Long Wharf Supply Co. Shark Tank Net Worth 2023
Long Wharf Supply Co. appeared on Shark Tank Season 13 Episode 2 and asked the sharks for $375,000 for 15% equity at a $2.5 million valuation.
The company is an apparel brand that makes sweaters using oyster shells, recycled water bottles, and cotton or natural lambswool.
Long Wharf Supply Co. has a net worth of around $5 million. In terms of numbers, last year, the company sold goods worth $495,000.
It is unclear what the net worth of Long Wharf Supply Co. will be in 2023 as it depends on various factors such as sales growth rate, expenses, and investments.
However, the company has been growing since its inception in 2016 and continues to sell premium sweaters along with other products.
What is Long Wharf Supply Co.? Who are the Founders of Long Wharf Supply co.?
Long Wharf Supply Co. produces sustainable clothing using a unique manufacturing process that combines recycled plastic and crushed oyster shells.
The design of their garments is inspired by the aesthetic of east coast fishermen. In addition to clothing, they also sell various small products such as travel kits, coasters, passport sleeves, and keyfobs, as well as purses, caps, and other accessories.
One of the most notable aspects of Long Wharf Supply Co. is their commitment to environmental conservation. A portion of their profits is used to reseed coastal oyster reefs, which are natural water filters. They have already assisted in the reseeding of almost 70,000 oysters.
The key to their manufacturing process is a proprietary nanotechnology that produces “rPET yarn” by fusing the oyster shell with plastic and then blending it with high-quality yarn to create the fabric for their sweaters.
The company was founded by Michael Lamagna, who was inspired to create a product that combined his professional experience with his personal values.
The name of the company is a tribute to Lamagna’s great-grandfather, who worked in a textile factory at Long Wharf in Boston. Lauren Lamagna is the Brand Manager, and the company’s manufacturing takes place in South Portland, Maine.
The company began with a successful Kickstarter campaign in August 2020, raising $75,009 and delivering products in time for Christmas.
They now offer hundreds of styles in various colors and designs, with men’s sweaters priced between $128 and $158 and women’s sweaters between $128 and $138.
In addition to running the company, Michael Lamagna works on the board of Harlem Lacrosse, a program that helps impoverished children in the community.
Long Wharf Supply Co. Shark Tank Pitch
Lauren and Mike made an appearance on the second episode of season 13 of Shark Tank, with hopes of securing $375,000 in exchange for a 15% stake in their company. This would place the company’s valuation at $2.5 million.
Their mission is to raise awareness about plastic pollution in the oceans and to educate the public on the risks it poses. They also highlighted the issue of oyster shells becoming contaminated when dumped in landfills.
To combat this, each sweater they sell contains 30 oyster seeds, and they have successfully planted over 70,000 oysters to date.
The Sharks were impressed with the sweaters, which Mike revealed are made of 10% wool, 50% recycled plastic and shellfish, 20% nylon, and 20% viscose derived from plants.
They were also shown a time-lapse video of oysters cleaning polluted seawater, which further impressed the Sharks.
Lauren disclosed that each sweater costs between $23.50 and $33.50 to manufacture, and they sell for between $120 and $150. They have a cost of acquisition of $1 per customer, and they sold $495,000 worth of product in the previous year.
When questioned about ownership, Mike revealed that he currently owns the entire company. However, the Sharks were not impressed with the high valuation, with Kevin O’Leary stating that it was too much to ask for a company that had not yet proven itself.
Daymond John and Lori Greiner were also hesitant to invest, with Daymond citing concerns about the price and Lori wanting to explore more affordable product options.
Peter expressed admiration for their mission but had concerns about the valuation and the fact that Lauren did not currently own any stock in the company. Mike eventually agreed to give Lauren a 10% stake, and Peter offered $375,000 for a 45% stake.
The siblings attempted to counteroffer with a 20% stake but were unsuccessful in reaching an agreement with Peter.
Despite this, the company continues to expand its operations and has invested heavily in the establishment of new oyster cultures to clean up coastal ocean waters.
Long Wharf Supply Co. Net Worth
On Shark Tank, Lauren and Mike were seeking of $375,000 in exchange for a 15% stake in their firm. This implies a $2.5 million valuation.
Long Wharf Supply Co. Competitors
Long Wharf Supply Co. competes with other high-end retailers such as Old Navy, American Eagle, and Belk.
Long Wharf Supply Co. FAQS
What is Long Wharf Supply Co.?
The Long Wharf Supply Co. is a manufacturer of sustainable clothing made from a combination of recycled plastic and crushed oyster shells.
Who are the founder of Long Wharf Supply Co.?
Mike Lamagna and Lauren Lamagna are founders of the Company.
How much were they seeking in the Shark Tank?
The siblings were seeking $375,000 in exchange for a 15% stake in the firm. This implies a $2.5 million valuation.
Did they get the deal from the Sharks?
They did not get the deal from the Sharks. Sharks was unable to reach an agreement with them.
What are the Long Wharf Supply Co. products?
They make river and ocean-friendly clothes that comprise of 30 oyster seeds per sweater sold, plus an eco-friendly plastic shellfish mix.
The sweaters are made from a blend of wool, recycled plastic, nylon and viscose derived from plants. The company also sells hats and bags.
Why is Long Wharf Supply Co. unique?
Long Wharf Supply Co. is unique for two reasons: the garments are made from recycled plastic, and the garments are made from crushed oyster shells.
The brand is aiming to be environmentally friendly, sustainable, and mindful of social issues around the globe.
Where is Long Wharf Supply Company located?
They are located in Nantucket, Massachusetts.
When was Long Wharf Supply Company featured on Shark Tank?
They were featured on Shark Tank on October 15th, 2021.
How much do their sweaters cost?
Men’s sweaters cost between $128 and $158, women’s are around $128-$138.
What is their return policy?
Each item is covered by a warranty against manufacturing flaws or the delivery of defective materials.
If they are unhappy with one of their pieces, they should return it for a refund, repair, or replacement.
Please send an email to [email protected] with their request.
If consumers are not pleased with their item after getting it, they can return or exchange it within 30 days of purchase.
What payment methods do they accepts?
They accepts MasterCard, Visa, Credit Cards and PayPal.
How can they contact them?
They can visit their website at www.longwharfsupply.com or Email them at [email protected]longwharfsupply.com.
Is Long Wharf Supply Company a private or a public company?
It is a private owned company.
Where are they selling?
They sell basically on their website.
What is net worth of Michael Lamanga?
Michael Lamanga’s net worth is unavailable.
