Pair Eyewear Shark Tank Update | Pair Eyewear after Shark Tank Pitch.
What is Pair Eyewear?
Pair Eyewear is an online supplier of eyeglass frames for children and adults. The brand is new to the eyewear industry, having been founded in 2017 by two Stanford graduates.
Pair Eyewear was founded by Nathan Kondamuri and Sophia Edelstein.
They established Pair Eyewear when both were students at Stanford University.
Nathan has served as the Chief Executive Officer of Copernican Solutions, LLC. He assisted student-run businesses through Stanford’s consulting division.
He also interned at GE as part of the Operations Management Leadership Program.
He assisted creative students at MIT with research and presenting skills. Sophia formerly worked as an analyst at Goldman Sachs.
Interning in business development at TeachAIDS, Stanford University, and J. P. Morgan as a summer analyst.
They saw that children’s glasses are prohibitively costly and desired to create some disruption in the sector.
After surveying hundreds of families, they discovered that parents want a more affordable choice, while children desired interchangeable glasses.
Nathan and Sophia teamed together with an ex-Warby Parker product manager to start Pair Eyewear in early 2017.
Pair Eyewear’s entry-level frames for children and adults start at $60. This price includes their standard prescription lenses, which are scratch- and glare-resistant.
They’re unlikely to acquire eyeglasses without also purchasing a top frame or two. Top frames start at $25 and go up to $30 for one of their limited-edition collaborations, such as the NHL or Marvel.
Who Founded Pair Eyewear?
Nathan Kondamuri and Sophia Edelstein are the founders of Pair Eyewear.
What happen to Pair Eyewear at the Shark Tank Pitch?
Pair Eyewear distributes one pair of glasses for every pair sold to The Eyelliance, a non-profit organization dedicated to providing spectacles to children in impoverished countries.
They have raised $1.15 million in venture funding to date.
Warby Parker has begun producing children’s spectacles in response to Pair Eyewear’s success, and they’ll need to swiftly win market share.
Pair Eyewear is seeking a strategic partner ready to invest $400,000 in return for a 10% stake in the firm, indicating a valuation of $4 million.
The Sharks like them as entrepreneurs, their market research, and the fact that their product has a 70% profit margin, but they are concerned that they have just $100,000 in sales to advertise the proof of concept.
They are also concerned about the company’s existing investment base.
They have been using the funds raised from investors to fund product development, legal issues, and operational expenditures.
Overwhelmed with sales and the competition in this market, the majority of Sharks begin to withdraw once they understand the complete financial picture in conjunction with their existing sales data.
Lori Greiner and Katrina Lake, on the other hand, recognize the broad picture and market opportunity.
They were giddy with excitement for Pair Eyewear. Katrina and Lori collaborated with Sophia and Nathan to reach an amicable agreement.
They offer $400,000 in return for 10% stock in their business, but they will also get a $1.50 royalty until their investment is repaid. Nathan and Sophia were ecstatic to collaborate with such illustrious Sharks.
Pair Eyewear after Shark Tank Pitch.
Lori and Katrina’s contract was never completed. Since the episode debuted in early March 2020, the country has been on lockdown owing to the Covid-19 epidemic.
Since then, the firm has expanded its offerings with the addition of the Future is Bright and Hearts of Hope collections.
The net earnings from these two collections will be utilized to provide food and books to children impacted by COVID-19.
Pair now sells adult spectacles in response to Warby Parker.
They got $12 million in Series A fundraising in April 2021. Additionally, they obtained licenses from Sesame Street, Harry Potter, Marvel, and the NBA.
As of July 2021, they generated $9 million in yearly sales.
The firm stated in September 2021 that it will open kiosks within the Hy-Vee Supermarkets network.
This would allow them to “offer a hybrid shopping experience for Hy-Vee consumers, allowing them to try eyeglass frames on in stores and place prescription and non-prescription purchases online through the in-store kiosk,” according to a Hy-Vee news statement.
Pair Eyewear Net Worth
Pair Eyewear was seeking $400,000 in return for a 10% stake in the firm, indicating a valuation of $4 million.
Pair Eyewear Competitors
Pair Eyewear’s top competitors include Luxottica, MyOptique Group and GrandVision.
Pair Eyewear FAQS
Is it true that Pair Eyewear landed a deal on Shark Tank?
The company scored a contract during its March 6, 2020, debut on ABC’s “Shark Tank.”
The arrangement was for $400,000 in exchange for 10% of the firm, as well as a $1.50 fee on each pair of glasses sold until the Sharks recouped their investment.
Who owns Pair Eyewear?
Pair Eyewear was launched in 2017 in New York City by Nathan Kondamuri and Sophia Edelstein.
When was the last time a pair of sunglasses was shown on Shark Tank?
March 6, 2020.
How long does it take to get glasses from Pair Eyewear?
Pair Eyewear provides complimentary delivery on all orders.
Returns within 30 days of your order are also free of charge.
The firm estimates that it will take between 5 and 7 days from the time you place your purchase until it is ready to ship.
On Shark Tank, who is Katrina?
Katrina Lake owned 16.6 percent of Stitch Fix as of November 2017. Lake was named one of America’s wealthiest self-made women by Forbes in 2017.
How is Pair Eyewear doing?
They maintain great margins on both the frames and lenses,” she explained. Pair has been growing at a 30% month-over-month rate since debuting (and being funded) on Shark Tank in March of last year.
Are Pair Eyeglasses intended for adults?
Pair Eyewear provides both children’s and adult’s frames that may be customized. Individuals can select from a variety of add-ons for prescription and non-prescription lenses.
Is Pair Eyewear capable of producing bifocals?
They can choose between single vision and progressive prescriptions for their PAIR.
They provide progressive lenses for all of their frames, which combine the correction of close, mid, and distant vision in a one lens.
While progressives do not now offer bifocals, they do offer a more contemporary option to bifocals or trifocals.
How Pair Eyewear do makes money?
They make around 70% margins on lenses and frames. They also pay 25% to 30% margins on their frames alone.
How does Pair Eyewear guarantee customer satisfaction?
Pair Eyewear provides 24/7 customer service through their website and has free returns within 30 days.
Their vision is to focus on one thing: providing the most comfortable and stylish glasses for every face.
Is Pair Eyewear a public or private company?
Pair Eyewear is a private company. The firm was capitalized by the Kondamuri and Edelstein families.
What is the net worth of Nathan Kondamuri?
What is the net worth of Sophia Edelstein?