collection created by military spouses from repurposed military components (green canvas, black waxed canvas, USMA wool, brown leather).

Each bag is labeled with a unique number assigned to a particular military spouse.

Who Founded R. Riveter?

Lisa Bradley and Cameron Cruse founded R. Riveter after meeting in 2011 while their spouses were stationed at Camp Merrill Mountain Range School in Dahlonega, Ga.

Despite holding master’s degrees in business and architecture, Bradley and Cruse were unable to find meaningful work.

Their challenge as military spouses was that they could never stay in one location for more than two years since their husbands were stationed at various Army locations.

When Bradley and Cruse saw a demand for American-made canvas and leather goods, they were inspired by the original Rosie the Riveter.

Cruse founded the business in the attic above her home near Ft. Merrill, Georgia.

They began manufacturing R. Riveter bags out of repurposed army tent canvas, leftover uniforms, and surplus blankets using industrial-quality sewing equipment created during the Korean War.

They have subsequently hired over 10 soldier spouses to manufacture their bags. They drop-ship the raw materials to wherever they are stationed, allowing them to support both their husband’s military and personal aspirations.

When the couple raised little more than $42,000 of a $35,000 goal, their story drew the attention – and funds – of the Kickstarter community.

They utilized the monies to equip its remote workers, dubbed “riveters.”

Each riveter creates individual handbag components in their homes according to Cruse and Bradley’s requirements, then delivers them to the “home office” in Southern Pines, North Carolina for final assembly and delivery.

What Became of R. Riveter’s Shark Tank Pitch?

Cameron and Lisa went on Shark Tank Season 7 Episode 16 in an attempt to raise $100,000 in exchange for a 20% share in their business. This amounts to a valuation of $500,000.

Additionally, they note that the most challenging component of being a military spouse is the constant uncertainty associated with deployment or relocation.

They launched their business with the goal of empowering military spouses and reshaping American manufacturing.

While handing out sample bags made from leftover military tents and gear, they narrate the story of each one.

For instance, Robert’s sample bag was created by 15 individuals, and each individual who contributed to its production stamps it with their R Riveter number. The liners are from New York, while the leather is from several locations, including Georgia.

Robert then enquired as to the bag’s pricing. Lisa disclosed that the piece cost $55 to make but sold for $220. Profit margins of up to 300 percent.

Their intended audience is composed of military aficionados. Around 60% of their sales occur online, with the remaining occurring at their retail location in Southern Pines.

They began with $9000 of their own funds and have now grossed $300,000 in sales in less than a year. Their whole customer base was generated through newspaper coverage and word of mouth.

Kevin objects to the price, but Cameron says that buyers are eager to purchase American-made goods, particularly if they are created by military wives.

Any customer who understood this and wished to assist the community would gladly pay a slight premium in light of the circumstances.

Mark refers to them as a social network via action, which he believes is the way social networks will evolve in the future: through action, each employee becomes a seller.

Daymond feels they are onto something, but questions their need for a partner.

They wish to invest the capital in straightforward online marketing. They must educate the public about their firm and provide bags with a 90-day lead time.

According to Daymond, this is a problem when you sell your business for a third of its value to someone who has no idea what they’re doing. He is unable to aid them, and hence departs.

Kevin returns from his break and expresses his approval; he offers $100,000 for a 20% stake.

Robert matches it. Mark makes the same offer as Kevin and Robert, but he also provides funding for the business’s goods.

As a further incentive, he claimed that he would pay the cost of any additional equipment or assets the business might want in the future.

Lori asserts that they use a different methodology than she does and that she is departing. Daymond proposes that the ladies notify the other three bobos that they are going for a stroll, to which they agree. With a hug and a handshake, the new partners sealed the deal.

What Happened to Riveter Handbags Following the Shark Pitch?

R Riveter debuted in season 8, episode 816 with an update segment following the completion of the deal with Mark.

After their introduction on the Tank, Cruse and Bradley’s “Remote Riveter” possibilities increased from 13 to 31.

They formerly had 11 more Operators on-site at their retail location. This figure has now increased to twenty-one.

Their physical space has likewise increased in size. The company has relocated from the rear of its retail location to a separate work and warehouse facility.

They added five extra machines and want to add five more in the near future to meet post-Shark Tank demand.

Riveter continues to develop at a breakneck pace, assisting the American military and rewarding a patriotic Shark for believing in its goals. They are now also available on Amazon.

They plan to open storefronts in Southern Pines, North Carolina, and Columbus, Ohio, as well as two 5,000-square-foot manufacturing facilities in Southern Pines and Wauchula, Florida, by 2020. By 2021, they hoped to expand the number of “Riveters” to 80.

On February 2020, the business was included in The Shark Tank Greatest of All Time Special’s “Greatest Businesses with a Social Purpose” segment.

They are still in business and have yearly revenue of $2 million as of June 2021.

What is R. Riveter’s Net Worth?

Cameron and Lisa went on Shark Tank Season 7 Episode 16 in an attempt to raise $100,000 in exchange for a 20% share in their business. This amounts to a valuation of $500,000.

The Company’s current valuation is clearly greater as a result of its growth.

Who are R. Riveter’s Competitors?

Brahmin, LeSportsac, Comeco, Laga Designs International, MyBag, Bags ETC, and Grant Riveters are R. Riveter’s primary rivals.

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R. Riveter FAQS

1. Where can they find R. Riveter’s products for sale?

The firm has a brick-and-mortar store in Southern Pines, North Carolina, as well as an online shop and amazon.

2. What kind of products do they offer?

Riveter offers an assorted line of handbags, totes, backpacks, and other accessories designed to look like old American canvas military bags. All are made in the U.S.

3. Who founded R. Riveter?

Lisa and Cameron Riveter co-founded the company, which was originally named Rivet America.

4. Who are their competitors?

Brahmin, LeSportsac, Comeco, Laga Designs International, MyBag, Bags ETC, and Grant Riveters are among their rivals.

5. How much does cost to buy?

A piece cost $55 to make but sold for $220. Profit margins of up to 300 percent.

6. When were they on Shark Tank?

Riveter made their appearance on Season 7 Episode 16 on 5th of February, 2016.7.

7. How much were they seeking in the Tank?

Lisa and Cameron Riveter came to the Tank on February 5, 2016. They sought $100,000 for a 20 percent stake in the business.

8. Did they get the deal?

They got the deal with Mark, who the offered $100,000 for a 20% stake and also provides funding for the business’s goods.

9. What Happened to R. Riveter after the Show?

They formerly had 11 more Operators on-site at their retail location. This figure has now increased to 21.