Cincha Travel Belt Shark Tank Update – Net Worth 2024

The biggest struggle of any airport traveler is the struggle to carry and then drag the luggage around the airport. The struggle is a nightmare when you have lots of bags and luggage cases. No worries, our entrepreneurs James and Ashley have a solution to make your traveling easier. They believe travelers need an easy and stylish way to keep their handbags attached to their luggage.

Cincha Travel Belt is a slide and lock belt to secure your handbag with your luggage. These belts are stylish and functional at the same time. It has various designs from monochrome to colorful patterns that are stylish to carry and keep the bag secure. 

James and Ashley asked the Sharks for a $200,000 investment in exchange for 15% of their business. Although Sharks liked the idea but will Sharks invest in the luggage belt business? Let’s find out

Cincha Travel Belt Net Worth

James and Ashley asked for an investment of $200k in exchange for 15% equity in their company. This meant they valued their company at approximately $1.33 million. They made a deal with Barbara for $100,000 in cash and $100k in a credit line in exchange for 25% ownership of their company. This new deal valued their company at $400k. After the show aired, Cincha Travel Belt saw a big increase in website traffic, sales, and social media exposure. As per my rough data, with an estimated 10% yearly growth rate (typical business growth), the current net worth of Cincha Luggage Belt is about $1.06 million.

Cincha Travel Belt Shark Tank Update

What Happened to Cincha Travel Belt After Shark Tank?

The business has skyrocketed in terms of profit and social media presence. After the Shark Tank appearance, the Cincha Travel belts were featured in popular magazines like The New York Times. The new and seasonal products were loved by the customers. e. They have donated through various organizations like the Bay Area. 

Did Cincha Travel Belt get an offer on Shark Tank? 

Yes, they got a deal done with Barbara for 100,000 in cash and $100,000 in credit line for 25% equity. After a round of offers, the deal was sealed.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Gwyneth Paltrow	Out	N/A	No
Lori Greiner	Out	N/A	No
Kevin O’Leary	$200,000 for 20% equity + $4 royalty fee until he gets back his investment. Once paid back, the royalty fee reduces to 50 cents in perpetuity.	No	No
Babara Corcoran	#1) 100,000 in cash and $100,000 in credit line for 33% equity #2) 100,000 in cash and $100,000 in credit line for 25% equity	100,000 in cash and $100,000 in credit line for 25% equity	Yes
Mark Cuban	Out	N/A	No

Founders & their Backstory

James was the oldest among the six siblings. He had a tough childhood but then was the first to be in college in his family at 18. Later, he joined Harvard Law School at 21. Later in his career life, he always wanted to take a career risk. Despite a good job and a comfortable lawyer job, he left to start his business. This motivates him to move forward. 

Ashley lived in Sans Fransico. She wasn’t a bright student as she struggled at it. Later she joined college for a Marketing degree. She then started her career at various startup brands Her experience helped her a lot at their own business. 

Initial Pitch

Ashley and James begin the pitch with an introduction. They then placed their demand of $200,000 with 15% equity. James begins to explain the pain and trauma of carrying the heavy luggage through the airport. Especially when having a lot of hand carry. Despite using other alternatives, there wasn’t any efficient result. As it wasn’t functional and not stylish. 

Sp they invented the Cincha Travel Belt. It is stylish and functional. Just slide the belt on the luggage holders, attach the bag with it, and then clip the holders to lock it. It serves both purposes so it secures the bag. Some best-selling products samples of the product were presented to the Sharks to check it.

Queries about the product

Sharks were impressed by the durability of the product. As Lori marked the product to be heavy-duty just like the car’s seat belt. Gwyneth begins her inquiries by inquiring about their background. After their response, Kevin inquired about the sales throughout the years. James stated that their profit in 2019 was $5,000, in 2020 sales were 32,000, in  2021 the sales were 250,000, and in 2023, the sales were 830,000. 

Gwyneth inquired about their sales market. To which Ashley replied that they are DTC (direct to consumer) only. Kevin inquired about their cost stack meaning the cost of making to sell price with customer acquisition cost. James replied that the cost of making the belt is $4.61 and they sell for $40. The customer acquisition cost varies from $27.50 to $29.

Gwyneth inquired about their plans for target audience reach. Ashley replied that they wanted to step into the retail market and airport stores that’s why they were there. She then inquired about the number of team members. Ashley replied that they were just two of them.

Shark’s Responses & Final Deal

Gwyneth was the first Shark to step out as this idea was out of her wheelhouse. As an investor, she can’t invest in it. Mark also stepped out as it was out of his interest. Lori already has a business with a similar idea of business idea so she stepped out.

Barbara appreciated their entrepreneurship talents and struggles. She offered $100,000 in cash and $100,000 in credit line for 33.3% equity. Kevin offered $200,000 for 20% equity with a $4 royalty fee till $200,000 is paid back. Once paid back, the royalty fee reduces to 50 cents in perpetuity. 

James counter-offered Barbara with an offer. He counter-offered for $100,000 in cash and $100,000 in credit line for 25% equity. Barbara agreed to his offer. The deal with seal. 

What Went Wrong with Cincha Travel Belt on Shark Tank

The Cincha Travel Belt is amazing at functionality. It had a good pitch and great sales figures. Sharks liked the idea and their business journey. But most of the Sharks stepped out as it was not their type of business.s However, the Cincha Travel Belt got a deal from two Sharks. 

Product Availability

The company has amazing accessories and best sellers’ products. Here are more of the new products coming. They are now on the website and Amazon. They also have a dedicated section for Wholesale. Different collections for different seasons. Moreover, there is a wide range of designs and themes. 

The website has great reviews and many affordable products available. You can book new and limited edition travel belts available on the site.

Conclusion

James and Ashley, entrepreneurs and life partners are at Shark Tank to travel easily and in fashion. They produce luggage belts with different themes, cores, and styles that match their dress code and keep bags safe. Slide the luggage belt, place the bag on the luggage, and lock it. Now, you have the luggage and bag both safe.

Sharks loved the product and was compressed. The pitch was great and sales figures were rising. Their demand for $200,000 for 15% equity. Two Sharks, Kevin and Barbara offered their deals. Kevin offered $200,000 for 20% equity.

Align with a $4 royalty fee till $200,000 is paid back. After it is paid, the royalty fee will be 50 cents. Barbara offered 100,000 in cash and $100,000 in credit line for 33.3% equity. But she accepted James’s counter offer of 100,000 in cash and $100,000 in credit line for 25% equity.  So Barbara said it was a yes. The deal was sealed and the couple returned happily.