A Lion Latch is a container for storing small rings and necklaces safely and without damage. This foldable storage box has a hole in the top layer and may be hooked to a bag or other object.
Lion Latch is in the shape of a tiffin box. Its exterior is made of plastic, while the interior is made of rubber. You can place rings, pendants, earrings, hearing aids, and medicines in it safely.
Lerin Lockwood, the company’s founder, was very concerned about her wedding rings because she is a sports coach. While sporting, her rings got a lot of damage. Lockwood began looking for a reliable place where the rings would be safe from harm.
She searched but didn’t find anything in the market and decided to make her own storage box for the rings and other jewelry items. Following that, Lion Latch started.
Lion Latch was featured in the Season 13 of Shark Tank. Lerin asked $150,000 for 15% equity at a $1 million valuation from the sharks.
Lerin asked for $150,000 for a 15% stake in Lion Latch from the sharks. At that time, the net worth of the company was $1 million.
To learn more details about Lion Latch, continue reading!
What Is Lion Latch?
The Lion Latch is a small jewelry storage box. It is made of ABS plastic. This container can be attached to an aluminum alloy.
It is like a small spherical locker that can hold little pieces of jewels. This includes rings, ankle bracelets, earrings, pendants, and medications. A hole in the top layer of this little, round locker may be inserted into any location on a key chain, bag, backpack, etc.
This jewelry holder is 1.5″ in diameter and 1″ deep, and it is available in various colors, including neon green, hot pink, turquoise, purple, blue, orange, and maroon.
It costs $10.95 to buy this container. Travel Jewelry Case is a brand-new product from this company. It is now available for $41.95.
Company Profile
| Company Name | Lion Latch |
| Founded by | Lerin Lockwood |
| Product | A portable jewelry container box |
| Headquarter | Horseshoe Bay, Texas, US |
| Investment Asked For | $150,000 for 15% equity |
| Final Deal | No deal |
| Business Status | In Business |
| Official Website | Lion Latch |
| Amazon Link | Lion Latch |
Who is the Founder of Lion Latch?
Lion Latch was founded by Lerin Lockwood. She is an art teacher and coach at a high school.
Lerin typically takes off her jewelry while playing sports. She once caught a softball during a game and immediately began to experience discomfort in her finger.
When she removed her gloves to investigate the pain, she noticed her engagement ring was crooked and missing a stone. After that, she started finding something that she could use to store his jewelry while playing. But she didn’t find anything in the market.
In 2015, she founded the company and made a portable jewelry container that can be used to store jewels safely without any damage.
Lion Latch Before Shark Tank
Lockwood is a sports trainer and coach. She had to remove her jewelry before playing games. This issue wasn’t limited to Lockwood. We all have to remove our rings and jewels before doing any kind of job.
Lerin Lockwood founded Lion Latch in 2015. It is a small container that can hold your rings and many other pieces of jewelry. This container has a sturdy carabiner clip. So, you can easily insert its hook into the bags and other items.
She made several shape prototypes for the product and eventually approved small circular prototypes.
She started the company back in 2015 through a successful Kickstarter campaign. As a result, she received $14,592 from 225 backers though her initial financing goal was $14,000.
All of the backers who received the products from her liked and appreciated it. Lerin decided to participate in Shark Tank. She wanted additional capital to expand her company.
Shark Tank Pitch of Lion Latch
Lerin Lockwood made an appearance in Shark Tank. She requested the Sharks for $150k in exchange for a 15% stake. She shared her experience of losing her valuable jewelry. Lerin tried hard to explain to the shark the significance of this product.
Lockwood mentioned each unit has a manufacturing cost of $1.50. On the other hand, a wholesale cost is $5, and a retail price is $10. During the course of five years, this business generated $530,000 in revenue.
She predicted that she would generate $230,000 in sales in 2021. But Emma, Lori, Mark, Kevin, and Barbara are not interested in making an investment in this company. So, Lion Latch failed to close a deal on Shark Tank.
Lion Latch After Shark Tank
Lion Latch didn’t finalize the deal in Shark Tank. The investor thought the company’s scope was too small.
There have been few sales of this product so far. Lion Latch has just released a new product called a Travel Jewelry Case. It makes it simple to keep jewels while traveling. According to the company’s plans, it will introduce more diverse products in the near future.
By the time of Christmas in 2021, this product’s sales were high, and orders came in from many US cities. The Lerin shipped merchandise of thousands of dollars to his local post office in Texas.
Fox 44 News featured a story about Lion Latch in January 2022.
Lion Latch Shark Tank Update
Despite having good sales, Lion Latch did not get a deal on Shark Tank. But after the episode aired, she received thousands of orders in a short period of time.
The revenue of Lion Latch in 2021 was around $800K to $1.5M. This firm has now introduced the Studded Tumbler. Its price is $17.95.
Net Worth of Lion Latch
The company’s valuation was $1 million during the Shark Tank pitch. The company’s net worth is around $100K and $350K, even though this business has not yet made many sales. But now it is introducing new products.
Is Lion Latch Still in Business?
Lion Latch is still in business as of 2022. Amazon has listed the products of Lion Latch, and sales of these products are excellent. On Amazon, this product has a rating of 4.8, and most reviewers have given it positive feedback.
What is Lion Latch?
Lion Latch is a small jewelry container. You can attach it to your belt loop, key chain, backpack, or the metal slider of your gym bag. You can keep your jewelry in it without any damage.
Who is the Founder of Lion Latch?
The Lion Latch was founded by Lerin Lockwood. She is an art teacher in San Antonio, Texas, who also coaches volleyball at Texas Eclipse Club Volleyball.
How Much was She Asking on Shark Tank?
Lerin asked for $150,000 for a 15% stake in Lion Latch from the sharks. At that time, the net worth of the company was $1 million.
Is Lion Latch Still in Business?
Yes, Lion Latch is still in business. Its products are available on the website and Amazon.
Who are the Competitors of Lion Latch?
The competitors of Lion Latch are:
- Dooney
- American Eagle
- Rebecca Minkoff
- Michael Kors
- Coach
Final Words
If you’re looking for a solution to keep your pricey jewelry secure, Lion Latch is the way to go. You may enjoy portability, security, and durability with the product. It helps keep your stuff safe, especially when playing or working out at the gym.
Also have a look on other Shark Tank Brands:
