What Happened to Wallet Buckle After the Shark Tank Pitch?
What is Wallet Buckle?
The Wallet Buckle is a belt buckle that may also function as a wallet. It enables them to keep up to five credit or identity cards.
The Wallet Buckle has the added benefit of hiding a wallet.
Who is the Founder Wallet Buckle?
Trevor and Justin Johnston designed Wallet Bucket.
They founded the company in June 2016 after a successful Kickstarter campaign garnered $44,611.
Trevor and Justin grew their business by using Instagram, where they currently have over 27,000 followers.
Before starting Wallet Buckle, the brothers were successful business owners.
Trevor was the Vice President of Sales and Business Development at Twilight Solutions Inc., while Justin was the President. Wallet Buckle is still operated by the brothers.
Trevor regularly misplaced his wallet, prompting the brothers to cooperate on Wallet Buckle.
The gadget was created to assist people like Trevor who were continually misplacing their wallets.
Because their invention was one-of-a-kind, the Johnston brothers sought patent protection for it.
Wallet Buckle was also designed for people who like to travel small or think that purses and traditional wallets are out of date.
Following the introduction of the product, the brothers conducted a Kickstarter campaign to raise funds for the business’s development.
Approximately $44,000 was raised throughout the campaign, which was used to enhance production.
Despite the fact that the brothers created an amazing product, they had financial limits when it came to marketing Wallet Buckle.
As a result, they began promoting it on Instagram, where their channel quickly grew in popularity.
As a result of this product advertisement, they were able to accomplish exceptional sales.
The products were sold on their website. They also attended a number of events and promoted the products to attendees.
What happen to Wallet Buckle after the Shark Tank Pitch?
Trevor and Justin asked the Shark Tank for $500,000 in exchange for 10% of their company. This corresponds to a $5 million valuation.
They do their presentation, and a volunteer hands out samples.
They’ve been in business for less than a year and have $500,000 in sales, but they plan to hit $800,000 by the end of the year (2017).
The majority of sales occur during festivals and live events.
They cost between $5 and $7 to produce and sell for $49.
They expect $2.5 million in income in 2018 as a consequence of an arrangement with a denim maker.
They now have one mall kiosk but hope to have forty by the end of June 2017.
Kevin thought the price was too high, but he was also concerned that potential buyers would be unaware that the buckle might conceal cards.
As a result, he was the first to reject the deal.
Robert was the second shark to back out of the deal because he felt the product, which was the size of a credit card, would not work owing to its small size.
Daymond expressed his gratitude for the products, but he departed since the company’s rating was too high and the product was impossible to market.
While massive belt buckles are not unusual, the problem, according to Mark, is that the market is inadequately large. As a result, he declined the offer.
Lori was concerned that the firm was very specialized. In particular, whereas women commonly wear dresses and skirts, they have a low need for belts. She had left.
What Happened to Wallet Buckle After the Shark Tank Pitch?
The company signed licensing deals with the NFL, Major League Baseball, the National Basketball Association, and the NCAA.
As a result, sales increased significantly. As of June 2021, the firm was still in operation, with a projected annual revenue of $3 million.
What is the Net Worth of Wallet Buckle?
Trevor and Justin asked the Shark Tank for $500,000 in exchange for 10% of their company. This corresponds to a $5 million valuation.
Who are the Competitors of Wallet Buckle?
There are no known competitors for Wallet Buckle.
What Happened to TA3 Swimwear After Shark Tank?
What Happened to HiccAway After Shark Tank?
Wallet Buckle FAQS
Where did the wallet buckle originate?
Northern California residents Justin and Trevor Johnston had the aforementioned epiphany.
As a consequence of this thought process, they invented the Wallet Buckle, a convenient and ingenious way to carry their cards and cash without dropping or losing them.
What is the Wallet Buckle’s mechanism of operation?
Wallet Buckle is an excellent option for traditional wallets since it allows people to keep and access their cards and identification under the buckle of their belt.
The Wallet Buckle can store up to four cards at once, allowing users to carry not just their ID card, but also a number of other cards.
How do they make money?
Wallet Buckle generates revenue by charging a premium for the Wallet Buckle. Men’s belts dominate the market, although women’s belts and handbags are also available.
When was Wallet Buckle aired on Shark Tank?
The first time Wallet Buckle appeared on Shark Tank was in Season Eight Episode 23. On May 5, 2017, this episode aired.
How much does Wallet Buckle costs?
They cost between $5 and $7 to produce and sell for $49.
How did Wallet Buckle do after the Shark Tank pitch?
Wallet Buckle’s appearance on Shark Tank had a significant beneficial influence on their business. The firm immediately went into license deals with the National Football League, Major League Baseball, the National Basketball Association, and the NCAA following the pitch.
Where is Wallet Buckle located?
They are headquartered in Northern California, USA.
What is the popularity of Wallet Buckle?
They now have one mall kiosk but hope to have forty by the end of June 2017.
Is Wallet Buckle still in business?
As of June 2021, the firm was still in operation, with a projected annual revenue of $3 million.
Who founded Wallet Buckle?
Trevor and Justin Johnston are the founders of Wallet Buckle.
What are the strength of Wallet Buckle?
The Wallet Buckle is a brilliant and helpful design that allows the user to comfortably carry a variety of important cards.
What are the weaknesses of Wallet Buckle?
Wallet Buckle is a niche product that caters to a very specific market.
As a result, it has high entrance hurdles and must appeal to every customer of men’s belts, women’s belts, and handbags.
