Introduction
After its appearance on Shark Tank Season 13, Episode 1, Lion Latch, the compact and ingenious jewelry storage solution, has seen its fair share of ups and downs. Designed to keep rings, small necklaces, earrings, ankle bracelets, hearing aids, and pills safe and secure, they entered the Shark Tank with high hopes.
The Origin Story: Lerin Lockwood’s Inspiration
Lion Latch was born out of necessity. Lerin Lockwood, the founder and CEO of the company, had a genuine concern for her wedding rings. As a sports coach, she often found herself in situations where her precious rings were at risk of damage during physical activities. This concern sparked an idea – a need for a protective, convenient, and consistent solution to safeguard her jewelry.
Frustratingly, Lockwood couldn’t find a suitable option in the market that met her criteria. Undeterred, she decided to take matters into her own hands and create her own solution. And so, they was brought to life.
The Shark Tank Appearance
In Season 13, Episode 1 of Shark Tank, they entered the entrepreneurial arena, seeking a $150,000 investment in exchange for 15% equity at a $1 million valuation. Lockwood presented her brainchild and its impressive pitch to the Sharks.
Lion Latch: What Is It?
Lion Latch is a compact, portable jewelry storage container made from ABS plastic, ensuring durability and protection for your precious jewelry. The innovative design includes a hole in the top layer, allowing you to attach it to your keychain, bag, backpack, or anywhere you’d like. The container is designed to securely store rings, small necklaces, earrings, ankle bracelets, hearing aids, or even pills, all without causing any damage.
This small, round locker measures 1” in depth and 1.5” in diameter, and it’s available in various colors such as hot pink, turquoise, purple, blue, orange, red, maroon, and neon green. With a price point of $10.95, they offers an affordable and accessible solution for jewelry enthusiasts. Furthermore, the company expanded its product line with the introduction of the Travel Jewelry Case, priced at $41.95, providing an even more versatile and comprehensive jewelry storage solution.
The Lion Latch Founder: Lerin Lockwood’s Journey
Lerin Lockwood embarked on her entrepreneurial journey after completing her bachelor’s degree at Texas State University and her master’s degree in sports management at the University of the Incarnate Word. Before venturing into the world of entrepreneurship, Lockwood had diverse career experiences. She served as an assistant volleyball coach at Texas Eclipse Club Volleyball, worked as an art teacher in Marble Falls ISD for a decade, and assumed the role of a youth volleyball coordinator at the Rising Stars Youth Volleyball League in August 2014.
Lion Latch Before Shark Tank
The idea for Lion Latch emerged in 2015 when Lerin Lockwood, a sports coach, realized the need for a secure solution to protect her jewelry during physical activities. Her “aha” moment came while catching a softball during a game – she noticed the stone from her engagement ring had fallen out. Lockwood understood that her concern was not unique; many people have to remove their rings and jewelry during certain activities. But what seemed like a safe place to store jewelry wasn’t always safe enough.
Lockwood experimented with various prototypes for the product, considering multiple shapes before finalizing the small round design. To bring her innovative solution to life, she launched a successful Kickstarter campaign with a funding goal of $14,000. The campaign garnered support from 225 backers and raised a total of $14,592. Satisfied backers received their Lion Latch products, and feedback was overwhelmingly positive.
Despite this initial success, Lockwood recognized the need for further funding and expertise to scale her business. This realization led her to explore the possibility of appearing on the hit TV show, Shark Tank.
The Shark Tank Pitch
Lerin Lockwood entered the Shark Tank, and her pitch for Lion Latch was compelling. She sought a $150,000 investment in exchange for a 15% equity stake in her business. Lockwood shared her personal story and the inspiration behind Lion Latch, emphasizing the importance of her product in safeguarding jewelry. Her pitch included impressive sales figures – the company achieved $530,000 in sales over five years and projected $230,000 in sales for 2021. With a manufacturing cost of $1.50 per unit, a wholesale price of $5, and a retail price of $10, Lion Latch appeared to have a strong business model.
Sharks’ Responses and the Final Verdict
The Sharks – Kevin O’Leary, Mark Cuban, Emma Grede, Lori Greiner, and Barbara Corcoran – deliberated on the offer but ultimately decided not to invest in Lion Latch. The Sharks collectively passed on the opportunity, citing concerns about the limited scope and investability of the business. Unfortunately, Lion Latch did not secure a deal on Shark Tank.
Post-Shark Tank: Lion Latch’s Journey Continues
Despite not receiving a deal on Shark Tank, Lion Latch pressed forward. The product has been patented, adding an extra layer of protection to Lockwood’s innovative solution.
One of the significant developments in the post-Shark Tank journey was the launch of a new product, the Travel Jewelry Case. This addition to the Lion Latch line offers an even more versatile solution for safely storing jewelry. The Travel Jewelry Case addresses the needs of travelers and anyone looking for an on-the-go jewelry storage solution.
The holiday season in 2021 brought a surge in sales for Lion Latch, with orders pouring in from various cities across the United States. Lerin Lockwood personally shipped these orders to her local post office in Texas, with the total value of these shipments reaching thousands of dollars. This holiday season success provided further validation of the product’s market appeal.
Lion Latch also received recognition from media outlets. In January 2022, Fox 44 News featured the company, further boosting its visibility. The product’s unique and practical design caught the attention of multiple media publications, including appearances on shows like The View and Good Morning America.
Lion Latch Beyond Shark Tank: An Update
Lion Latch might not have secured a deal in the Shark Tank, but it managed to find its footing in the market. The company’s annual revenue in 2021 ranged from $800,000 to $1.5 million, indicating significant growth post-Shark Tank.
Lion Latch expanded its product line with the introduction of the Studded Tumbler, priced at $17.95. This new addition offers consumers another valuable product option and demonstrates the company’s commitment to innovation.
As of December 2022, Lion Latch continues to operate, serving the needs of jewelry enthusiasts and those seeking a secure solution for their precious items.
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Lion Latch’s Net Worth and Future
While Lion Latch might not have accumulated substantial sales figures thus far, its worth is estimated to be in the range of $100,000 to $350,000. The company is actively pursuing new product launches and looking to expand its offerings.
Lerin Lockwood manages Lion Latch while also pursuing other professional endeavors. The business operates on a part-time basis, and Lockwood remains self-employed. To unlock its full potential, Lion Latch is in need of marketing efforts to drive sales and raise its profile in the market.
Notably, Lion Latch is listed on Amazon, where it has garnered a remarkable 4.8-star rating. Positive customer reviews and ratings highlight the value and effectiveness of the product.
Conclusion: Lion Latch’s Post-Shark Tank Journey
Lion Latch’s journey after Shark Tank is a testament to the resilience and determination of its founder, Lerin Lockwood. While it did not secure an investment from the Sharks, Lion Latch found success in the market by addressing a genuine need for a practical and innovative jewelry storage solution.
With new product launches, media recognition, and strong sales, Lion Latch continues to thrive and serve customers seeking a secure and convenient way to protect their jewelry.
As the journey of Lion Latch unfolds, it remains a noteworthy example of how entrepreneurship and innovation can flourish beyond the confines of the Shark Tank.
