In the captivating aftermath of Lion Latch’s appearance on Shark Tank, the entrepreneurial journey of Lerin Lockwood takes center stage. Introduced as a compact solution for securing jewelry on the go, Lion Latch faced both accolades and challenges in the renowned entrepreneurial arena. This article delves into the post-Shark Tank developments, exploring how the product evolved, Lerin’s strategic decisions, and the impact of Shark Tank’s exposure on Lion Latch’s trajectory.
From heated exchanges with the Sharks to the brand’s unexpected successes, this narrative unfolds the untold chapters of Lion Latch’s story beyond the iconic Shark Tank pitch.
What Is Lion Latch:
The Lion Latch is a unique and innovative product that aims to solve the problem of losing small jewelry items like rings, earrings, and other tiny valuables. Its compact, portable design, coupled with its practical functionality, makes it an appealing option for anyone who frequently needs to remove their precious items [1].
Design
The Lion Latch comes in various vibrant colors, adding an aesthetic appeal to its practical design. The color options make it easy to locate, reducing the chances of misplacing it.
Functionality
The Lion Latch operates using a twist-and-lock mechanism, ensuring that the container doesn’t open accidentally, thus offering a secure storage solution for your jewelry. This mechanism is straightforward to use, and the lid stays securely in place once locked [3].
Pros:
- Protection: The Lion Latch offers excellent protection for your small jewelry items. The hard plastic shell prevents damage to the contents, even if the container is dropped or knocked around inside a bag;
- Versatility: The loop at the top of the Lion Latch allows it to be attached to a variety of items. This versatility means that you can always have your jewelry safe and close at hand, whether at the gym, at work, or while traveling;
- Color options: The range of color options makes the Lion Latch not only a practical item but also a fashionable accessory. The bright colors also make it easy to find in a crowded purse or gym bag;
- Compact and Portable Design: Lion Latch’s primary strength lies in its compact and portable design. The small, discreet container is perfect for storing small valuables such as rings, earrings, or other jewelry items. The latch’s compact size makes it easy to carry in a pocket, purse, or even attach to a keychain, providing users with a convenient and accessible solution for keeping their precious items safe;
- Durable Construction: The Lion Latch is built with durability in mind. Crafted from robust materials, it ensures the protection of delicate items from external factors such as moisture, dust, or accidental damage. The sturdy build instills confidence in users, assuring them that their valuables are secure even in challenging environments;
- Appealing Aesthetic: Lion Latch doesn’t sacrifice aesthetics for functionality. The sleek and modern design adds a touch of style to the product, making it visually appealing to a broad audience. The various color options available cater to different preferences, allowing users to choose a latch that suits their taste [4];
Cons:
- Size: While the compact size of the Lion Latch is part of its appeal, it may also be a drawback for some users. It can only hold a limited number of items, which may not be enough for people with several pieces of jewelry;
- Price: Some users might find the price of the Lion Latch a bit high for such a simple product. However, considering the protection and convenience it offers, many would argue that it’s worth the investment.
- The Lock Mechanism: Although the twist-and-lock mechanism is generally secure, there have been some reports of the lid coming undone in certain situations. This could potentially lead to loss or damage of the contents if not noticed immediately;
- Limited Storage Capacity: While Lion Latch excels in portability, its compact design comes with a trade-off – limited storage capacity. The container’s size restricts the number of items it can hold, potentially limiting its usefulness for individuals with a significant amount of small valuables. Users seeking a solution for larger items may find Lion Latch less suitable for their needs;
- Not Suitable for All Jewelry Types: Lion Latch may not be ideal for all types of jewelry. Larger items, such as bulky necklaces or bracelets, may not fit comfortably within the container. This limitation could be a drawback for individuals who want a single solution for all their jewelry storage needs;
- Limited Distribution Channels: At the time of this review, Lion Latch may not be widely available through traditional retail channels, limiting the accessibility of the product to potential buyers. This exclusivity might pose a challenge for individuals who prefer to see or test a product in person before making a purchase;
Who May Benefit From Using?
- Travelers: Frequent travelers, whether for business or leisure, often face the challenge of keeping their jewelry and small valuables secure while on the move. Lion Latch’s compact design and durable construction make it an ideal companion for those who want a reliable and portable solution to safeguard their jewelry during travels;
- Outdoor Enthusiasts: Individuals who enjoy outdoor activities such as hiking, camping, or sports may appreciate Lion Latch for its ability to protect small items from the elements. Whether it’s keeping earrings safe during a camping trip or securing a ring while engaging in outdoor sports, Lion Latch offers a practical solution for those who lead an active lifestyle;
- On-the-Go Professionals: Professionals who are constantly on the move, such as sales representatives or consultants, can benefit from Lion Latch’s convenience. The portable design allows them to carry essential jewelry items discreetly, ensuring that they have access to their accessories without the risk of loss or damage;
- Healthcare Professionals: Healthcare professionals, including doctors and nurses, often need a secure way to carry small items like rings or earrings during their shifts. Lion Latch’s compact size makes it a suitable option for individuals in the healthcare industry who want to keep their jewelry safe while adhering to workplace regulations;
- Seniors: Older individuals who may have difficulty with intricate jewelry clasps or those who simply want an easy-to-use solution can benefit from Lion Latch. Its simple and user-friendly design makes it accessible for seniors who may have dexterity challenges or prefer a hassle-free way to secure their valuables;
- Parents and Caregivers: Parents and caregivers can find Lion Latch useful for storing small items like baby teeth, a child’s first lock of hair, or small sentimental objects. The secure latch ensures that these keepsakes are protected and easily accessible when needed;
- Gift Recipients: Lion Latch can make for a thoughtful and practical gift. Whether for birthdays, holidays, or special occasions, individuals who appreciate jewelry or need on-the-go storage may find Lion Latch to be a unique and valuable present [5];
About the Founders Of Lion Latch
Her engagement ring suffered damage during a softball game when catching a ball caused the ring to flatten against her finger, resulting in the loss of a diamond. Motivated by this incident, Lockwood conceptualized a portable container to safeguard her jewelry during her active lifestyle. The design features a stem running through the middle of the container, providing a secure anchor for rings and links.
The container can be easily pulled apart, revealing the stem, and the cap has a strategically placed hole, ensuring the tip of the stem remains visible when closed. To secure the entire assembly, a carabiner is clipped to the stem, allowing the compact storage unit and its contents to be conveniently attached to keys or bag handles for effortless tracking [7].
Utilizing a 3D printer, Lockwood transformed her concept into reality. The positive reception from friends, students, and fellow coaches prompted the birth of Lion Latch. In just five years, the product achieved impressive sales totaling $ 530,000. However, with growing demand surpassing the capacity of her one-woman operation, Lockwood decided to seek support on Season 13, Episode 1 of “Shark Tank”.
The Pitch Of Lion Latch At Shark Tank
In a pivotal episode of “Shark Tank” Season 13, entrepreneur Lerin Lockwood confidently sought a $ 150,000 investment in exchange for a 15% stake in her product, Lion Latch [8]. The pitch involved a memorable presentation featuring an actress in a trash can searching for a lost ring, prompting Barbara Corcoran to inquire about preventing such misplacements. Lockwood demonstrated the clip attachment feature, but the investors remained unimpressed.
Kevin O’Leary, known for his candid assessments, opened his Lion Latch to find hearing aids, prompting Lockwood’s playful remark about his listening skills. Over the five years since its launch, Lion Latch generated $ 530,000 in revenue, with the last year alone contributing $ 230,000 and $ 54,000 in net profits. Lockwood priced the product at $ 5 for wholesale and $ 10 for retail, with each unit costing $ 1.50 to produce.
The journey wasn’t without challenges, as the company went through three manufacturers, requiring Lockwood’s family to shuttle new orders for her to quality check before shipping. The demands of this process led her to make the difficult decision to step away from her teaching profession.
Despite her financial success, O’Leary expressed skepticism about the scalability of Lion Latch, leading to a heated exchange with Lockwood. O’Leary ultimately opted out of the investment. Other sharks echoed similar sentiments, either expressing disinterest in the product or questioning its potential for becoming a lucrative brand.
Exiting the tank, Lockwood maintained optimism for her business’s future, acknowledging her disappointment in not securing a deal. She declared her intention to return home and redouble her efforts, emphasizing her determination to continue building Lion Latch independently. The episode showcased the challenges and resilience of entrepreneurship, highlighting Lockwood’s unwavering commitment to her product despite facing rejection in the Shark Tank [9].
Lion Latch After The Shark Tank
From its humble origins as a single patented product, Lion Latch has evolved into a diverse product line, showcasing the entrepreneurial spirit of its founder, Lerin Lockwood. The brand’s offerings extend beyond the classic container, which now comes in various colors and motifs.
Lion Latch has expanded its range to include practical items such as Air Tag holders for easy tracking, Stank Stix designed to deodorize shoes and gloves, a glow-in-the-dark tumbler set, and a versatile Lion Pack bag [10].
The availability of Lion Latch merchandise has also expanded to multiple platforms, including the brand’s official website, TikTok shop, and an Amazon page, providing customers with diverse purchasing options.
Lockwood’s unwavering belief in her product allowed her to turn a Shark Tank rejection into a valuable learning experience for business scaling. In 2021, Lockwood acknowledged the advice of Shark Tank investor Lori Greiner in an Instagram post. Greiner’s guidance led Lockwood to seek out a Texas-based manufacturer to meet the growing customer demand.
This strategic decision has been pivotal to Lion Latch’s success, enabling the business to establish its official headquarters in the same year, marking a significant milestone in its growth.
In a recent TikTok video, which garnered nearly 9 million views, Lockwood reflected on the critiques she received from the Shark Tank investors. She acknowledged that, while the feedback was initially painful, it ultimately proved to be helpful. Lockwood expressed gratitude, noting that the Sharks were perhaps looking out for her best interests. She highlighted the remarkable success of Lion Latch’s TikTok shop and pondered the potential challenges of sharing a percentage of those sales with external investors.
Crafted entirely from durable ABS Plastic and aluminum alloy, Lerin positions the product as a versatile solution suitable for a broad audience, including high school students, athletes, educators, nurses, and individuals with active lifestyles. The company’s success has garnered widespread recognition, earning Lerin appearances on popular television shows such as “The View” and “Good Morning America”. Notably, Lion Latch proudly secured the GOTEXAN’s 2020 People’s Choice Award, further cementing its reputation for excellence.
To acquire this handy accessory, interested individuals can visit Lion Latch’s official website, where they can explore the various color options and place orders directly. Additionally, Lion Latch is conveniently available on the widely-used online retail platform, Amazon, providing customers with multiple avenues to make their purchases. With its accessible pricing, diverse designs, and widespread availability, Lion Latch has become not just a functional solution for securing valuables on the go but also a stylish accessory that resonates with a diverse and dynamic consumer base.
Notably, Lockwood remains the sole owner of her business, emphasizing the triumph of an entrepreneur who left the tank empty-handed only to discover more significant opportunities beyond its confines. Lion Latch’s journey exemplifies a success story of resilience and strategic decision-making, proving that setbacks can pave the way for even greater achievements.
The Net Worth Of Lion Latch
The company continues to thrive by offering a practical and convenient solution for individuals who need a safe place to store their small jewelry items when they aren’t wearing them. Despite some initial skepticism from Shark Tank judges like Mark Cuban, the Lion Latch has proven its worth in the market.
It’s also worth noting that the valuation of the company at the time of the show was $ 1,000,000. This indicates that Lion Latch has maintained a steady performance in recent years, maintaining its value in the competitive market.
Alternatives To Lion Latch :
- Jewelry Travel Cases: Specialized jewelry travel cases are available in various sizes and designs. These cases often feature multiple compartments, padded interiors, and secure closures. Brands like Kendal and Vlando offer elegant and functional jewelry travel cases that provide more space for a variety of jewelry types, including necklaces and bracelets;
- Compact Jewelry Pouches: Compact jewelry pouches are soft, fabric-based solutions that are lightweight and easy to carry. These pouches usually have individual pockets or compartments for different pieces of jewelry. While they may lack the hard shell of Lion Latch, they are flexible and suitable for a range of jewelry sizes. Brands like Ellis James Designs and BAGSMART offer stylish and practical options;
- Pill Cases with Compartments: Some people repurpose small pill cases to store jewelry. These cases typically have multiple compartments and are designed to be compact and portable. While they may lack the specialized features of dedicated jewelry storage solutions, they are readily available, affordable, and can serve the purpose for individuals with minimal jewelry storage needs;
- DIY Solutions: For those who prefer a more personalized approach, creating a DIY jewelry storage solution is an option. Small containers, pill organizers, or repurposed mint tins can be customized to suit individual preferences. While this option allows for creativity, it may not offer the same level of protection as purpose-built products;
- Portable Jewelry Rolls: Jewelry rolls are fabric-based storage solutions with compartments for different pieces of jewelry. They typically roll up for compact storage and are secured with a tie or button. Brands like Tumi and WOLF offer high-quality, stylish jewelry rolls that are suitable for travel or daily use;
- Mini Jewelry Safes: For those who prioritize security, mini jewelry safes provide a more robust storage solution. These safes are compact, often designed for travel, and come with features like combination locks or biometric access. Brands like AmazonBasics and First Alert offer portable safes with various security features;
- Silicone Ring Holders: Silicone ring holders are flexible and compact solutions specifically designed for rings. These holders are often made from medical-grade silicone and provide a snug fit for rings, protecting them from scratches and damage. They are a budget-friendly option for those with a minimalistic jewelry collection;
FAQ:
- Who created the Lion Latch?
The Lion Latch was created by Lerin Lockwood, an entrepreneur who conceptualized the product after experiencing challenges with wearing her engagement ring while coaching a softball team.
- What episode of Shark Tank is the Lion Latch on?
Lion Latch appeared on Season 13, Episode 1 of Shark Tank.
- What was the last Shark Tank episode about?
Information about the latest Shark Tank episode can be obtained by checking the most recent airing or browsing the official Shark Tank website.
- What happened to Stella Valle after Shark Tank?
Stella Valle is a separate business, and their post-Shark Tank journey can be researched for specific updates and developments.
- How do you use a Lion Latch?
Using Lion Latch is straightforward. The container can be pulled apart to reveal a stem running through its middle, providing an anchor for rings and links. The cap, featuring a hole for the stem, secures the contents. The entire assembly can be clipped using a carabiner for convenient attachment to keys or bag handles.
- How did Lori Greiner get rich?
Lori Greiner achieved wealth through her success as an entrepreneur and inventor, creating and marketing numerous innovative products. Her role as a “Shark” on Shark Tank also contributed significantly to her financial success.
- What businesses failed after Shark Tank?
The fate of businesses featured on Shark Tank varies. Some succeed, while others face challenges. Specific details about businesses that failed can be researched individually.
- Who are the two richest sharks on Shark Tank?
The wealth of the sharks on Shark Tank may change over time, but as of 2023, Mark Cuban and Kevin O’Leary were among the wealthiest sharks.
- Why does Barbara never invest?
Each shark on Shark Tank has their investment criteria and preferences. Barbara Corcoran may choose not to invest based on factors such as valuation, business model, or perceived risks.
- Is Lion Latch patented?
Details about Lion Latch’s patent status can be confirmed by checking the United States Patent and Trademark Office (USPTO) or consulting the official Lion Latch website.
- How long does it take for Lion Latch to ship?
Shipping times for Lion Latch may vary. It is recommended to check the shipping information on the official Lion Latch website or contact customer support for specific details.
- Was Shark Tank renewed for 2024?
Information about Shark Tank’s renewal for 2024 can be obtained by checking official announcements from the network or production company.
- What was the biggest offer in Shark Tank history?
The biggest offer in Shark Tank history was made by Mark Cuban, who offered $ 30 million for the entire business of the camping equipment company, Rugged Maniac.
- Who owns the rights to Shark Tank?
The rights to Shark Tank are owned by Sony Pictures Television, which produces the show for ABC.
Useful Video: How to Use the Lion Latch?
References:
- https://www.women.com/1385704/what-went-down-with-lion-latch-after-shark-tank/
- https://www.thelist.com/1347472/what-happened-lion-latch-after-shark-tank/
- https://sharktankrecap.com/shark-tank-lion-latch-update-season-13/
- https://www.looper.com/1406106/whatever-happened-lion-latch-shark-tank/
- https://bizzbucket.co/lion-latch-shark-tank-update/
- https://www.msn.com/en-us/money/smallbusiness/lion-latch-what-happened-to-the-brand-after-shark-tank/ar-AA1gLIIc
- https://www.sharktankblog.com/business/lion-latch/
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- https://thecinemaholic.com/update-on-lion-latch-from-shark-tank/
- https://lionlatch.com/pages/how-it-works
- https://sharktanktales.com/lion-latch-shark-tank-update/