Litter Jewelry shark tank Net Worth
Litter Jewelry shark tank Net Worth 2023
When Litter Jewelry made its appearance on Shark Tank, its net worth was $157,000. However, as of 2023, the net worth of the company has increased to $6 million.
This represents a significant increase in value over time, which can likely be attributed to the success and growth of the business. Litter Jewelry has likely continued to develop and expand its product offerings, marketing, and sales efforts in order to achieve this impressive increase in net worth.
What is Litter Jewelry? Who is the founder of Litter Jewelry?
Litter Jewelry is a line of fashion jewelry that is made from ordinary items found in everyday places, such as thrift stores and even garbage. It includes a variety of items, including necklaces, headdresses, anklets, body chains, and circular necklaces.
The company was founded by two sisters, MacKenzie Burdock, and Rachel Mann, from San Francisco. The idea for Litter Jewelry originated when one of them transformed an old, broken necklace into a beautiful headdress.
The sisters posted a photo of the headdress on their website along with a blog post detailing its inspiration and creation. The photo received a lot of attention, leading to an invitation to appear on The Jewelry Show.
The sisters’ appearance on The Jewelry Show was a hit, impressing the hosts and audience alike. This success led to the formation of their new business venture, Litter Jewelry.
Since then, Litter Jewelry has gained popularity and is now a favorite among celebrities, including Lady Gaga and Serena Williams. The sisters have expanded their product line, including more types of jewelry, and have continued to turn ordinary items into stunning fashion statements.
Their success has not gone unnoticed, and even internet giant Amazon has taken an interest in their jewelry line.
Litter Jewelry Shark Tank pitch?
In their Shark Tank pitch, Litter Jewelry founders Rachel Mann and Mackenzie Burdick presented their handmade jewelry line seeking $80,000 for a 51% stake in their company, which was valued at $156,863.
Despite being brilliant designers, the Sharks felt that the business side of the company required their advice and assistance. Kevin O’Leary and Robert were impressed with the sisters, but they believed it would take too much time to run the company, so they declined to invest.
Daymond offered them a “designer’s bargain” to fund the company at $80,000 for 70% equity shares while paying Rachel and Mackenzie wages.
Mark Cuban offered to help Daymond with the online stuff, and Kevin returned to offer the sisters their initial request. Rachel and Mackenzie ultimately accepted Daymond and Mark’s offer.
After appearing on Shark Tank, Litter Jewelry’s deal with Mark Cuban and Daymond John was finalized a few days later. The company partnered with fashion model Selita Ebanks and had their jewelry displayed in high fashion stores worldwide.
The company continued to operate and expanded its sales channels to hundreds of independent jewelry retailers. In December 2012, ABC announced that Litter Jewelry would be featured in a follow-up story in episode 414. As of January 2022, the company’s annual revenue was $6 million.
Daymond John talks to Rachael Mann of LITTER
Competitors of Litter Jewelry
Bead the Change, which manufactures bracelets and other miscellaneous jewelry from recycled glass and plastic, is similar to Litter Jewelry.
Net Worth of Litter Jewelry
The company valuation was $156,863 during the pitch, after investment done by Mark and Daymond the company valued at $114,286.
Since then the company have been performing well in sales with annual revenue of $6 million as of January 2022. This justify that the company net worth had elevated.
Litter Jewelry FAQs
What is Litter Jewelry?
Litter jewelry derives its name from the fact that it is fashioned of ordinary things found in everyday areas.
They were found at resale shops, charity stores, and even the rubbish. It is a sort of jewelry that comes in a variety of shapes and sizes, ranging from necklaces to anklets.
Who is the founder?
MacKenzie Burdock and Rachel Mann, two sisters from San Francisco, founded Litter Jewelry. It all started when one of them converted an old, broken necklace into a stunning headdress.
They included a photo of the headpiece on their website, as well as a blog post describing how it was inspired and created.
How much were they seeking on Shark Tank?
They were seeking for $80,000 for 51% of the company. The valuation was $156,863.
Did they have the deal?
Yes, they had a deal from Mark Cuban and Daymond John.
How much was the deal?
They offered $80,000 for 70% equity shares and they will pay Rachel and Mackenzie to work for the company as an employee.
Is Litter Jewelry still in business?
Yes, in January 2022, the company was still running and has annual revenue of $6 million.
Where is Litter Jewelry located?
They are based in San Francisco, California.
What was the theme of each piece?
Each product had a unique theme, ranging from animal prints to whimsical shapes. They also offered dog harnesses and leashes, which were included in their accessories line. Their creative designs often include symbols such as hearts or stars.
How does the Litter Jewelry work?
Litter Jewelry uses specialized equipment, such as a robot, to fuse the various objects needed to create a piece of jewelry. For example, this causes the necklace to be attached to the headdress.
Afterwards, they apply additional accessories in order for the piece to be complete. The accessories vary depending on the theme of each item and how complex it is.
How long did it take them to produce one product?
One design took two days or less, while another took six weeks or more.
How did they make money?
They made money by offering their products at an attractive price point, which was often around $50 and $100. Since the items sold for such a low cost, the profits were concentrated on the gross margin per item sold.
Is Litter Jewelry shipping?
Yes, Litter Jewelry currently ships all its jewelry around the world.
How much do they charge for shipping?
Shipping is free for customers within the United States, but higher for those outside of the same country.
What kind of sales and marketing tactics do they use?
The company does not spend very much money on advertising, and relies primarily on word-of-mouth to attract consumers to their products.
They promote their designs through social media channels and build a strong following by posting pictures of their new jewelry designs on Instagram.
What is the return policy?
They require the buyer to return all earrings, bracelets and necklaces within 24 hours. All sales are final.
How did they establish their company?
The company was established at first as a way to make sentimental jewelry more accessible to women on a tight budget.
MacKenzie and Rachel decided they could make a profit whenever they sold one of their items, because of the large margins that were generated by such low-cost products. They also wanted to have something decent to wear for their upcoming wedding ceremony.
What is the net worth of MacKenzie Burdock?
MacKenzie Burdock has an estimated net worth of $2 million.
What is the net worth of Rachel Mann?
Rachel Mann has an estimated net worth of $1.5million.