Ornament Anchor Shark Tank Net Worth
Ornament Anchor is a product that firmly secures ornaments to the Christmas tree.
The worth of Ornament Anchor Company is $1.8 million, and its founder Ayaan Naqvi has a net worth of $800,000 as of 2022. However, the company did not get investment from any shark despite its good sales performance.
The Naqvi family appeared on Shark Tank in 2021 and asked for $90,000 for 5% equity in their company. They showcased their bundles of Ornament Anchors along with the prices.
A bunch of 24 ornament anchors costs $20, while a pack of 48 anchors costs $36. The premium box of 96 anchors costs $68 with free shipping charges. In June 2021, they did $80,000 in sales, and lifetime sales are $500,000 to date (summer, 2021).
In December 2022, annual revenue was $1 million. Ornament Anchor made $500,000 in sales over an eighteen-month period.
Ornament Anchor is available in gold, green, red, silver, and… It can be hung on a tree branch without the constant worry of the decoration falling over.
The kids are full of poise but charging $24.95 for those thingies is going too far. Should’ve priced these at $9.99.
What is Ornament Anchor and Who is the founder of Ornament Anchor?
Ornament Anchor is a device designed to keep Christmas decorations securely attached to tree branches or other surfaces. It consists of a simple thread with a toggle device that loops through the ornament’s attachment location.
The creator of Ornament Anchor is Ayaan Naqvi, an eighth-grade student from Connecticut. He developed the product with the help of his brother Mickey, sister Sofia, and parents Amanda and Hamza. The idea came about after one of their favorite ornaments fell off the Christmas tree and broke.
After receiving positive feedback at a school fair, they decided to turn their idea into a business. They patented the device, built their website, and made $350,000 in their first year of operation in 2020. They even appeared on QVC and Good Morning America, selling out both appearances.
Ornament Anchor is not just a successful business venture, but it also supports a good cause. The company contributes 10% of its income to no-kill animal sanctuaries, totaling around $20,000 in 2020.
Currently, Ornament Anchor is expanding its distribution to retailers such as Target, Nordstrom, Dillard’s, Safeway, and Bed Bath and Beyond.
Customers can purchase packs of 24, 48, or 96 anchors in green, red, white, silver, or gold, costing $20.00, $35.99, and $67.99, respectively.
Ornament Anchor Shark Tank pitch?
In a Shark Tank episode aired in 2021, Mik’al and Ayaan Naqvi appeared seeking investment for their product Ornament Anchor, which securely attaches ornaments to Christmas trees.
This was their second appearance on the show, having pitched KudoBanz unsuccessfully in the past with their parents and sister.
This time, only the two boys were on the show, seeking a $90,000 investment for a 5% stake in their company, which was valued at $1.8 million.
During their pitch, they explained how they had created the product and how it worked. Each anchor was capable of supporting up to 10 pounds, and the Sharks were impressed when they tested it by tipping over the Christmas tree on stage without a single ornament coming off.
The Sharks were interested in the product, but they were put off by the high valuation and the seasonal nature of the business. While the Sharks were impressed by the boys’ sales figures and profit margins, they ultimately decided not to invest.
After the show aired, Daniel Lubetzky, the founder of KIND snacks, tweeted that the boys’ profit margins were excessive.
Despite not securing investment in Shark Tank, Ornament Anchor is still in operation and has generated $500,000 in lifetime revenue as of January 2022, with $80,000 in annual revenue in 2021.
Competitors of Ornament Anchor
There are products on the market with similar functionality, these are; Christmas Tree Hang-It Tool and Wrap-and-Stick Ornament Hanger.
Net Worth of Ornament Anchor
The company valuation was $1.8 million during and after the pitch. As of January 2022 the company is still in business and its net worth might be higher than the pitch valuation.
Ornament Anchor FAQs
What is Ornament Anchor?
Ornament Anchor is a simple device that adheres to the Christmas tree and holds up to 10 pounds of ornament securely.
Who is the founder?
Ayaan Naqvi, an 8-year-old child was the founder of Ornament Anchor.
How much were they seeking on Shark Tank?
They were seeking $90,000 for 5% stake in the company.
Did they have the deal?
No, the Shark Tank investors did not offer a deal to Ornament Anchor.
Is Ornament Anchor still in business?
Yes, Ornament Anchor is still in business.
Where is Ornament Anchor located?
Ornament Anchor is located in Milford, Connecticut.
How can I contact Ornament Anchor?
Customers can contact Ornament Anchor at their website at https://www.ornamentanchor.com/
What was the cost of Ornament Anchor?
Ornament Anchor pricing is $24.95 for the anchor.
How much does the factory produce?
Ornament Anchor factory produces about 250 anchors per day, which is about 25,000 anchors per month.
How many sales did Ornament Anchor have in its history?
Ornament Anchor began operations in January 2021 and has been selling since then. They reported annual sales of $500,000 as a lifetime sales.
How many different colors are available?
There are four different colors available: green, red, white and silver.
Does Ornament Anchor shipping?
Ornament Anchor shipping is free.
What is the episode was Ornament Anchor aired?
Ornament Anchor episode was aired on Season 13 Episode 8.
How does Ornament Anchor work?
Ornament Anchor works by hanging the anchors on the tree. They are easily attached to a Christmas tree.
How long does Ornament Anchor last?
Ornament Anchor can last for the life of a Christmas tree. When the Christmas tree is taken down, the anchors are easy to detach.
How long does it take to deliver orders?
Ornament anchor allows for cash-on-delivery delivery through US Mail. Orders can be delivered in 2 days since they are shipped from their Milford, Connecticut factory. (Ornament Anchor is not a local pick up store.
How many seconds can a person hold 10 pounds?
A person who has arms shorter than 5 feet can carry 10 pounds by holding it in both hands.
Does Ornament Anchor use any special products?
Ornament Anchor uses screws and the anchors are made of plastic.
Who is the CEO?
The CEO of Ornament Anchor as of January 2022 is Ayaan Naqvi.
What is the net worth of Ayaan Naqvi?
Ayaan Naqvi net worth is not available as of January 2022.