Rareform Shark Tank Net Worth
Aric and Alec were looking for $300,000 to help fund their business. In exchange for this investment, they were willing to give up 10% ownership of their company. This indicated that the total value of their company was estimated to be $3 million.
Eventually, they received an offer for $300,000 that was equal to the estimated value of their company. They accepted this offer, meaning that the investor would now own 10% of their business in exchange for the funding they needed.
What is Rareform and Who Founded Rareform?
Rareform is a company that produces handcrafted backpacks, duffel bags, and wallets made from vinyl billboards. The company’s approach to production involves recovery and recycling, which helps to promote environmental conservation.
Rareform is well-known for creating unique and admirable backpacks that are popular in the California area. Additionally, the company produces high-quality wallets and purses at competitive prices.
The founders of Rareform are Aric and Alec Avedissian, who were born and raised in Los Angeles. They established the company in 2012, and it has experienced remarkable growth since then.
They chose billboard vinyl as their primary material because of its durability, waterproofness, lightweight, and eco-friendliness.
To kickstart their business, the Avedissian brothers used funding from their family and friends to create their initial line of surf bags. As they have grown into successful entrepreneurs, they are now focused on expanding their company’s global recognition while promoting environmental sustainability.
The idea for Rareform came to Aric Avedissian after seeing people in El Salvador using billboards as a roofing material. He was surprised to learn that billboards were made of vinyl and not paper, which led him to consider the various products that could be made from this material. Thus, Rareform was born.
Both Alec and Aric Avedissian are the co-founders of Rareform, and they remain committed to producing high-quality products that are environmentally sustainable.
What happens to Rareform at the Shark Tank Pitch?
During their Shark Tank pitch, the founders of Rareform, who had established the business in 2012, sought $300,000 for 10% of their firm, indicating a $3 million valuation.
They distributed free samples of their handcrafted backpacks, duffel bags, and wallets made from vinyl billboards, which they received from two exclusive billboard partners in California.
The founders argued that their story sells their products, and they require high-quality displays to sell their goods in stores. They had made $1.1 million in sales throughout their careers, including $700,000 in the last year. However, they also suffered a loss of $130,000 in the previous year.
During the pitch, several Sharks expressed concern about the company’s excessive number of investors, with Mark stating that he would need to see tremendous growth for him to recoup his investment. Lori walked out, dissatisfied with the lack of homogeneity, and Robert disagreed with the company’s valuation.
Kevin O’Leary eventually offered to provide $300,000 in financing at an interest rate of 8% per year in exchange for 10% ownership. The founders countered with a 15% straight equity offer, but O’Leary would want 40% if the sale included only an equity component. Eventually, they accepted O’Leary’s initial offer.
After the Shark Tank pitch, the agreement with Kevin was revised to a $150,000 loan for 5% of the firm, and sales more than tripled following the show’s airing. As of May 2021, Rareform is still in operation and generating revenue of $4 million per year.
Rareform Shark Tank Summary:
|Founders||Aric and Alec Avedissian|
|Primary Material||Vinyl billboards|
|Products||Handcrafted backpacks, duffel bags, wallets, totes, cooler bags, and small accessories|
|Shark Tank Pitch||Sought $300,000 for 10% equity, valuing the company at $3 million|
|Shark Tank Deal||Kevin O’Leary provided a $150,000 loan for 5% equity|
|Revenue (2022)||$4 million|
|Net Worth of Founders (2022)||$9 million|
Rareform Shark Tank Updates
Rareform is a brand that repurposes vinyl billboards into backpacks, duffel bags, wallets, and more. The company appeared on Shark Tank in Season 8 Episode 19, seeking $300,000 for 8% of their business.
During the pitch, the founders handed out samples made from a Shark Tank billboard and explained that they have exclusive contracts with two large California billboard companies that give them the materials for free.
Kevin O’Leary made a deal with the brothers for a $150,000 loan for 5% of the company after the show aired.
Since appearing on Shark Tank, Rareform has added to its product line, selling tote bags, cooler bags, and small accessories.
As of August 2022, the company is still in business and generating $4 million in annual revenue. The founders, Alec, and Aric Avedissian have a net worth of $9 million as of 2022.
Rareform Net Worth?
Aric and Alec come in search of $300,000 in exchange for 10% of their firm. This indicates a $3 million value. They accepted an offer of the same value.
What Was The Outcome Of Rareform’s Pitch On Shark Tank?
During their pitch on Shark Tank, Rareform’s founders, Alec and Aric Avedissian, asked for a $300,000 investment in exchange for 10% equity in their company, which was valued at $3 million.
Kevin O’Leary made an offer of a $300,000 loan at 8% interest and 10% equity, which the founders ultimately revised to a $150,000 loan for 5% equity after the show aired.
Following the show’s airing, sales more than tripled, and as of August 2022, the company is still in business and generating $4 million in annual revenue.
Did Rareform Get A Deal On Shark Tank?
Yes, Rareform did get a deal on Shark Tank. During their pitch, the founders, Alec, and Aric Avedissian, asked for a $300,000 investment in exchange for 10% equity in their business, which repurposes billboard vinyl into bags and accessories.
Kevin O’Leary made a deal with them, but the terms were changed to a $150,000 loan for 5% of the company after the show aired. The company is still in business and has generated $4 million in annual revenue as of August 2022.
Which Shark Invested In Rareform?
Kevin O’Leary invested in Rareform on Shark Tank. He offered a $300,000 investment in exchange for 10% equity, but the terms were changed to a $150,000 loan for 5% of the company after the show aired.
How Has Rareform Grown Since Appearing On Shark Tank?
Rareform is a company that repurposes vinyl billboards into backpacks, duffel bags, wallets, and more. The company appeared on Shark Tank in 2016 and asked for $300,000 for 10% equity.
Kevin O’Leary made a deal with Rareform, but the terms were changed to a $150,000 loan for 5% of the company after the show aired. Sales tripled in the aftermath of the original air date.
Since appearing on Shark Tank, Rareform has continued to grow. Its products are sold in over 300 retail locations in addition to online sales. The company has exclusive contracts with two large California billboard companies that give them the materials for free.
Rareform collects over 20,000 pounds of billboard vinyl per month from all over the USA. The company has also expanded its product line to include surfboard bags, tote bags, and laptop sleeves.
Is Rareform A Reputable Business?
Rareform is an online retailer that sells bags, wallets, and other products made from repurposed billboard materials.
The company was founded by brothers Aric and Alec Avedissian, who successfully pitched their business on the reality television series “Shark Tank”. Rareform’s products are sold in over 300 retail locations in addition to online sales.
According to customer reviews, a 98% of reviewers would recommend the company’s products to a friend. However, Rareform is not accredited by the Better Business Bureau (BBB) and has not received a rating from the BBB.
Overall, while Rareform has received positive reviews from customers and has had success in selling its products, it is important to note that the company is not accredited by the BBB.
Is Rareform On Shark Tank Still Operational?
Yes, Rareform is still operational as of April 2023. The company was founded in 2012 by entrepreneurial brothers Aric and Alec Avedissian. Rareform repurposes vinyl billboards into backpacks, duffel bags, wallets, and other products.
The company chose to work with billboard vinyl because it is durable, waterproof, unique, lightweight, and eco-friendly. Rareform has exclusive contracts with two large California billboard companies that give them the materials for free.
Rareform appeared on Shark Tank in Season 8 Episode 19. During their pitch, the Avedissian brothers sought $300,000 for 10% of their business. Kevin O’Leary made a deal with Rareform for a $300,000 loan at 8% and 10% equity.
After the show aired, the agreement was revised to a $150,000 loan for 5% of the company. Sales more than tripled following the show’s airing.
As of August 2022, Rareform is still in business and doing $4 million in annual revenue. The company’s products are sold in more than 300 retail locations, including major national retailers such as Best Buy and Disney.
Where Is Rareform Headquartered?
Rareform is headquartered in Agoura Hills, California, United States. The address of Rareform’s headquarters is 5308 Derry Ave Ste A, Agoura Hills, California, 91301, United States.
What Are Rareform Competitors?
Rareform is a company that repurposes billboard vinyl into bags and accessories. There are a few companies that can be considered Rareform competitors. Outdoor Products, Kipling, The K3 Co, and Fishpond Inc are listed as Rareform’s top competitors.
However, it is unclear if these companies produce similar products or if they are just competitors in the luggage and travel gear industry.
The grid analyzes 49 criteria and summarizes 2,499 data points to rank luggage and travel gear brands similar to Rareform according to product features, overall rating, and customer reviews.
It is worth noting that according to owler.com, there are no competitors identified for Rareform. However, this may not be a comprehensive list of all Rareform competitors.
Where are Rareform handbags manufactured?
Though the material is comparable, it is derived from tarps rather than billboards, providing Rareform with a distinct advantage in the market – it is also partially made in Los Angeles.
What material do billboards consist of?
The majority of billboards are made of paper or vinyl because of their resilience and cost.
There are, of course, digital billboards and, as previously said, hand-painted billboards.
Both are viable solutions, although paper or vinyl billboards are significantly more common.
How are vinyl billboards cut?
Yes, their vinyl material is really easy to cut and trim with minimal fraying.
A utility knife, box cutter, or even a pair of sharp scissors would suffice. The middle poly mesh layer helps prevent further fraying or ripping.
Is each Rareform bag truly unique?
Yes. It Rareform bag is one-of-a-kind due to the fact that each is crafted from a unique billboard. They receive a variety of billboard vinyl, and each piece has its own personality, set of wear, and shop.
After washing and hand-cutting a billboard at our Los Angeles office, they transform it into a bag as unique as they are.
How do they maintain their bag’s cleanliness?
With a soft cloth or sponge, they may use any mild soap or spray cleaning! They strongly advise against washing goods in a washing machine.
Avoid using cleansers or products that include bleach or other harsh substances, such as a sunscreen that is not reef-safe, as they might cause discoloration.
What is the largest duffel you own?
Weekender Duffle (53 Liters), Union Duffle (40 Liters), and Light Duffle, in order of volume (24 Liters). All duffles are authorized for carry-on by the TSA.
What episode was Rareform on Shark Tank?
It was featured on Season 8 Episode 19
What happened to Rareform after Shark Tank?
The agreement with Kevin did close, but the terms were revised to a $150,000 loan for 5% of the firm following the show’s airing.
Following the initial air date, sales more than tripled. As of May 2021, the company is still operating and generating annual sales of $4 million.
Who is the owner of Rareform?
Alec and Aric Avedissian created Rareform in 2012.
How much is Rareform shipping?
For purchases under $100, basic delivery is $5.95. Standard delivery is free on orders over $100.
Are billboards recycled?
Billboards are printed on recyclable polyethylene substrates, which are then recycled to create plastic resins that may be extruded or molded into new items such as rail ties, nursery pots, and shipping pallets.
Can people purchase Rareform directly from a store near me?
Yes. They sell Rareform products in 300+ retail locations worldwide.
Are they looking for a business that offers Rareform in their neighborhood? To contact them, send an email to [email protected].
How long does it take for Rareform to ship?
Following the shipment of their item, regular delivery via USPS normally takes between 1 and 5 business days.
Is Rareform an ethical company?
Each of their factories is audited and accredited to ensure that workers are treated fairly, safely, and ethically.
They owe them a debt of gratitude for ensuring that their Rareform gear is sturdy and constructed to last.
How do they make money?
Their main revenue source is generated from sales of their products.
However, they also make profits from their sponsorships of sporting events and special edition billboards.
They also generate revenue from the sale of their billboard vinyl, which is removed from a billboard.
What are the strengths of Rareform?
Their handcrafted items are durable, of the highest quality, and manmade.
What is the net worth of Alec Avedissian?
What is the net worth of Aric Avedissian?