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 FAQS
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.