Highlights
- Trevor and Justin Johnston present Wallet Buckle, a belt buckle that doubles as a wallet, seeking $500,000 for 10% equity on Shark Tank.
- Despite strong sales projections and licensing deals, the Sharks pass on the investment, citing the product as too niche for mass retail.
- Wallet Buckle secures licensing deals with major sports leagues, boosting sales to an estimated $3 million annually by July 2024.
Overview
| Category | Details |
|---|---|
| Name | Wallet Buckle |
| Founders | Trevor and Justin Johnston |
| Industry | Fashion, Accessories |
| Product | Belt buckles that securely store up to 5 credit cards or IDs |
| Funding | Sought $500,000 for 10% equity on Shark Tank |
| Investment Ask | $500,000 |
| Equity Offered | 10% |
| Valuation | $5 million |
Trevor and Justin Johnston seek an investment for their Wallet Buckle, a belt buckle that doubles as a wallet, when they pitch the Sharks in Shark tank episode 824. The Wallet Buckle is quite simply a metal belt buckle that safely stores up to 5 credit cards and/or IDs. The belt buckles have an opening with a slight taper that slightly pinches the cards and keeps them securely in place.
It’s a handy item that lets you travel around without fumbling for a wallet. So far, they sold the product at country music festivals and fairs. People love the product, they just need to “get the word out.” The buckles cost around fifty bucks and come in dozens of designs. You can also customize a design of your own. They even have some licensing arrangements in the works.
They got the business off the ground with a successful Kickstarter campaign that raised $44,611 in June, 2016. Trevor and Justin grew the business with Instagram and they currently have over 27,000 followers. They want a Shark’s help getting the product exposure to the mass market. Will a Shark buckle up and invest?
Wallet Buckle Shark Tank Recap
Trevor and Justin enter the Shark Tank seeking $500,000 for 10% of their business. They tell their pitch and a helper hands out samples. then the questions start. They’ve been in business just 18 months and sales are $500,000, but they should be at $800,000 by the end of the year (2017). Most sales are at festivals and live events. They cost between $5-$7 to make and they sell for $49. They’re projecting $2.5 million in sales for 2018 due to a deal with a denim manufacturer. They currently have one mall kiosk and will have 40 by the end of June, 2017.
Kevin criticizes their valuation and business model; he’s out. Robert says they can do well with what they’re doing, but businessmen aren’t going to wear them, so he’s out. Daymond loves the product and would buy one, but he thinks they need their own store. He feels they’d get “lost” in mass retail; he’s out. Lori and Mark think it’s “too niche” and they go out.
Wallet Buckle Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The company did licensing deals with the NFL, MBL, NBA and NCAA. This helped boost sales significantly. They continue to do a lot of in person marketing at festivals and sporting events. As of July, 2024, the company is still in business with estimated annual revenue of $3 million.
Posts About Wallet Buckle on Shark Tank Blog
Company Information
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