Friday, July 19, 2024

Lion Latch 2024 Update – What Happened After Shark Tank

Lion Latch Before Shark Tank

The Lion Latch is a small keychain-like container that holds rings, necklaces, earrings, and other small pieces of jewelry. It can also work for transporting things like medications, money, and hearing aids. This case is great for traveling with jewelry in order to reduce the chances of the accessories getting lost or tangled together. The container contains a lid with an option to attach a clip or keyring for easier traveling; however, it can also just be placed in a bag as well. Through the center of the Lion Latch, there is a stem that locks in place when a clip is secured, so that the container cannot be opened unless the stem is taken off first. The product has a diameter of 1.5” and a depth of 1”. The Lion Latch is available for purchase on their official website and is priced at $10.95. Furthermore, it’s available in multiple color options such as purple, red, orange, hot pink, neon green, blue, maroon, and even turquoise.

Lerin Lockwood is the founder of the Lion Latch jewelry container. She founded the company is 2015. But Lerin wasn’t always an entrepreneur. Lerin attended Texas State University, where she studied and graduated with a bachelor’s degree in Art Studies. She then later attended the University of the Incarnate and gained her master’s degree in Sports Management. Her first job following her time in college, was at Texas Eclipse Club Volleyball, where she worked as an assistant coach for volleyball teams. After that, she took a job as an art teacher for about 10 years at Marble Falls ISD. Her final position was with the Rising Stars Youth Volleyball League, where she helped as a volleyball coordinator for the youth. Lion Latch 2

Wearing jewelry, such as rings, while playing sports can be difficult. As a coach, Lerin often worries about her rings getting bent or damaged, so she ends up having to remove them prior to coaching. Additionally, as an art teacher, she also must remove her rings in order to avoid materials such as clay from getting into it. Due to this, the Lion Latch was then created in 2015. Lerin got the idea for her creation while she was coaching a game. The founder felt a stinging sensation on her finger after catching a softball. She removed her glove, only to find out that her ring had been bent from the force of the ball hitting her hand. The ball had caused a stone to pop out of the ring before bending the band against her finger. In a panic, she called her husband to inform him about the situation, causing him to panic as well. Fortunately, it was a smaller stone. Regardless of this realization bringing them to a point of relief, they agreed that they’d never want to experience that scare again.

The very first prototype for the Lion Latch was created by a 3D printer. Lerin launched the Lion Latch on October 1, 2015, with a Kickstarter campaign. To her surprise, the product quickly became popular, leading the business to be fully funded by November 2, 2015. Within the next few months, Lion Latch expanded greatly, surpassing Lerin’s anticipations. By 2020, the product will receive an award for GOTEXAN’s 2020 People’s Choice Award. In addition to that, Lion Latch was featured on well-known shows such as Good Morning America and The View. Now, although the business is doing well, Lerin will be attending Shark Tank in hopes of getting a contract with a shark. She would like their assistance with growing Lion Latch more. Lion Latch 4

Lion Latch on Shark Tank

Lerin Lockwood appears on the Shark Tank stage during season 13 episode 1, seeking a deal of $150,000 for a 15% stake in her company, Lion Latch. At the time of filming, this business was valued at $1 million. After introducing herself, Lerin begins by describing how easily jewelry can be lost or damaged during sports, or even other busy activities. With her, the founder has an actress who demonstrates the struggles of losing jewelry as she is searching to find a lost ring in a trash can. Lerin then gets into demonstrating the Lion Latch, while the sharks have the time to check out their samples. Kevin O’Leary opens his Lion Latch to find a demonstrational hearing aid inside. He starts talking to Lerin about his find, leading to the two conversing back and forth for a bit. O’Leary then states “this will make me want to invest in you – NOT”.

By the time Lerin had appeared on Shark Tank, the Lion Latch had a record of $530,000 worth of sales in the past 5 years. About $230,000 of those sales were from the year before appearing on the show. The Lion Latch container costs $1.50 to manufacture before being sold for $10.95 each. After sharing her sales with the sharks, Lerin reveals that she is hoping a shark can help her better her manufacturing. She states that she has worked with three different manufacturers; however, she packs and ships the Lion Latch’s herself as well. Kevin O’Leary went out of the deal first; he wasn’t too happy with finding the hearing aid in the container. The next shark to leave is Mark Cuban. He doesn’t think it will end up becoming a multimillion-dollar business. Guest shark, Emma Grede, also isn’t investing. The last two sharks, Lori Greiner and Barbara Corcoran, dropped out as well. Lori mentions that she believed Lerin can help herself with the manufacturing, while Barbara isn’t impressed by how small the Lion Latch business is. Given that, Lerin leaves the tank without a contract. Lion Latch 1

Lion Latch Now in 2024 – The After Shark Tank Update

Unfortunately, Lerin Lockwood was unable to secure a deal with a shark for her business, Lion Latch. Nonetheless, her business appears to be doing quite well as of January 2024. While on the show, Lori Greiner advised Lerin to handle her manufacturing herself rather than having a sharks help. Fortunately, this advice helped the founder greatly; she was able to find a reputable manufacturer in Texas. Since appearing on the show, Lion Latch has received a bit of an increase in their sales. In fact, teachers have been praising the product and have emailed Lerin, encouraging her to continue selling the Lion Latch’s. In addition to that, the business now sells sports-themed Lion Latch’s, which can be found on Amazon and the Lion Latch website. Furthermore, the business has been featured on Fox 44 News in January of 2022 and Lion Latch has an estimated annual revenue of nearly $1 million.

Melissa Buechler
Melissa Buechler
Graduated from Washington Virtual Academies and have been a freelance writer for about 2 years now. In my spare time, I enjoy spending time with my pets, gaming, etc.
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