In a world where sustainability and eco-friendliness are becoming increasingly important, two siblings have taken it upon themselves to make a difference in the fashion industry. Mike and Lauren Lamagna, founders of Long Wharf Supply Co., have created a unique line of sweaters and accessories that not only look great but also contribute to the cleanup of our oceans. Their journey has been an interesting one, including a memorable appearance on the popular TV show Shark Tank.
The Long Wharf Sweaters Pitch and Deal at Shark Tank
Mike and Lauren Lamagna appeared on Season 13 of Shark Tank, hoping to secure a deal that would help them take their business to the next level. They asked for $375,000 in exchange for a 15% stake in their company, valuing Long Wharf Supply Co. at $2.5 million. The siblings passionately pitched their eco-friendly sweaters, which are made from a blend of recycled oyster shells, recycled water bottles, cotton, and natural lambswool. Each sweater sold helps reseed about 30 oysters, contributing to the cleanup of our oceans.
Despite their impressive pitch and unique product, the Sharks had some concerns. They felt that the valuation of the company was too high, and the customer acquisition cost was expensive. Additionally, the Sharks were hesitant about the high price point of the sweaters, which range from $128 to $158. Another issue raised was that Lauren did not have any equity in the company, which some Sharks saw as a red flag.
In the end, Mike and Lauren left the Tank without a deal. However, their appearance on the show gave them valuable exposure and helped raise awareness about their mission to clean up the oceans.
Is Long Wharf Supply Co. still in Business?
Yes, Long Wharf Supply Co. is still in business and thriving. Despite not securing a deal on Shark Tank, the company has continued to grow and expand. They have gained a loyal following of customers who appreciate their commitment to sustainability and ocean conservation. Long Wharf Supply Co. has also formed partnerships with various conservation groups to help restore oyster populations and promote their clean ocean mission.
The company’s sweaters and accessories are sold on its website and in upscale stores across the nation. They have also built a strong social media presence, with over 49,000 followers on Instagram. Long Wharf Supply Co. continues to innovate and create new products that align with its mission of cleaning up the oceans and promoting sustainable fashion.
What Was Long Wharf Sweaters’ Net Worth?
As of their appearance on Shark Tank, Long Wharf Supply Co. was valued at $2.5 million. However, since then, the company has continued to grow and expand. According to recent estimates, Long Wharf Supply Co. now has a net worth of approximately $3 million.
This growth can be attributed to their unique product offering, commitment to sustainability, and the exposure they gained from appearing on Shark Tank.
Impact of Shark Tank on Long Wharf Supply
While Mike and Lauren did not secure a deal on Shark Tank, their appearance on the show had a significant impact on their business. The exposure they gained from being on national television helped raise awareness about their brand and mission. Many viewers were impressed by their commitment to sustainability and the unique way in which they were tackling the problem of ocean pollution.
Long Wharf Supply Co. experienced a spike in sales and website traffic following the airing of their episode. They also received numerous inquiries from potential investors and partners who were interested in supporting their mission. The Shark Tank effect helped put Long Wharf Supply Co. on the map and solidified its position as a leader in the sustainable fashion industry.
Business Overview
Long Wharf Supply Co.’s signature product is the Fisherman sweater, which boasts a unique blend of 10% lambswool, 50% recycled material, and 40% plant-based viscose and nylon. What sets these sweaters apart is the use of recycled oyster shells, which not only adds to the sweaters’ eco-friendly composition but also contributes to the company’s mission of cleaning up the oceans.
Each Fisherman sweater produced by Long Wharf Supply Co. helps reseed about 30 oysters, which naturally filter seawater and contribute to cleaner waterways. By incorporating recycled materials and supporting oyster reseeding projects, the company is making a tangible difference in the fight against ocean pollution.
Conclusion
Long Wharf Supply Co.’s journey from a small start-up to a thriving eco-friendly fashion brand is an inspiring tale of entrepreneurship, innovation, and commitment to sustainability. Despite not securing a deal on Shark Tank, Mike, and Lauren Lamagna have proven that with dedication and a unique vision, it is possible to build a successful business while making a positive impact on the environment.
As the company continues to grow and expand its product line, Long Wharf Supply Co. remains steadfast in its mission to create high-quality, sustainable fashion that not only looks good but also does good for the planet. Long Wharf Supply Co. has a growing fan base and is committed to eco-friendly practices, which will make it even more successful in the future.
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