Long Wharf Supply Co is an apparel brand specializing in sweaters for both men and women. In addition to sweaters, the brand also offers bags, hats, and other accessories, all made from recycled oyster shells, water bottles, and natural cotton or lambswool.
The founder aims to repurpose plastic to reduce environmental impact through their unique approach to using non-traditional materials.
The company was founded by siblings Lauren and Mike Lamanga, inspired by their father’s old fisherman sweater. The name “Long Wharf Supply Co” honors their great-grandfather, who worked as a wool sorter at Long Wharf in Boston.
In Shark Tank Season 13 Episode 2, the founders sought $375,000 for 15% equity, valuing the company at $2.5 million.
Their products, which range in price from $128 to $158, are designed for durability and are ideal for activities like boating and fishing. To purchase, visit the company’s official website.
| Company Name | Long Wharf Supply Co |
| Founder | Lauren Lamanga and Mike Lamanga |
| Founded | 2016 |
| Product | This sweater is made from waste material. |
| Asked For | $375K for 15% equity |
| Final Deal | No Deals |
| Shark | No Shark |
| Episode (Shark Tank USA) | S13 E2 |
| Air Date | Oct 15, 2021 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Boston, Massachusetts, United States |
| Lifetime Worth (Sales) | $2.3M *estimated |
| Go To Amazon | Buy Now |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of Long Wharf Supply Co?
Mike Lamagna is the founder and CEO of Long Wharf Supply Co. He spent his childhood in New Hampshire, enjoying sandy beaches and boats. For his college studies, he moved to New York City, where he studied finance at Merrimack College.
After graduating, Mike joined Harlem Lacrosse as an advisory board member in October 2014 and continues to work there.
How Was The Shark Tank Pitch Of Long Wharf Supply Co?
Lauren and Mike Lamagna entered Shark Tank with their company, Long Wharf Supply Co., seeking $375,000 for 15% equity. They showcased their sweater, made from reusable plastic materials.
The sharks appreciated the softness and weight of the sweater. Mike explained that the product contains 10% lambswool, 50% recycled materials, 20% nylon, and 20% plant-based viscose. Each product has an average gross margin of 80%, with production costs ranging from $23.50 to $33.50, and retail prices between $128 and $158.
Currently, their customer acquisition cost is $41. Over the past 12 months, they achieved $495,000 in sales. Mike owns 100% of the company.
Kevin O’Leary declined, stating the company’s valuation was too high. Daymond John also exited, sharing a personal story about his daughter. Mark Cuban questioned if the material could be used for T-shirts to boost sales, but Mike insisted sweaters would sell well. As a result, Mark Cuban also decided to exit.
Lori Greiner also chose not to invest. Peter Jones showed interest, suggesting Mike should offer shares to his sister, Lauren. Lauren requested a 10% share, which Mike granted.
Peter Jones made an offer of $375,000 for 45% equity. Mike countered with 25%, but Peter did not agree. The deal was not finalized.
Finalize: Long Wharf Supply Co didn’t get deal in Shark Tank.
Long Wharf Supply Co Shark Tank Update
Long Wharf Supply Co did not secure a deal on Shark Tank due to the company’s valuation. Although the business aimed to address a genuine issue, the high cost of its products hindered sales.
Despite this, the product received positive attention from Shark Tank viewers, with many users sharing favorable comments on Twitter.
Founder Mike Lamanga is currently managing the business part-time while also working elsewhere. As of October 2022, the company’s growth has significantly slowed.
Following the Shark Tank episode, the sweater’s sales did see some increase, but not to the extent hoped for. The high price point made it less accessible to a broader audience.
In November 2022, the company opened a physical store at 119 Newbury St., Boston.
We will continue to monitor updates about Lauren Lamanga, Mike Lamanga, and their company.
What Is Long Wharf Supply Co Net Worth?
The annual sales report for Long Wharf Supply Co is not yet available. However, the founder is actively working to grow the business. It is currently estimated that Long Wharf Supply Co has a valuation of approximately $0.3 to $0.5 million.
The founder continues to manage the business part-time, and the company’s social media presence remains active.
Yes, Long Wharf Supply Co is still in business as of July 2024.
