Glove Wrap Shark Tank Update – Net Worth, Pitch & Deal

Breaking and twisting a baseball glove to make it more comfortable is easier now because Glove Wrap has the right answers for the fans and players. Gavin, an eight-year-old basketball fan, arrived on Shark Tank Season 15 Episode 3 with his Father, John, and sister, Morgan. 

Glove Wrap is an effective and efficient way to break the sports gloves and form pockets to make catching easier. The business started and is currently operating from Gavin’s home, but the prospects are great. However, did Sharks invest in such a small business and put their trust in an eight-year-old kid? Find out in our Glove Wrap Shark Tank Update.

Glove Wrap Net Worth

Gavin, John, and Morgan asked for the investment at a $200,000 valuation. The valuation seemed considerably decent, but the family ran its business from home. It had no manufacturing facility or heavy capital assets, so we expect a lower net worth. 

However, the net worth increased with Mark Cuban and Michael Rubin’s investment in the Glove Wrap. The $200,000 figure is the best estimate of the company’s net worth. The lifetime sales are expected to increase due to the after-shark-tank effect. This surge in sales will improve the net worth over time. 

What Happened To Glove Wrap After Shark Tank?

The deal offered on the Shark Tank Season 15 Episode 3 has been materialized and Gavin is working with Mark Cuban & Michael Rubin. The official website has a mention of Shark Tank. Nothing much has changed ever since. The retail price of Glove Wrap is still $19.99. However, the Big Five Store has no mention of the product so it seems like Glove Wrap could not sign a retailership contract with them.

Did Glove Wrap Get A Deal On Shark Tank?

When it appeared on Shark Tank Season 15 Episode 3, Glove Wrap was a small business but had great prospects. The sales were great for a business founded by an eight-year-old under his father’s lead.

Kevin O’Leary was the first Shark to distance himself from Glove Wrap because Gavin was reluctant to drop out of school. Lori Greiner and Barbara Corcoran argued that Michael Rubin and Mark Cuban were the better investors for such a business, so they opted out. 

Michael Rubin shared his experience in the sports accessory industry and wanted to invest in Gavin. Michael asked Mark Cuban to partner with him on the deal. Mark offered the trio $50,000 for 22% of the company. Gavin, John, and Morgan happily agreed to the offer, and they left Shark Tank with a deal. 

Shark(s) NameOffer and DemandCounteroffer Accepted?
Mark Cuban and Michael Rubin$55,000 for 22% of the companyN/AYes
Kevin O’Leary OutN/AN/A
Lori Greiner OutN/AN/A
Barbara Corcoran OutN/AN/A

Glove Wrap Shark Tank Update

glove wrap net worth

Gavin’s Backstory

The idea of inventing Glove Wrap came across Gavin’s mind when his father bought him a pair of baseball gloves. Gavin and John tried the old method of breaking the glove where they used to clutch it with rubber bands.

However, they ran short of rubber bands, so John searched the internet for a solution. He could not find a tailored or specific product to break a glove, so Gavin thought of making his own glove-breaking product, the Glove Wrap. 

Initial Pitch 

Gavin arrived at the tank with his father, John, and sister, Morgan. The family came from Orange County California and asked for $50,000 in exchange for 20% of the company. 

Gavin began explaining his love for baseball and the difficulty players faced in catching the ball using new gloves. The trio elaborated on the glove-breaking process where players had to drive cars over gloves or even put them in the oven. 

They presented the Sharks with Glove Wrap, an elastic band with exact length and thickness that could break the glove and form a catching pocket inside. Gavin demonstrated the breaking process where the user had to put a ball in the pocket and wrap & tuck in the glove tightly.

Queries About The Product 

what happened to glove wrap after shark tank

Lori Greiner asked Gavin about how he felt inventing the product that really worked. Gavin innocently answered “Great”. Sharks laughed about it. However, Kevin O’Leary refocused the discussion on the business as he questioned the price. Gavin explained that they sold over 1,000 units of Glove Wrap. The company had lifetime sales of $19,000.

Michael Rubin wanted to know about the selling price, cost, and the selling place. Gavin informed the Sharks that each unit had a cost of $3 while the selling price was $19.99 in retail and $10 in wholesale. The product was available on Amazon, the official website, and six Mom-and-Pop stores. Gavin further disclosed that the Glove Wrap was to meet a major retailer who wanted to put their product on their shelf. 

Upon further questions, Gavin disclosed the retailer was the Big Five Store. Michael could relate to the situation and told the family that he had started his entrepreneurial journey at the Big Five Sporting Goods. He asked Morgan about her role in the business. 

Morgan explained that she kept everyone on track because the family was doing the business seriously. She had the responsibility to pack, label, and ship the orders before going to her school in the morning. 

Gavin told Mark Cuban that he knew Mark had connections with the Dick’s Sporting Goods. Mark confirmed what Gavin said. He had trust in the Glove Wrap because the minor and professional teams across the country would love to purchase it for their players and fans. 

Barbara Corcoran was not as supportive as Michael and Mark. She claimed that she had a similar band in her drawers. However, John disagreed and confirmed that the Glove Wrap had the right length and thickness to break a stiff baseball glove. 

Sharks’ Response And Final Decision 

did glove wrap get a deal on shark tank

Kevin O’Leary admired Glove Wrap for its perfect stretch and simple application. He wanted Gavin to drop out if Glove Wrap really wanted him to invest. Gavin disagreed, so they lost the first Shark.

Lori Greiner humbly accepted that Mark and Michal were the best investors for the business. Barbara Corcoran replicated the same statement, but she called Glove Wrap an ordinary product. 

Michael Rubin explained that he did not know if the idea would work. However, he believed in Gavin because he looked like a winner to him. Michael had Fanatics, which was the largest retail place for licensed sports accessories and merchandise. 

Michael promised to introduce Glove Wrap to leading baseball teams on the condition that Mark Cuban joined him. Mark agreed and offered Gavin $50,000 for 22% of the company. Gavin, John, and Morgan accepted the offer, and they struck a deal. 

Product Availability 

Glove Wrap is not a revolutionary product, but definitely a sports accessory that people need. It is an elastic band with precise length and thickness to break a glove. It can be used to break softball and ice hockey gloves besides baseball. 

Glove Wrap is available on Amazon, its official website, and six Mom-and-Pop stores for $19.99. The wholesale price is $10, which is reasonable for a glove breaker. The company enjoys a decent gross margin because a unit lands at $3 cost. 

Glove Wrap has a high chances of growth and expansion because baseball teams might be interested in advertising glove breakers. Michael and Mark’s connections can get the product listed on the leading retail stores and sports chains. The significant issue that Glove Wrap might face is the competition from the already-established sports merchandise brands.

Conclusion

It is a very exciting beginning to Gavin’s entrepreneurial journey. The exposure and help he is getting as an eight-year-old is astounding. However, it is too early to say that Glove Wrap will outperform other sports accessories. 

The idea is clear and people do face problems while breaking their baseball gloves. However, the major flaw in the product is its simplicity and the ease with which the competitors can copy the concept. It is an unpatented product with a minimal research investment. 

With Mark Cuban and Michael Rubin’s sports connections, the company might lead the glove-breaking market. However, they must innovate over time to sustain themselves in the highly competitive sports-accessory market. 

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