Enso Rings, a unique venture offering silicone-based alternatives to traditional metal rings, captured the attention of many when it was featured on Shark Tank Season 9. Founders Brighton Jones and Aaron Dalley sought a $ 500,000 investment for a 7.5% stake in their business, presenting their innovative product as a solution for individuals seeking comfort, safety, and style in their choice of rings.
Since that appearance, Enso Rings has experienced significant growth, selling over 2 million rings across 80 countries, and boasting an estimated net worth of over $ 20 million. This article delves into the journey of Enso Rings post-Shark Tank.
What Is Enso Rings?
The concept behind Enso Rings is quite innovative. They are designed for people with active lifestyles, those who work in professions where wearing a traditional ring can be hazardous, or simply those who prefer a more comfortable and versatile alternative. The fact that they’re made from silicone means they’re flexible, durable, and less likely to cause injury if caught on something [1].
Design
When it comes to design, Enso Rings offers a wide range of options. From stackable rings to wedding bands, there’s something for everyone. They come in various colors and styles, including some that mimic the look of metal. The detail on some of these rings is impressive, considering they’re made from silicone.
Comfort
One of the main selling points of Enso Rings is their comfort. They are lightweight and flexible, which makes them comfortable to wear for long periods. This is especially beneficial for individuals who aren’t used to wearing rings or find traditional rings uncomfortable.
Durability
Enso Rings are incredibly durable. They’re resistant to tearing and can withstand a lot of wear and tear. They’re also heat-resistant and non-conductive, making them safe for various occupations and activities [2].
Pros:
- Versatile: Enso Rings are suitable for almost any activity or occupation. Whether you’re a gym enthusiast, a construction worker, or just someone who values comfort, these rings are a great fit;
- Safe: Since they’re made from silicone, these rings are less likely to cause injury compared to traditional metal rings;
- Affordable: Compared to traditional rings, Enso Rings are relatively inexpensive. This makes them a great option for those on a budget or those who want a backup ring;
- Variety: Enso offers a wide range of styles and colors to choose from, ensuring there’s something for everyone;
Cons:
- Not Traditional: For some, the fact that these rings aren’t made from precious metals can be a downside. They might not feel as special or valuable as traditional wedding bands or engagement rings;
- Wear Over Time: While these rings are durable, they may show signs of wear over time. They may become stretched out or lose their color after extensive use;
- Size Issues: Some customers have reported issues with sizing. Since these rings are flexible, it can be hard to get a perfect fit;
Who May Benefit From Using Enso Rings:
- Active Lifestyle Enthusiasts: People with active lifestyles, such as gym-goers, athletes, and outdoor enthusiasts, might find Enso Rings to be a safer and more comfortable choice compared to traditional metal rings that could potentially cause harm during physical activities;
- Professionals in Certain Industries: Workers in industries like construction, healthcare, and arts often have to use their hands extensively. Traditional metal rings can pose safety hazards in these professions. For instance, they can get caught in machinery or interfere with handling equipment. Enso Rings, being non-conductive and heat resistant, offer a safer alternative;
- People with Larger Knuckles or Sensitive Skin: Some individuals may find hard metal bands uncomfortable, especially those with larger knuckles or sensitive skin. Silicone rings are typically more comfortable due to their flexibility;
- Budget-conscious Consumers: Silicone rings cost a fraction of what traditional stone or metal rings cost. This makes Enso Rings an attractive option for those on a budget;
- Fashion-forward Individuals: Enso Rings come in a variety of colors and styles, offering plenty of choices for those who wish to express their personal style [3];
About Founders Of Enso Rings
The inspiration for developing Enso Rings emerged from a life-altering experience Brighton faced during a rock-climbing accident. In the midst of her adventure, she suffered a fall and realized that her traditional metal wedding ring had become entangled with a rock, resulting in a serious finger injury.
This incident sparked a profound contemplation in Brighton’s mind, leading her to delve into extensive research to better understand the issue. Her investigations unveiled a startling statistic: more than 125,000 people in the United States alone experience similar incidents each year due to ring avulsion accidents.
Determined to find a solution to this concerning problem, Brighton and Aaron embarked on a journey to develop Enso Rings. Their mission was not only to offer a stylish and comfortable alternative to traditional metal rings but also to enhance safety by significantly reducing the risk of ring avulsion accidents. This commitment to addressing a real-life problem and improving the lives of countless individuals drove the development and success of Enso Rings.
Brighton Jones and Aaron Daly entered the Shark Tank in Season 9, Episode 6, to pitch their innovative product, Enso Rings, which are silicone rings designed to offer a stylish and safe alternative to traditional metal rings.
Enso Rings occupies a prominent position in the market as one of the two major silicone ring makers. Their journey began in late 2015 when they launched a Kickstarter campaign, successfully raising $ 15,324 to kickstart their business venture [5].
These silicone rings, while soft and flexible, are also fashionable, catering to individuals seeking both comfort and style in their accessories. The primary motivation behind using silicone for these rings is to prevent the potentially severe and disfiguring issue of ring avulsion, where metal rings can become caught on objects and result in serious finger injuries.
A notable example of such an accident occurred when comedian Jimmy Fallon suffered a ring avulsion injury as his wedding band got entangled with a countertop during a fall in his home. Enso Rings’ founders assert that there are more than 150,000 ring avulsion accidents annually in the United States alone.
Enso Rings aims to provide a cost-effective and safe alternative to traditional wedding bands. Their silicone rings, priced between $ 12 and $ 25 each, offer an affordable solution [6]. They are particularly suitable for individuals who work with their hands or engage in sports and activities where traditional metal rings may pose safety hazards. Enso Rings effectively combines style, safety, and affordability, making them an appealing choice for a wide range of consumers.
The Pitch Of Enso Rings At Shark Tank
Brighton and Aaron, the dynamic duo behind Enso Rings, made a memorable appearance on Shark Tank seeking a $ 500,000 investment in exchange for a 7.5% stake in their company [7]. The sharks initially raised their eyebrows at the $ 6.5 million valuation, but Aaron proceeded with the pitch, emphasizing how Enso Rings was disrupting the jewelry industry with their stylish and fashionable alternative to traditional wedding rings.
Brighton chimed in, illustrating the risks associated with traditional metal wedding rings by referring to them as “Finger Amputation Devices (F.A.D).” He explained the problem of ring avulsion, where metal rings can cause severe injuries by getting stuck on objects. He emphasized that over 150,000 people suffer from ring-related injuries in the United States annually.
To demonstrate the safety and style of Enso Rings, Brighton revealed that their rings are made from proprietary silicone, making them suitable for people with active lifestyles and those in professions like nursing, firefighting, and the military where metal rings are not allowed.
The pitch took an unexpected turn when Brighton unveiled a surprise guest, Gary, an award-winning bodybuilder. Gary showcased the incredible pulling power of his 500-pound strength by demonstrating the devastating effect it had on a traditional metal band, which quickly deformed a model hand.
Two more bodybuilders, Luke and Darnell, joined Gary, leaving the sharks stunned by their massive presence. Barbara Corcoran, in particular, seemed intrigued. However, Aaron decided to send the muscle-bound trio out of the tank to allow the sharks to focus on the pitch.
After this excitement, Aaron distributed Enso Rings to the sharks, leading to a series of questions and discussions. Kevin O’Leary questioned how many people were genuinely concerned about ring avulsion on a daily basis, to which Brighton highlighted the alarming statistics and mentioned Jimmy Fallon’s ring avulsion experience.
The sharks seemed skeptical initially, with Mark Cuban suggesting that people should simply remove their rings before physical activities. Brighton admitted that he hadn’t considered it at the time of his accident. Despite initial doubts, the conversation shifted to the financials.
Aaron revealed that Enso Rings sold for prices ranging from $ 11.99 to $ 39.99, with production costs as low as 70 cents to $ 4 per ring, resulting in an impressive profit margin of around 90% [8]. He disclosed that in the past 18 months, the company had generated $ 3.8 million in sales, with projected sales exceeding $ 5 million for the next year.
This revelation left the sharks impressed, with Barbara remarking on the incredible sales figures. However, Mark Cuban voiced his concerns about Enso Rings being primarily a marketing company that had found a product. He believed it wasn’t a sustainable long-term business and opted to exit the deal.
Brighton explained that they had transitioned from “fear marketing” to marketing Enso Rings as a fashion trend. Despite this, Lori Greiner expressed her reservations, citing the highly competitive nature of the silicone products industry. She believed the level of competition made investing in the business too risky and chose to bow out.
Barbara Corcoran, now fully recovered from the earlier excitement, also decided to pass on the opportunity. She found the marketing message to be muddled, with fashion and fear as contrasting selling points. She advised Brighton and Aaron to move on to their next business venture.
Robert Herjavec, on the other hand, saw potential in Enso Rings. He believed that the sales figures demonstrated customer interest and saw a strong marketing message that could be leveraged. Robert made an offer of $ 500,000 in exchange for a 20% stake in the company [9].
Kevin O’Leary, affectionately known as “Mr. Wonderful”, also presented an offer. He loved the product and was willing to provide the $ 500,000 as a loan, taking a $ 2 per order royalty until $ 1.5 million had been repaid, and securing a 5% equity stake. He emphasized his vast customer base and ability to lower customer acquisition costs.
Robert was open to hearing a counteroffer, prompting Aaron to propose a 10% equity stake. Robert didn’t accept this offer but was willing to meet halfway at a 15% equity stake. Brighton and Aaron considered the options.
Ultimately, they decided to partner with Robert Herjavec, accepting his offer of $ 500,000 for a 15% stake in Enso Rings.
Enso Rings After The Shark Tank
After their appearance on Shark Tank, Enso Rings experienced a remarkable surge in sales, thanks to the show’s exposure. The immediate impact was significant, as orders flooded in from various corners of the country immediately following their episode’s airing.
Despite the deal with Robert not reaching a closing point, Enso Rings emerged as a successful venture post-Shark Tank. They expanded their market presence to different parts of the United States and accomplished the sale of over 2 million rings in the year 2019 alone. Their growth trajectory continued as they began selling their rings in more than 80 countries worldwide. Notably, in 2021, they captivated their customers with the introduction of Disney and Star Wars-themed lines of rings, which received considerable acclaim.
Since their appearance on Shark Tank, Enso Rings has undergone significant expansion, diversifying their product offerings to include bracelets and various accessories. The company has also embarked on meaningful partnerships, collaborating with organizations such as the American Nurses Association to create custom rings and allocate a portion of their sales to charitable causes.
As of 2023, Enso Rings remains a thriving business, serving as a popular alternative to traditional metal rings [11]. They particularly resonate with individuals leading active lifestyles or those engaged in professions that require the use of their hands. Their enduring success underscores their position as a prominent player in the market.
The Net Worth Of Enso Rings
The Shark Tank Blog consistently delivers updates and follow-up stories about entrepreneurs who have graced the Shark Tank TV show stage. The arrangement with Robert Herjavec ultimately didn’t come to fruition. In the immediate aftermath of their debut on the show, they racked up an impressive $ 2 million in sales, handling up to 500 orders daily for weeks.
By the spring of 2019, they celebrated the sale of their two millionth ring, expanding their market presence to over 80 countries. The company also diversified its offerings with the introduction of a birthstone-themed ring line and the periodic release of exclusive, limited-edition designs. Their commitment to craftsmanship shines through, as each ring is meticulously handcrafted at their Lehi, Utah facility.
In August 2020, Enso Rings earned the noteworthy distinction of ranking as No. 316 on the prestigious 2020 Inc. 5000 list of the fastest-growing private enterprises. Their remarkable achievement was underscored by an impressive three-year revenue growth rate of 1442.73 % [12].
The year 2021 witnessed further innovation from the company, marked by the introduction of captivating collections, including Disney Princess and Star Wars-themed rings. Expanding their repertoire, Enso Rings also ventured into the realm of bracelets.
By August 2022, the company continued to thrive, boasting an impressive annual revenue of $ 16 million.
In September 2022, they unveiled a captivating Harry Potter-themed series of rings and bracelets, broadening their portfolio of themed collections. In a strategic move to reach a broader audience, they forged a partnership with the esteemed Zales Jewelers, enabling them to retail their rings both online and in physical stores across the nation.
Alternatives To Enso Rings:
- Groove Life: This brand offers breathable rubber wedding rings for men and women. Their products feature unique designs and emphasize comfort and fit;
- ThunderFit: ThunderFit provides silicone wedding bands that are durable and suitable for an active lifestyle. They offer a range of styles, colors, and sizes;
- QALO: QALO is another popular choice for silicone rings. They offer a variety of styles, including stackable rings, and emphasize durability and comfort;
- ROQ: ROQ offers affordable silicone rings in a variety of colors and styles. They provide sets that include multiple rings, allowing wearers to switch up their look;
- SafeRingz: SafeRingz is marketed as the original silicone wedding ring. They prioritize safety and durability, making them a good option for those who work with their hands [14];
Each of these brands offers different styles, colors, and features, providing plenty of options for those seeking an alternative to traditional metal rings or to Enso Rings specifically.
FAQ:
- How is Enso Ring doing now?
As of the latest available information in March 2023, Enso Rings is thriving, with an impressive annual revenue of $ 16 million. The company continues to introduce new collections and expand its product offerings, including partnerships with well-established jewelry retailers like Zales Jewelers to broaden its market reach.
- Who is the owner of Enso Rings?
The ownership of Enso Rings is divided among its founders and investors. The company was founded by Brighton Jones, Aaron Daly, and Sean Feeney. While the specific ownership breakdown may have evolved since its appearance on Shark Tank, these individuals played pivotal roles in its creation and early growth.
- Which “shark” invested in Enso Rings?
On the Shark Tank TV show, Mark Cuban was the investor who made a deal with Enso Rings. However, the deal ultimately did not close.
- Why are Enso Rings popular?
Enso Rings have gained popularity for several reasons. They offer a comfortable and stylish alternative to traditional metal rings. Their silicone construction makes them suitable for active lifestyles, and they come in a wide variety of designs, including themed collections. Additionally, their commitment to quality and craftsmanship contributes to their popularity.
- Are Enso Rings all silicone?
Enso Rings are primarily made of silicone, which is known for its durability, flexibility, and comfort. However, the company also offers variations with elements like metallic accents for added aesthetics.
- Do Enso Rings break?
Enso Rings are designed to be durable and resistant to breakage. However, like any jewelry, they may experience wear and tear over time, but they are less likely to break compared to traditional metal rings.
- Are Enso Rings reliable?
Enso Rings are considered reliable for those seeking an alternative to traditional metal rings. They are known for their durability, comfort, and resistance to elements, making them suitable for various lifestyles and activities.
- Which “shark” has the highest ROI?
The “shark” with the highest return on investment (ROI) in the context of Shark Tank deals may vary over time and depends on the success and growth of the invested companies. Mark Cuban, for example, has a strong track record of successful investments on the show.
- Are Enso Rings made in the USA?
Yes, Enso Rings are proudly made in the USA, with their handcrafted rings produced at their facility in Lehi, Utah.
- Can I wear my Enso ring in the shower?
Yes, Enso Rings are designed to be waterproof, so they can be worn in the shower without any issues.
- Are Enso Rings comfortable?
Enso Rings are known for their comfort. They are made of silicone, which is soft and flexible, making them comfortable to wear for extended periods.
- What metals are in Enso Rings?
While the primary material in Enso Rings is silicone, some variations may include metallic elements for aesthetic purposes. However, the core of the rings is silicone, which is non-metallic.
- Are silicone rings safe to wear?
Silicone rings are generally safe to wear. They are hypoallergenic, non-conductive, and do not pose the same safety risks as traditional metal rings, making them a popular choice, especially for active individuals.
- Will Enso Rings stretch?
Enso Rings are designed to be stretchable and flexible, allowing for a comfortable fit. However, excessive stretching or prolonged exposure to harsh conditions may affect their durability.
- Are Enso Rings soft?
Yes, Enso Rings are soft and pliable due to their silicone construction. This softness contributes to their comfort when worn.
- How tight should an Enso Ring be?
Enso Rings should fit comfortably but not too tightly. They should be snug enough to stay in place but not restrict blood flow or cause discomfort.
- Do Enso Rings have a warranty?
Enso Rings typically come with a limited warranty, ensuring the quality of their products. The specific terms and duration of the warranty may vary, so it’s advisable to check the company’s official website for details.
- How do you clean an Enso Ring?
Enso Rings are easy to clean. You can simply wash them with mild soap and water and then pat them dry with a clean cloth.
- Are Enso Rings medical grade?
Some Enso Rings may be labeled as medical grade, indicating that they meet certain standards for materials used in medical applications. However, it’s important to verify the specific product’s labeling for this designation.
- Why do people wear Enso Rings?
People wear Enso Rings for various reasons. They are a comfortable and stylish alternative to traditional metal rings, making them suitable for active lifestyles. Additionally, they are popular among individuals who want to express their personal style and values through themed collections. Their durability and non-conductive properties also make them a preferred choice in certain professions and activities.
Useful Video: Barbara Can’t Help Herself With Enso Ring’s Pitch
References:
- https://www.sharktankblog.com/business/enso-rings/
- https://sharktankrecap.com/enso-rings-update-shark-tank-season-9/
- https://bizzbucket.co/enso-rings-shark-tank-update/
- https://www.caclubindia.com/wealth/enso-ring-net-worth-shark-tank/
- https://www.business2community.com/social-buzz/shark-tank-update-enso-rings-01980636
- https://www.sharktanksuccess.com/enso-rings-shark-tank-review/
- https://2paragraphs.com/2017/12/enso-rings-what-happened-after-500000-shark-tank-herjavec-deal/
- https://sharktanktales.com/enso-rings-shark-tank-update/
- https://ensorings.com/pages/faq
- https://gazettereview.com/2018/07/enso-after-shark-tank-update/
- https://www.bustle.com/p/where-to-buy-enso-rings-from-shark-tank-if-you-want-protection-from-the-dangers-of-ring-avulsion-2792664
- https://allsharktankproducts.com/shark-tank-products-fashion/enso-silicone-wedding-bands/
- https://www.monstersandcritics.com/tv/enso-rings-from-shark-tank-what-are-the-benefits-and-where-can-you-buy-them/
- https://www.cnbc.com/2022/03/22/why-mark-cuban-rejected-shark-tank-engagement-ring-company-do-amore.html