After an unfortunate engagement ring incident, Lerin Lockwood created a simple yet ingenious plastic tote to keep jewelry and other small valuables safe and secure. Her company, Lion Latch, has grown considerably since its humble beginnings and is now estimated to be worth between $800,000 and $1 million.
While Lockwood didn’t land a deal on her Shark Tank pitch, Lion Latch has continued to thrive, expanding its product line and finding major success on platforms like TikTok. Let’s dive into Lion Latch’s impressive journey and net worth.
Who is Lion Latch?
Lion Latch is a small business founded by Lerin Lockwood, a former art school teacher and coach from Texas. The product was inspired by Lockwood’s accidental damage to her engagement ring during a volleyball game, which caused the diamond to pop out.
Frustrated by the lack of secure options to keep jewelry safe during physical activities, she 3D-printed a prototype of the Lion Latch—a small plastic tote with a clip attachment that can be secured to bags, keychains, water bottles, and more.
Who Is The Founder Of Lion Latch?
Lerin Lockwood is the founder and driving force behind Lion Latch. As a teacher and coach, she experienced the need for the product firsthand and turned her problem-solving skills into an entrepreneurial venture. Lockwood launched a successful Kickstarter campaign in 2015 to get Lion Latch off the ground and has since grown the business through wholesale partnerships, media appearances, and a standout Shark Tank pitch.
How Was The Shark Tank Pitch Lion Latch?
Lockwood brought her Lion Latch pitch to Shark Tank in 2021, asking for a $150,000 investment in exchange for 15% equity. Her presentation included a dramatic reenactment of losing an engagement ring, highlighting the need for her product.
While the sharks were impressed by Lockwood’s passion and the product’s solid sales numbers, they ultimately felt the business was not scalable enough for their investments. The sharks declined to offer, including Kevin O’Leary, Mark Cuban, Emma Grede, Lori Greiner, and Barbara Corcoran.
| Shark | Result | Comments |
|---|---|---|
| Kevin O’Leary | No Offer | Concerns over scalability |
| Mark Cuban | No Offer | Didn’t see sufficient sales potential |
| Emma Grede | No Offer | Admired tenacity but not interested in the product |
| Lori Greiner | No Offer | Advised on finding a reliable manufacturer |
| Barbara Corcoran | No Offer | Admired determination but not interested personally |
Lion Latch Shark Tank Update:
Despite not securing a Shark Tank deal, Lockwood remained optimistic about Lion Latch’s future. She took Lori Greiner’s advice to find a reliable manufacturer and continued growing the business. In a surprising turn of events, Lion Latch became one of the first companies to launch a TikTok Shop in 2023, resulting in over 20,000 orders in the first three months. This rapid growth necessitated a move to a new headquarters for the company.
What Happened To Lion Latch After Shark Tank?
After the Shark Tank episode aired in 2021, Lion Latch experienced a surge of criticism and support from viewers. While some questioned the product’s practicality, Lockwood received many encouraging messages from customers. She continued to expand the Lion Latch product line, adding new colors, patterns, and even accessories like a glow-in-the-dark tumbler. The company’s social media presence grew significantly, with over 409,000 followers on TikTok alone.
Lion Latch Net Worth:
Thanks to its impressive sales figures and continued growth, Lion Latch is estimated to be worth between $800,000 and $1 million. This valuation is a testament to Lockwood’s savvy entrepreneurship and the enduring appeal of the Lion Latch product.
Lion Latch Growth and Operations:
Since its Shark Tank appearance, Lion Latch has expanded its product offerings and scaled its operations. The company has moved from a small studio to a dedicated headquarters, which allows it to manage manufacturing, packaging, and shipping better. Lockwood has also secured partnerships with major retailers like Amazon and Walmart, further increasing Lion Latch’s reach and visibility.
Lion Latch Marketing and Sales:
A key driver of Lion Latch’s success has been its strong social media presence, particularly on TikTok. Lockwood’s engaging personal stories and creative product demonstrations have resonated with over 400,000 followers on the platform. This digital marketing strategy and targeted sales initiatives like the TikTok Shop launch have helped Lion Latch generate impressive revenue growth.
| Year | Total Sales | Net Profit | Manufacturing Cost | Wholesale Price | Retail Price |
|---|---|---|---|---|---|
| 2015-2020 | $530,000 | $54,000 | $1.50/unit | $5/unit | $10/unit |
| 2020 (alone) | $230,000 | $50,000 | – | – | – |
Lion Latch Social Media Presence:
Lion Latch’s social media channels, especially TikTok, Instagram, and Facebook, are vital to the company’s brand and marketing efforts. Lockwood frequently shares behind-the-scenes looks at the business, user testimonials, and new product releases, fostering a loyal community of customers and fans.
Lion Latch Interesting Facts:
- Lockwood was inspired to create Lion Latch after accidentally damaging her engagement ring during a volleyball game, causing the diamond to pop out.
- The company’s name and branding were inspired by Lockwood’s former role as a high school coach, where she was affectionately known as “Coach Lerin.”
- In addition to the core Lion Latch product, the company has expanded into related merchandise like a glow-in-the-dark tumbler.
- Lockwood has become a sought-after speaker, sharing her entrepreneurial journey and TikTok marketing expertise at events like the Cannes Lion Festival.
What’s Next For Lion Latch?
Lockwood has hinted at exciting new developments as Lion Latch grows, including the possibility of licensing the product for special editions, such as Disney-themed Lion Latches sold at Disney World. The company’s strong social media presence and innovative approach to e-commerce, like the TikTok Shop, suggest that Lion Latch is poised for even greater success in the future.
Final Words:
Lion Latch’s journey from a simple 3D-printed prototype to a thriving business valued at up to $1 million is a testament to Lerin Lockwood’s entrepreneurial spirit and the enduring appeal of her practical, problem-solving product. While the Shark Tank pitch may not have resulted in a deal, Lion Latch has proven its resilience and ability to adapt, finding new avenues for growth and success. As the company continues to expand its offerings and reach, it’s clear that the Lion Latch story is far from over.
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