'Shark Tank': Fans support Long Wharf Supply Co.'s choice to reject Peter Jones' offer
'Sharing ownership with a passionate sibling is a no-brainer!' tweeted a fan, as Mike Lamagna finally made a deal with his sister Lauren instead
In an age where fast fashion is the norm, the need for a brand with a conscious attitude and drive to achieve sustainability is truly essential. With so much clothing and waste ending up in landfills and contributing to adverse climate change, we need to recycle, reuse and reduce now for than ever. For Mike Lamagna, who grew up by the sea, seeing the sheer amount of plastic waste in the ocean led to the creation of Long Wharf Supply Co., a sustainable brand that focuses on recycling ocean waste.
Long Wharf Supply Co. creates its products using oysters and plastic, preventing them from going into landfills. While the brand was born out of good intentions, the question is, will it be able to win the support of Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, or guest shark, Peter Jones?
Mike Lamagna and his sister, Lauren, walked in on the show hoping to secure a deal of $375,000 for 15%. Their products blend oysters, plastic, and lambswool, with each sweater costing $23.50 to make. Having made $495,000 in sales last year, the siblings were hoping to get a deal to scale the brand further. O'Leary was outright from the get-go, seeing that the company's $2.5 million valuations were one that he thought was too high.
Mark Cuban asked if they would be willing to make T-shirts, but Lamagna's reluctance resulted in him backing out. John recounted a heartwarming story of how his young daughter wanted to 'clean up' the world, also backed out, as did Greiner. Finally, Jones was the last man standing. As his first order of business, he asked why Lamagna hadn't given his own sister any equity, seeing that she had been putting in hours of hard work.
Lamagna made a deal with his sister for 10% before moving on to Jones's offer. Jones came in hot, offering them the money for 45% equity. According to him, his company which helps brands establish themselves in local foreign markets is what Long Wharf Supply Co. needed. However, the siblings felt that 45% was far too much and declined the offer. Fans agreed that the siblings made the right move, seeing that 45% was rather high. "I'm with them. There's no wayyy that they should've given up 45% in this deal. #SharkTank" tweeted a fan. "45%? I don't know about that #SharkTank" added a fan.
I'm with them. There's no wayyy that they should've given up 45% in this deal. #SharkTank— Delania (@DelaniaEsq) October 16, 2021
Although the siblings didn't land up with a deal, fans noted that at least Mike Lamagna's sister, Lauren, walked away with some equity in the company, seeing that she has put in the time and effort into building the brand as well. "Sharing ownership with a passionate sibling is a no-brainer! #SharkTank #LongWharfSupplyCo" tweeted a fan. "He made dude give his sister a percentage of the company then offered 45%. That's a Dragon Deal. #SharkTank," added a fan.
He made dude give his sister a percentage of the company then offered 45%. That’s a Dragon Deal. 😂#SharkTank— sam mcdonald jr (@samiswrite) October 16, 2021
Daniel Lubetzky, a Shark Tank guest judge, also tweeted about the brand, seeing that the brand's message resonated with him. "Love the concept of @longwharfsupply - love that Sibs are working together, love their mission, and love the apparel look! I wish I was in #SharkTank tonight to compete for this deal! These guys are worth giving a hand." Lubetzky tweeted.
Love the concept of @longwharfsupply - love that Sibs are working together, love their mission, and love the apparel look! I wish I was in #SharkTank tonight to compete for this deal! These guys are worth giving a hand. pic.twitter.com/3Aeb2m7d7L— Daniel Lubetzky (@DanielLubetzky) October 16, 2021
Catch the latest episode of 'Shark Tank' Season 13 on Fridays, from 8 pm ET to 9 pm ET.
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