Monday, March 4, 2024

Lit Handlers 2024 Update – What Happened After Shark Tank

Lit Handlers Before Shark Tank

Lit Handlers is a Texas-based company that makes and sells handmade koozies. Unlike most other koozies, as the name suggests, Lit Handlers koozies have a handle on the side to make holding onto drinks easier. There is also a small pocket within the handle that can be used to hold Chapstick, lighters, a key, and other smaller objects. These koozies are made custom in a variety of designs and colors. In addition to that, they’re made using waterproof neoprene. This material is the same kind of rubber that is used to make wetsuits. Not to mention, they are available in multiple shapes and sizes to ensure they will fit many kinds of cups, bottles, cans, etc. Lit handlers contain an inner insulation that works to help keep hot drinks hot and cold drinks cold for hours. Aside from their custom koozies, Lit Handlers also makes and sells backpacks, coasters for the car, tote bags, and much more. The prices of these products appear to depend on the design, size, and color that customers want, but they can be checked out on the Lit Handlers website and on Amazon.

Lit Handlers was founded in July of 2017 by an entrepreneur and mother, Destiny Padgett. The founder studied at a beauty school, BYU-Pathway Worldwide, from 2010 until she eventually dropped out in 2012. In July of 2016, she officially started her custom koozie business; however, it was first called Lit Can Coolers. It went through its name change in July of 2016. Destiny became an entrepreneur after she lost the father of her daughter. In 2010, she started a mini cosmetic boutique in order to learn how to be an entrepreneur. During that time, she visited trade shows and small markets to help get her business going. Lit Handlers 1

Destiny’s journey to launching Lit Handlers began in 2013, after she was gifted a silhouette machine by her parents. She started playing around with ideas on what she could do with the machine and ended up on Etsy looking at blank koozies for cans. At first, she started selling custom-monogrammed koozies on Jane.com; however, she also started selling the blank koozies in packs of 5, 25, and 100 shortly after. She didn’t start making her koozies with designs and colors until after she received many messages daily asking for her to make ones with patterns. In 2018, she gave a few handmade samples of her koozies to a manufacturer as well as her attorney so that she could get patents for the idea and get a larger product process started. Thus far, Destiny has certainly done well for Lit Handlers, but she wants a shark to help her fund her business’s growth.

Lit Handlers on Shark Tank

Destiny Padgett and her Lit Handlers custom koozies appeared on Shark Tank on May 21, 2021, searching for a deal of $200,000 in exchange for a 10% stake in her company. She is looking for a shark to help her get licensed as well as fund her business while it grows. This question implies that Lit Handlers has a valuation of $2 million. Destiny shares her story with the sharks and tells them all about her business. It didn’t take long for the sharks to agree that the founder had created a great product; all the sharks seemed to like these koozies. And her sales weren’t all that bad either.

Destiny reveals that Lit Handlers made $780,000 in its first year after being launched. In 2021, so far, the founder has done about $630,000 in sales. At the time, her creations were only being sold on her company’s website and on Amazon. Unfortunately, Mark Cuban, Lori Greiner, and Robert Herjavec backed out almost instantly. They all agreed that Destiny didn’t need further investment in litter handlers. Nonetheless, the company did receive two deals. The first deal came from Kevin O’Leary, who offered Destiny $200,000 in exchange for a 20% stake. The second offer, coming from Daymond John, was for $200,000 in exchange for a 25% stake in Lit Handlers. In response to Daymond’s offer, the founder counters with a 20% stake, which the shark accepts.

Lit Handlers 2

Lit Handlers Now in 2024 – The After Shark Tank Update

After a successful visit to the Shark Tank, Destiny Padgett has secured a deal with Daymond John. The deal between the shark and the entrepreneur expired in July 2021, but the Lit Handlers business has been running smoothly ever since. In fact, after the Shark Tank episode aired, the business received about 500,000 new orders within just the first month. Many customers have been sharing photos of their new Lit Handlers products on their Instagram accounts. While the sales data following this spike in orders has not been released, we do know that Lit Handlers has an estimated annual revenue of about $1.2 million as of the end of 2022. Additionally, the founder has launched a few new products recently, such as handlers that fit tumbler cups and slimmer cans, as well as crossbody bags, sleeveless handlers, ice cream handlers, and wine glass handlers. They even have “explicit” handlers for adults and accessories like stickers, lip balms, and popsicle holders now.

Unfortunately, some time after getting that spike in sales, the Texas warehouse of Lit Handlers became flooded from a heavy rainstorm. Luckily, the rain didn’t cause much damage to the warehouse or the products, but it did take the company a bit longer to get the products shipped. Fortunately, Destiny did send each customer a message, letting them know what had happened. Now, as of February [this year], it’s been about six years in business for Lit Handlers, and the founder has been working towards growing it further. Her creations are still only being sold on Amazon and the Lit Handlers website; however, the business now has a shopping app on the Google Play Store. In addition to the company’s new app, Lit Handlers appears to be quite active on their social media. They’re currently sharing photos of their football handlers on Facebook and Instagram pages, just in time for the Super Bowl. It will be interesting to see just what Destiny has in store for the Lit Handlers business in her next update. Lit Handlers 5

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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