Although Christmas ornaments are frequently fragile and have great sentimental significance, many people battle to prevent them from breaking when they fall from the tree every year. Not only are traditional hooks insecure, but losing a treasured item can also mean losing a priceless memory.
Having experienced this firsthand, the Naqvi family devised a method to secure the ornaments and preserve these festive mementos for many years to come. The Ornament Anchor is a hanger that is made to securely hold even the heaviest ornaments on Christmas trees, guaranteeing that they remain in their correct place.
The Naqvi family presented their novel product to the sharks on Shark Tank. Their aim was to secure capital to grow their company and bring their ideas to more homes. They requested $90,000 in exchange for 5% equity in the business. Did the entrepreneur get a deal on Shark Tank? Check out our Ornament Anchor update to find out!
ornament anchor net worth 2024
The Naqvi family asked for a $90k investment in exchange for 5% equity in their company. This meant they valued their company at $1.8 million. They did not secure a deal with the Sharks. After the show aired, Ornament Anchor saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Ornament Anchor in 2024 is about $2.59 million.
Ornament Anchor Shark Tank Update
As for the Ornament Anchor update, unfortunately, the Naqvi family exited Shark Tank without securing a deal after showcasing their ornament anchor. Their business continued to expand despite the absence of funding. With lifetime revenues estimated to reach $2.5 million by today, the business is still growing. Now that their product is available on well-known websites like Amazon and QVC, they are well known.
Even though the sharks avoided offers, Ornament Anchor is still a popular holiday product and is in high demand. Many publications have acknowledged them, which have contributed to the dissemination of this ingenious Christmas fix. With over 100,000 clients and growing, it’s reasonable to conclude that the Ornament Anchor has established itself in the industry.
With their product presentation, the Naqvi family hoped to raise $90,000 in exchange for a 5% stake in the company. Unfortunately, none of the sharks invested, despite their impressive pitch. While some thought the idea was too specialized, others took issue with Naqvi’s having previously appeared on Shark Tank with a different concept.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Barbara Corcoran | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Ornament Anchor Shark Tank pitch
The Naqvi family, a group of youthful businesspeople, designed the Ornament Anchor to prevent their own priceless Christmas decorations from shattering. While working on a school assignment, they quickly discovered that their invention could be able to address a common issue over the holidays.
The family had previously appeared on Shark Tank to market another product, Kudo Banz, which assisted children with positive reinforcement. Even though their first venture was difficult, they gained knowledge that improved their strategy for the Ornament Anchor.
The family’s early struggles included persuading merchants to stock a product that appeared to be seasonal. But their perseverance paid off, as they could negotiate agreements with retailers like Target and Nordstrom.
The Naqvi family displayed their Ornament Anchor in action as part of a festive opening to their pitch. They clarified that ornaments frequently fall off trees because of the unreliability of traditional hooks. Their device provides a strong fastening mechanism that can support up to 10 pounds. With a whopping 94% profit margin on a bag of 24 hangers that retailed for $24.99, the Ornament Anchor looked like a sound business idea.
They had sold $500,000 in the eighteen months before they went on Shark Tank, which was quite an accomplishment for a Christmas product. But they wanted to grow the company even further, and they were looking to the sharks for help. Keep reading our Ornament Anchor update to see what happens next!
The sharks have a few worries besides their interest:
Kevin asked why the product’s valuation was $1.8 million. The family justified the valuation with their sales. They revealed that in just 18 months; they did over half a million dollars in sales.
Mark Cuban questioned about the profits. The founders responded that their direct-to-consumer profit margin is 94%. A pack of 24 ornaments costs them $1.50 and they sell at $24.99.
Mark Cuban questioned the Naqvi family’s return to Shark Tank, pointing out that they appeared to bounce around between businesses. The family clarified that they were passionate about using their inventive products to solve everyday difficulties.
Barbara Corcoran was concerned that the product was costly, especially considering the competitive market for Christmas decorations. The founders explained that according to their surveys, their customers don’t think like this. They are happy with the prices and love the product.
Lori Greiner thought the product was too narrowly focused to appeal to a wide audience. She appreciated the family’s enthusiasm.
The first to pull out was Mark Cuban, who cited the family’s excessive number of firms. He believed they were more focused on getting on TV than on creating a long-lasting business.
Daymond John also declined, stating that he didn’t think the product fit well into his portfolio.
Kevin O’Leary followed similarly, stating that he wasn’t willing to invest in a seasonal product because it didn’t promise year-round sales
Lori Greiner chose not to take part as well since she didn’t think the product could grow despite respecting the family’s entrepreneurial enthusiasm.
Barbara Corcoran expressed worries over the product’s cost and the family’s propensity to switch up their businesses. She declined the proposal as well for these reasons.
In the end, the Naqvi left with no deal.
What Went Wrong With Ornament Anchor On Shark Tank?
The Ornament Anchor’s seasonality and the idea that the Naqvi family was overstretching themselves by operating several businesses were the primary barriers for potential investors. A few sharks thought the product was too expensive for its class. The family’s contagious enthusiasm failed to persuade the sharks to agree to a deal.
Product Availability
From our Ornament Anchor update research, Not getting a deal, the Ornament Anchor has done well, anyway. The product can be bought on the official website, of the manufacturer, Amazon, and QVC. Although it was first offered for sale in big-box stores like Bed, Bath & Beyond and Target, it is now mostly sold online. The Ornament Anchor is becoming more and more popular among consumers, searching for a safe and reliable solution to hang their ornaments. It has been highlighted in several holiday gift guides.
Conclusion
The Naqvi family succeeded despite the Ornament Anchor’s failure to land a contract on Shark Tank. With millions in sales and over 100,000 happy customers, they’ve shown that a seasonal product can still be successful if it addresses a widespread issue. In the upcoming years, we can expect even more exciting updates from this driven family as they expand their business.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
