Love Is Project is a startup that sells handmade bracelets inspired by the cultural traditions of various tribes worldwide. Founded in 2014, the company provides a platform for women artisans from different countries to showcase their skills and sell their handmade products.
The handmade bracelets are crafted by talented artists who may struggle to find suitable platforms to present their work. Love Is Project empowers these artists by allowing them to reach a broader audience.
In addition to bracelets, the company offers a diverse range of products, including bags, face masks, necklaces, charms and pendants, kids’ collections, books and cards, gift cards, digital products, and dog collars. Before appearing on Shark Tank, Love Is Project generated sales of $4 million in 2017.
| Company Name | Love Is Project |
| Founder | Chrissie Lam and Gladys Lam |
| Product | spreading love and connection through ethically hand-crafted bracelets |
| Asked For | $250,000 for 5% equity |
| Final Deal | No Offer |
| Shark | No Shark |
| Episode (Shark Tank USA) | Season 12 Episode 10 |
| Air Date | January 15, 2021 |
| Business Status | In Business |
| Net Worth | $1 Million *estimated |
Who Is The Founder Of Love Is Project?
Chrissie Lam is the Founder and CEO of Love Is Project, while Gladys Lam serves as the COO/CFO. Chrissie launched the company in 2014 with the mission of spreading love messages through handmade products.
Did Love Is Project Get a Deal on Shark Tank?
Chrissie Lam and her mother, Gladys, the founders of Love Is Project, delivered an impressive presentation on Shark Tank, seeking $250,000 in exchange for 5% equity in their company, resulting in a valuation of $5 million.
For 2021, Chrissie projected sales of $2 million. Love Is Project not only empowers women artisans but also maintains a healthy profit margin of 70%, with an EBITDA of 30%. Their hero product, the bracelet, costs between $3 and $5 to produce and is sold for $18 to $50 on their website.
In addition to online sales, their products are available in 350 retail stores across 44 states in the U.S. and 22 countries.
Both Chrissie and Gladys possess strong digital marketing skills. In the first year, they allocated 80% of their revenue to Facebook advertising, reducing this to 50% in 2019 and eventually 30%.
The customer acquisition cost is $25 per sale, with an average order value of $75, as many customers purchase products as gifts. They even recorded sales of $5,000 for wedding gifts with various personalized messages.
However, in 2020, while the company sold millions of dollars, high advertising costs on Facebook led to an $80,000 loss.
The company is currently facing debt, having taken a small business loan of $200,000, along with an EIDL loan of $382,000, bringing total debts to $582,000.
Shark reactions varied significantly; Barbara Corcoran stated, “It’s not a business, it’s a mission,” expressing skepticism about their potential for profit and suggesting they were seeking charity rather than investment.
Kevin O’Leary expressed confusion about whether Love Is Project was a business or a mission, ultimately deciding to opt out. Lori Greiner supported their mission but cited too much competition to invest.
Mark Cuban stated that he couldn’t grasp the business’s background and chose to withdraw from the deal. Finally, Alex Rodriguez acknowledged the mission’s importance but also declined to invest. Ultimately, Love Is Project did not secure a deal on Shark Tank.
Love Is Project Shark Tank Update
Love Is Project did not secure a deal on Shark Tank because the sharks believed that it was more of a mission than an investment opportunity.
The brand’s bracelets have gained popularity at various music festivals and in the fashion industry, with high-profile celebrities like Gigi Hadid and the Jenner sisters showcasing the product. In 2021, the company reported sales of $3 million, significantly higher than the previous year.
Currently, Chrissie is focusing on supply chain management and marketing while also introducing the product at various fashion events. Additionally, Love Is Project has implemented a referral program that rewards individuals for referring friends, allowing them to earn commissions.
Initially sold only on their website and a limited number of retail stores, the bracelets are now also available on online marketplaces like Amazon. As of July 2022, Love Is Project has expanded its reach to over 700 retail stores in the United States and 22 other countries.
What Is Love Is Project Net Worth?
Love Is Project’s net worth is estimated at $1.5 million. However, the business carries significant debt, which made the sharks hesitant to invest during their Shark Tank appearance.
