Ornament Anchor
NO DEAL
EPISODE SUMMARY
🕓 Air Date: December 10, 2021
Asking For:
$90,000 for 5%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Ornament Anchor is a secure way to hang ornaments on a Christmas tree, preventing them from falling and breaking.
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Background Story
The Naqvi family, a dynamic group consisting of Mika’il, Ayaan, Sofia, Amanda, and Hamza, returned to the “Shark Tank” with their innovative product, Ornament Anchor. This wasn’t their first appearance on the show, as they had previously pitched Kudo Banz. Their latest venture, Ornament Anchor, aimed to secure $90,000 for a 5% stake in their business dedicated to safeguarding cherished holiday ornaments.
The inspiration for Ornament Anchor struck Ayaan in fourth grade when he noticed that their family broke two to three ornaments every Christmas. Determined to find a solution, he devised the concept of Ornament Anchor. The product’s efficacy was evident in their impressive sales figures, with $312,000 in sales during the first year, and they had reached over half a million dollars in sales within just 18 months. Ornament Anchor’s financial appeal was underscored by its exceptional profit margins, as a pack of 24 anchors could be produced for a mere $1.50 each, while they retailed for $24.99 at MSRP.
Despite their remarkable success, there were concerns among the Sharks about the Naqvi family’s ability to maintain focus, given their involvement in multiple businesses, including Kudo Banz and a foray into the gaming industry. The Sharks’ questions surrounding the family’s commitment ultimately played a role in their decision-making process.
The Product
Ornament Anchor offers a straightforward yet ingenious solution to the perennial challenge of securing Christmas ornaments on a tree without the risk of breakage. The product is designed to guarantee the safety of precious memories during the holiday season.
Using Ornament Anchor is effortless. Users simply insert the device through the hanging hole of the ornament and pull it up and over a tree branch. This straightforward process effectively secures the ornament in place, providing peace of mind that ornaments won’t be knocked off, whether by pets or accidental bumps. What sets Ornament Anchor apart is its impressive capacity to hold up to 10 pounds, ensuring the stability and safety of even the heaviest ornaments.
Gone are the days of relying on flimsy hooks or unreliable ribbons that drape over branches, creating opportunities for accidents. Ornament Anchor is the ideal solution to keep cherished memories safe and secure, ensuring that the magic of the holiday season is preserved.
For those looking to protect their precious ornaments, Ornament Anchor is available for purchase, offering a reasonably priced solution that combines simplicity, security, and peace of mind.
How It Went
The company’s position before Shark Tank
Ornament Anchor demonstrated remarkable performance in the marketplace, reflecting the Naqvi family’s entrepreneurial acumen. In the product’s debut year, it achieved an impressive $312,000 in sales, a testament to its popularity and utility. Even more astonishing was the fact that, within just 18 months, their cumulative sales soared past the half-million-dollar mark, illustrating the high demand for their product.
Financially, Ornament Anchor showcased substantial profit margins, further enhancing its appeal. Direct-to-consumer sales boasted a remarkable 94% margin, a testament to the product’s market competitiveness. Even for wholesale transactions, the Naqvi family maintained an impressive 70% margin, indicating both consumer and retailer interest. The product’s primary focus on preserving cherished holiday memories resonated with customers, as safeguarding the sentimental value of ornaments is a universal concern. Their enthusiasm for the product was affirmed by securing deals with major retailers, including household names like Target and Nordstrom.
However, despite their success, there were concerns raised about the Naqvi family’s capacity to maintain focus and dedication to Ornament Anchor. Their involvement in multiple businesses, including Kudo Banz and a venture in the gaming industry, prompted questions about their commitment and ability to steer Ornament Anchor to its full potential. These concerns factored into the Sharks’ decision-making process.
The Negotiations:
During the negotiation phase on “Shark Tank,” the Naqvi family’s pitch for Ornament Anchor faced a challenging decision-making process from the Sharks, ultimately ending without a deal. Mark Cuban, known for his entrepreneurial acumen, was the first to decline, emphasizing his preference for businesses with year-round appeal. Kevin O’Leary, often dubbed “Mr. Wonderful,” echoed Mark’s sentiment about the seasonality of the product and also expressed concerns about the family’s focus, citing their history of engaging in multiple business ventures.
Daymond John followed suit, declining to invest in Ornament Anchor, while Barbara Corcoran, despite her admiration for the family, also had reservations about their tendency to move between different businesses. Lori Greiner, renowned as the “Queen of QVC,” acknowledged the product’s efficacy but cited her belief that it wasn’t broad enough for her portfolio, emphasizing her preference for investments with greater versatility. She ultimately wished the family good luck but opted out.
The negotiation phase ended with no Shark making an offer to invest in Ornament Anchor, despite the product’s impressive sales and profit margins. The family’s history of multiple business ventures and concerns about their focus played a pivotal role in the Sharks’ decisions. The Naqvi family left the show with their heads held high, confident in the potential of Ornament Anchor despite not securing a deal.
