Mik’al and Ayaan Naqvi seek a Shark investor for Ornament Anchor, their product that firmly secures ornaments to the Christmas Tree, in Shark Tank episode 1308, the 2021 “Holiday Special.” This is the boys’ second appearance on the show. They appeared in season 10 with their parents and sister when they pitched KudoBandz unsuccessfully. The rest of the family joins them onstage in the Tank, but this is their business. The boys are the first “kidtrepreneurs” to appear on the show twice.
As for their new business, they got the idea for it when one of their favorite ornaments fell off the Christmas tree and broke. An Ornament Anchor is simply string with a toggle device that loops through an ornament’s attachment area and secures the ornament around the tree branch. Once secured, it won’t fall off. They displayed the product at a school fair and had a lot of interest, so they started a business. In less that a year, they designed the product, patented it and created their website.
In their first year in business (2020), they did $350,000 in sales. They appeared on QVC and Good Morning America in August, 2020 and sold out both times! The boys donate 10% of their profits to no kill animal shelters too. In 2020, it was around $20,000. They started selling on Amazon, now they are getting into Target, Nordstrom, Dillards, Safeway and Bed Bath and Beyond. A pack of 24 Ornament Anchors costs $20.00, a 48 pack is $35.99 and a 96 pack is $67.99. The anchors come in green, red, white, silver or gold. Last time in the Tank, they didn’t get a deal due to low sales and a high valuation. Will a Shark want to weigh anchor and invest this time?
Company Information
Video
Posts about Ornament Anchor on Shark Tank Blog
The Ornament Anchor Keeps Ornaments Safe
Ornament Anchor Shark Tank Recap
Mik’al, Ayaan and the rest of the family enter the Shark Tank seeking $90,000 for 5% of their business. They say if they look familiar, it’s because they’ve been here before as they show a clip of their previous pitch. The Sharks get a kick out of the clip. They go on to tell the story of their product, how they invented it and how it works. Each anchor holds up to ten pounds.
The Sharks don safety goggles and the kids ask Lori to press a button. When she does, the onstage Christmas tree flips upside down and not one ornament falls off. The Sharks review their samples and the ornaments the Navqvis made for them. Mark wants to know what happened to KudoBanz. Using a baseball analogy, Ayaan says they were “hitting singles and now they’re here to hit a home run. Mr. Wonderful asks if they learned anything about valuation.
Kevin asks why they’re worth $1.8 million. They talk about $312,000 in sales for 2020. In June, 2021, they did $80,000 in sales. Lifetime sales are $500,000 to date (summer, 2021). Profit margins are 94%. They cost $1.50 landed and sell for $24.99. Mom says the product is like an insurance policy. Dad is fulltime running operations and the boys do sales. They have other businesses like KudoBanz and a card game business.
Mark says he loves them, but he says their business is getting on TV and selling – which is fine, but there are too many moving parts; he’s out. Kevin says it’s extremely seasonal; he’s out. Daymond says it’s not for him; he’s out. Lori likes the product, but it’s not broad enough for her; she’s out. Barbara loves the kids’ confidence. Barbara thinks the price is too high. She doesn’t like that they have other interests; she’s out.
Ornament Anchor Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. On the night of the original air date, Daniel Lubetzky tweeted:
I never thought I’d live to say this but there is such a thing as TOO BIG a gross margin. It feels way off to take a 94% margin on OrnamentAnchor. The kids are full of poise but $24.95 for those thingies is going too far. Should’ve priced these at $9.99. #SharkTank
By 2021, they got their product into 500 Lowes stores in the northeastern USA. In the fall of 2023, Mika’il revealed in some TikTok videos that the brand is now a multimillion dollar company. In October, 2023, they moved the business out of their garage into commercial space. Annual revenue is more than $1 million. As of April, 2024, they are eagerly awaiting next Christmas!
The Shark Tank Blog will follow-up on Ornament Anchor & Mik’al and Ayaan Naqvi as more details become available.
