R. Riveter Handbags Shark Tank Net Worth 2023
As of 2022, R. Riveter’s founders Lisa Bradley and Cameron Cruse have a net worth of 2 Million USD. In June 2021, R. Riveter was still in business and had an income of $2 million annually.
R. Riveter appeared on Shark Tank Season 7 Episode 16 in search of $100,000 for a 20% stake in their company. This equates to a $500,000 valuation.
After their appearance on Shark Tank, R. Riveter’s “Remote Riveter” possibilities grew from 13 to 31. The transaction with Mark Cuban was completed and R. Riveter appeared in season 8, episode 816 with an update section.
It is impossible to predict the net worth of R. Riveter Handbags in the year 2023 as it depends on various factors such as market trends, competition, and economic conditions.
What is R. Riveter Handbags? Who are the Founders of R. Riveter?
Riveter is a collection of handcrafted handbags made by military spouses using salvaged military materials such as green canvas, black waxed canvas, USMA wool, and brown leather. Each handbag has a unique number that corresponds to the specific military spouse who made it.
The founders of R. Riveter are Lisa Bradley and Cameron Cruse, who met in 2011 while their spouses were stationed at Camp Merrill Mountain Range School in Dahlonega, Georgia.
Despite having advanced degrees in business and architecture, the military lifestyle made it challenging for them to find meaningful jobs because they had to move frequently.
Inspired by Rosie the Riveter, Bradley and Cruse recognized a market for American-made canvas and leather goods.
They began creating R. Riveter bags in Cruse’s attic near Ft. Merrill, Georgia, using industrial-quality sewing machines constructed during the Korean War and recycled army tent canvas, excess uniforms, and surplus blankets.
To support their husband’s military goals and their families, Bradley and Cruse hired more than ten army wives to produce the bags.
They drop-ship the raw materials wherever their employees are stationed and refer to them as “riveters.” The pieces are then sent to the “home office” in Southern Pines, North Carolina, for final assembly and shipping.
Their story attracted attention and funding from the Kickstarter community, allowing them to outfit their remote employees and expand their business.
R. Riveter Shark Tank Pitch
Cameron and Lisa sought a $100,000 investment for a 20% stake in their company on Shark Tank Season 7 Episode 16. This would give their company a $500,000 valuation.
Their company was founded to support and empower military spouses and to revolutionize American manufacturing.
They faced the challenge of continual uncertainty due to deployment or relocation, which is a major issue for military spouses.
As they demonstrated their product, which included bags made from military surplus tents and clothing, they explained that each bag was manufactured by 15 people who all stamped their “R Riveter” number on it.
The liners were from New York, and the leather was from Georgia, among other places. They shared that the bags cost $55 to produce and were sold for $220, resulting in a significant profit margin of 300 percent.
Their target market was military supporters, and 60% of their sales were made online. They started with their own savings of $9,000 and had made $300,000 in sales in the past year, all through press articles and word of mouth.
While some of the sharks questioned the high price of the bags, Cameron explained that consumers who understood and supported their mission would be willing to pay a premium for American-made products manufactured by military spouses.
Mark praised their social network by action model, and Daymond wondered why they needed a partner. They eventually accepted Mark’s offer, which included funding for inventory and equipment.
After their appearance on Shark Tank, R Riveter’s business grew rapidly. They increased the number of Remote Riveters from 13 to 31 and expanded their physical space, including adding five additional machines.
They now have stores in North Carolina and Ohio, as well as two large production sites in North Carolina and Florida.
They were also included in The Shark Tank Greatest of All Time Special and have a yearly income of $2 million as of June 2021.
What is Net Worth of R. Riveter?
Cameron and Lisa appeared on Shark Tank Season 7 Episode 16 in search of $100,000 for a 20% stake in their company. This equates to a $500,000 valuation.
Current valuation is evidently higher since the Company has grown.
Who are the Competitors of R. Riveter?
R. Riveter’s top competitors are Brahmin, LeSportsac, Comeco, Laga Designs International, MyBag, Bags ETC, and Grant Riveters.
R. Riveter Handbags Shark Tank Updates
- Riveter is a handbag company founded by Cameron Cruse and Lisa Bradley, both military wives themselves, who came up with the perfect system to help military wives keep stable employment with their handbag business.
The company creates handbags from old military uniforms, blankets, and gear. The company was named after Rosie the Riveter, the iconic symbol of women’s empowerment during World War II.
- Riveter appeared on Shark Tank in season 7, where they asked for $100,000 for 20% equity. Mark Cuban made a deal with them for $100,000 for 20% equity plus a line of credit.
Since appearing on Shark Tank, R. Riveter has expanded its business. The company has two storefronts, Amazon listings, and generates about $2 million in annual revenue.
The company has also expanded its manufacturing centers, with two 5,000-square foot manufacturing centers in Southern Pines and Wauchula, Fla. R. Riveter has 42 team members, known as “Remote Riveters,” working in 15 states across the country.
The company plans on doubling its number of riveters this year.
- Riveter has also won awards and recognition for its business. In 2019, the company won Shark Tank’s “Greatest of All” award. In 2020, R. Riveter was featured in the Republican National Convention.
R. Riveter Handbags Shark Tank Summary:
| INFORMATION | DETAILS |
| Company Name | R. Riveter Handbags |
| Founders | Lisa Bradley and Cameron Cruse |
| Product | Handcrafted handbags made by military spouses using salvaged military materials |
| Valuation on Shark Tank | $500,000 for a 20% stake |
| Investment on Shark Tank | $100,000 from Mark Cuban for 20% equity and a line of credit |
| Competitors | Brahmin, LeSportsac, Comeco, Laga Designs International, MyBag, Bags ETC, and Grant Riveters |
| Net Worth of Founders in 2022 | $2 Million USD |
| Annual Income in 2021 | $2 million USD |
| Update After Shark Tank | Expanded to 31 remote riveters, have 2 stores and 2 large production sites |
Please note that it is impossible to predict the net worth of R. Riveter Handbags in the year 2023 as it depends on various factors such as market trends, competition, and economic conditions.
R. Riveter FAQS
What Is R. Riveter Handbags?
- Riveter is a company that produces handbags made by military spouses across the United States. The company was founded by two military spouses who wanted to create flexible and mobile income opportunities for themselves and other military spouses.
The name R. Riveter was inspired by Rosie the Riveter, a cultural icon from World War II who symbolizes the contribution women made to the workforce that helped win the war.
Each R. Riveter handbag takes a journey across the country before arriving at the customer’s doorstep. Components of the handbags are crafted by independent military spouses in their homes around the nation and shipped to R. Riveter’s FabShop to be assembled into a one-of-a-kind product.
The company’s most popular and iconic handbag is the Otto, which has an adjustable crossbody strap and functional handles. The company also produces a small but versatile pouch called the Lucy, which can be used as a clutch or to keep items separate from the rest of a handbag.
- Riveter’s handbags are designed to remind women that there is an entire Riveter Nation cheering them on. The company’s mission is to provide flexible and mobile income opportunities for military spouses while producing high-quality handbags that are assembled in the United States.
How Does R. Riveter Handbags Works?
- Riveter is a company that makes handbags and provides mobile, flexible income opportunities to military spouses across the country. The company was founded on the American ideal that opportunity and innovation, when combined with determination, will create a positive impact.
The handbag components are crafted by independent military spouses in their homes around the nation and shipped to R. Riveter’s FabShop to be assembled into a one-of-a-kind product.
The company contracts based on quarterly production needs, lowering inventory costs and streamlining manufacturing.
- Riveter was founded by two military spouses, Cameron Cruse and Lisa Bradley, who were inspired by the “Rosie the Riveter” campaign during World War II.
The company’s name is a nod to the iconic image and name of Rosie the Riveter. R. Riveter doesn’t hire military spouses to make handbags, but rather makes handbags to hire military spouses and create a greater sense of mission.
The company’s handbags are designed for women to remind them that whatever mission they are on, there’s an entire Riveter Nation cheering them on. Each handbag takes a journey across the country before arriving at the customer’s doorstep.
The company’s aim is to bring a sense of community and support to military spouses who face challenges such as frequent moves, being apart from a parent, or having to continually adjust to new norms.
What Is The Current Valuation Of R. Riveter Handbags?
- Riveter Handbags had a $500,000 valuation when it appeared on Shark Tank. However, as of 2022, the founders of R. Riveter, Lisa Bradley and Cameron Cruse, have a net worth of $2 million USD.
In, it is mentioned that R. Riveter produces hundreds of bags a day and has roughly 90 “Riveters,” military spouses who work from home to create the handbags.The company is now a multimillion-dollar business.
In, it is stated that R. Riveter has received $200,000 in angel funding as of February 2017. However, there is no information on the current valuation of the company.
It is important to note that the valuation of R. Riveter Handbags is subject to change depending on various factors such as market trends, competition, and economic conditions.
What Happened To R. Riveter Handbags?
- Riveter is a company that creates handbags from old military uniforms, blankets, and gear. The company was founded by Cameron Cruse and Lisa Bradley, both military wives themselves, who wanted to create a business that would help military spouses feel more empowered and in control.
The company employs military spouses to cut and sew components of the handbags from their homes around the country and then sends them to R. Riveter’s FabShop to be assembled into a one-of-a-kind product.
- Riveter appeared on Shark Tank in February 2016 and left with a deal from billionaire Mark Cuban – $100,000 in exchange for 20 percent equity. Since then, the company has expanded its product line with new designs, including the Whittle, a leather purse worn around the waist.
- Riveter has also launched R. Riveter Marketplace, which sells products sold by veteran-owned companies, including Shark Tank winners Bottle Breacher and Combat Flip Flops.
- Riveter has two storefronts and its bags are available on Amazon. The company has made it on the Inc. 5000 List (#386) and has about $2 million in annual revenue.
The company has also opened a new facility in Florida and is making waves on QVC.
- Riveter continues to expand its product line with new designs and has partnered with the Military Child Education Coalition to support military children with the tools to ready themselves for the next phase of school, work, and life.
What is R. Riveter?
- Riveter is a line of handbags handcrafted by military spouses using salvaged military materials (green canvas, black waxed canvas, USMA wool, brown leather).
Who are the Founders of R. Riveter?
Lisa Bradley and Cameron Cruse are the founders of R Riveter.
How much were they seeking in the Shark Tank?
They were asking for $100,000 for 20% stake in their company. This equates to a $500,000 valuation.
Did they get the deal from the Sharks?
They secured an investment from Mark Cuban.
How much was the deal?
His offer was $100,000 for 20% stake in the Firm.
Is R. Riveter on Shark Tank still in business?
Yes, it’s still in business as of June 2021 and has an income of $2 million annually.
When did R. Riveter appeared on Shark Tank?
- Riveter made an appearance on the 5th of February, 2016.
What does R. Riveter stand for?
It began as a two-woman enterprise, but as demand increased, so did the staff. So R. Riveter got started.
The name was inspired by Rosie the Riveter, a World War II cultural figure who represents the contribution women contributed to the labour that helped win the war.
How much does R. Riveter Handbags cost to buy?
They can buy a bag for $220. It’s reasonably priced and good quality.
Where can they buy?
They have a retail store in Southern Pines, North Carolina and on amazon.
How can they get more information about R. Riveter Handbags?
They can visit the online store at www.rriveter.com
Is R. Riveter Handbags available on social media?
Yes, they have an Instagram @rriveterbags, Twitter @rriveterbags and Facebook fb.com/rriveterbags.
Where is R. Riveter Handbags headquartered?
The company is based in Southern Pines, North Carolina.
What is the ‘lifetime’ of their products?
The lifespan of an R. Riveter object might vary from person to person depending on how it is used and cared for.
