Lion Latch Jewelry Tote
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 8, 2021
Asking For:
$150,000 for 15%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Lion Latch is a small, secure container designed to safely store valuable items like rings and earrings, preventing them from getting lost in bags or during activities.
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Background Story
Lerin Lockwood, the founder of Lion Latch, possesses a unique background as both an educator and a coach. Her journey into entrepreneurship was catalyzed by a personal mishap: the loss of a diamond from her engagement ring during a softball game. This incident sparked the creative spark that led to the creation of Lion Latch. Initially, she took matters into her own hands by 3D-printing a prototype of the product to secure her cherished jewelry items.
What began as a practical solution to her own dilemma soon evolved into a business opportunity, as she recognized the universal need for a reliable way to safeguard small valuables. The demand for Lion Latch quickly grew, not just among her friends and family, but also within the community of teachers and coaches to whom Lerin was connected. These professionals, like Lerin, faced the challenge of keeping their precious items safe during sports and other activities.
This surge in demand compelled Lerin to shift from 3D printing to large-scale manufacturing, marking the inception of Lion Latch as a full-fledged business venture. Lerin’s entrepreneurial journey is a testament to the power of innovation born from personal experience and the determination to provide a solution to a widespread problem.
The Product
Lion Latch is a compact, ingenious solution designed to protect and secure small valuables such as jewelry and other cherished items. This innovative container offers a reliable safeguard against the risk of losing these precious possessions. Its practicality is enhanced by the ability to easily attach it to keys, bags, or other belongings, ensuring quick and convenient access whenever needed.
One of its standout features is the secure locking mechanism, assuring users that once their items are placed inside, they remain safe and sound. Whether you’re a frequent traveler, an active athlete, or simply someone who values the security of their valuables, Lion Latch provides peace of mind in a stylish and user-friendly package.
In terms of pricing, Lion Latch is competitively positioned. Retailing at $10, it offers affordability to individual consumers, while its $5 wholesale price makes it an attractive option for retailers and distributors. Remarkably, despite its sophisticated design and functionality, the manufacturing cost is a mere $1.50 per unit, reflecting the company’s commitment to delivering value to its customers.
How It Went
The company’s position before Shark Tank
Lion Latch’s journey is a testament to the resilience of a dedicated founder and the product’s growing appeal in the market. The company’s achievement of $530,000 in total sales over five years is a clear indication of the product’s resonance with customers who value the security of their small valuables. Notably, the last year accounted for a substantial $230,000 in sales, signifying a surge in popularity and increased market reach.
However, this growth has not been without its set of challenges. Lerin Lockwood’s journey was punctuated by manufacturing difficulties as she worked tirelessly to keep up with escalating demand. Her hands-on involvement in packing orders exemplifies her commitment to maintaining quality standards and ensuring customer satisfaction.
Lerin’s decision to leave her teaching profession to focus entirely on Lion Latch underscores her dedication to the product’s success. It’s a bold step that highlights her unwavering belief in the product’s potential and her determination to overcome obstacles on the path to achieving it. As Lion Latch continues to evolve and expand, Lerin’s commitment remains a driving force behind its journey in the marketplace.
The Negotiations:
In the “Shark Tank” negotiation, Lerin Lockwood’s heartfelt pitch failed to secure an investment deal, despite her evident passion and the potential of Lion Latch. Barbara Corcoran’s expressed concern about the possibility of losing Lion Latch itself was a valid point, reflecting the uniqueness of the product. Kevin O’Leary, known for his humorous and sometimes unconventional offers, playfully presented hearing aids. While amusing, it signaled his view that the business might not align with his investment strategy.
Mark Cuban, a pragmatic investor, honed in on the scalability of Lion Latch. His apprehension about the product’s growth potential seemed to be a pivotal factor in his decision. Lori Greiner, known as the “Queen of QVC,” commended Lerin’s tenacity but ultimately felt that the business was too small for her investment portfolio. Emma Grede empathized with Lerin’s manufacturing struggles and wished her the best in her entrepreneurial journey.
Despite the heartfelt pitch and the innovative nature of Lion Latch, the competitive nature of the show and the specific concerns raised by the Sharks led to no deal being struck. However, Lerin Lockwood’s unwavering determination and Lion Latch’s potential for growth remain undeterred. The journey for this innovative product continues beyond the Tank, as Lerin explores other avenues to scale her business and make Lion Latch a household name.
