Highlights
- Tristen Ikaika seeks $250,000 for 5% equity in his ring business, which he creates from spoons and sells in limited “drops” online.
- Despite strong sales of $2.3 million in lifetime revenue, the Sharks express concerns about scaling and business longevity.
- Tristen accepts Kevin O’Leary’s offer of $250,000 for 15% equity, but the deal does not close after the show.
Overview
| Category | Details |
|---|---|
| Name | Tristen Ikaika Rings |
| Founder | Tristen Amal Ikaikamaikai’ikaneokalani Persons |
| Industry | Fashion/Jewelry |
| Product | Rings made from spoons |
| Funding | Seeking $250,000 |
| Investment Ask | $250,000 |
| Equity Offered | 5% |
| Valuation | $5 million |
Tristen Amal Ikaikamaikai’ikaneokalani Persons, aka Tristen Ikaika, pitches his popular rings made from spoons in Shark Tank episode 1305. He got started as an Instagram travel influencer of sorts. His Instagram page gained many fans during a trip to Europe in high school. People started to ask about the rings he was wearing in his pictures. He’d been making them out of old spoons (and occasionally forks) since he was 12 years old.
Now, he sells the rings to his more than 70,000 followers. The hook is he sells limited amounts of each ring in what he calls “drops.” People literally set their alarms to make sure they get one of the latest rings because after they sell out, they’re gone forever. The business has an almost cult-like following and has driven his sales to nearly $5 million in just a few short years.
The twenty year old entrepreneur travels the world looking for unique spoons for his rings. He also seeks out thrift shops, yard sales, even friends’ parents and grandparent. This is part of his overall, completely organic marketing strategy. He’ll do posts about where the spoons originated from and the schedule one of his drops. Rings sell for $50-$65 dollars depending on the style and material. He likely wants a Shark’s help getting into more paid marketing and blowing up his brand.
Company Information
Video
Posts about Tristen Ikaika on Shark Tank Blog
Tristen Ikaika Shark Tank Recap
Tristen enters the Shark Tank seeking $250,000 for 5% of his business. He tells his story of how he travels and makes spoons. His “drops” are online frenzies that sell out in minutes. He’s built the brand through social media. They open their press boxes with samples and they examine the rings. Daymond says the rings are nice. He told how he beat his first spoon into a ring with his dad. Tristen gets emotional talking about his dad’s heart attack and his mom’s breast cancer. He told how he started with making them out of spoons but now he has a manufacturer make the rings from his designs.
Tristen has 70,000 Instagram followers, 15,000 Tik Tok followers and life time sales are $2.3 million. Year to date (Julyish 2021) sales are $575,000. He does monthly drops and doesn’t sell any other time. The last drop was 3200 units and made $155,000. The rings sold out in 24 hours. Mr. Wonderful wants to know what happens if Tristen is hit by a bus. Mark says the challenge is scaling. Tristen says he’s developed a core collection that’s always available while still keeping the scarcity of the drops.
Did Tristen Ikaika Get A Deal?
Lori says it’s a good business for him, but it’s not investable; she’s out. Daymond says an offer from him would be too high; he’s out. Kevin thinks it’s a unique deal. He offers $250,000 for 50% and he wants Tristen to buy key man insurance. Mark says fashion is a talent driven business, he wants to know where the scaling will come from. Tristen says he’ll make $1.6 million on the drops and scaling will come from the core collection and expanding the brand to other categories.
The other Sharks question the 50% offer from Kevin. After a break, Barbara offers $250,000 for 20% and Kevin drops to 15%. He says he feels like the patron funding an artist. Mark doesn’t see the path to scale he’s out. Barbara tries to talk Kevin down. Kevin says the only reason Barbara is here is because he bought her a new broom. Tristen ponders then accepts Kevin’s deal.
Tristen Ikaika Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. As of May, 2022, the deal with Kevin has not closed, though Tristen is quoted as calling him “incredibly kind.” Sales in the month following the original air date grew by 354%. Shortly after appearing on the show, Tristian introduced an “Are You OK?” drop to highlight about mental health conversations surrounding mental health awareness. The collection promptly sold out. In addition, he expanded on his machine made rings which are selling by the thousands weekly.
As of October, 2023, the deal with Kevin has not closed and likely never will. In the summer of 2024, he introduced an Olympic themed Paris Collection in both silver and gold. He’s promoting the collection in Paris with his new girlfriend, Jessie Allen. Reliable revenue figures are unavailable at this time.
The Shark Tank Blog will follow-up on Tristen Ikaika & his business as more details become available.
More products from this episode! Check out other businesses that participated alongside Tristen Ikaika.
