Ice-cold drinks tend to sweat. Because of this, Destiny Padgett has created a line drink koozie sleeves to fit drinks of all shapes and sizes. Will she get a deal on
If you’re short on time, here’s a quick overview of what happened to Lit Handlers after
Lit Handlers appeared on
|Daymond John||Accepted deal of $500,000 for 25% equity|
|Kevin O’Leary||$200,000 for 20% equity|
|Mark Cuban||No Offer|
|Robert Herjavec||No Offer|
|Lori Greiner||No Offer|
Shark Tank Lit Handlers Update
- Entrepreneur: Destiny Padgett
- Business: Drink koozies with a handle
- Ask: $200,000 for 10% equity
- Result: $200,000 for 20% equity
- Shark: Daymond John
The simplicity of Destiny’s company is ingenious. Lit Handlers is just a drink koozie but with a handle.
Lit Handlers coozies for thin cans are made with tear resistant and high-quality 3mm neoprene. This slim beer insulator and drink cover are well-sewn to withstand stretching and constant washing.
The patent-pending design gives the user enough room for the beverage itself, plus one more small product, like a phone. Additionally, Destiny has created a Lit Handler for just about any type of bottle, cup, or can.
Mark Cuban asks Destiny to share her story. She says she grew up in a small town and moved around growing up.
She then got pregnant unexpectedly and had to come up with a way to support her child. That’s when she started an Etsy shop, making and selling the Lit Handlers, and she’s been growing ever since.
According to her pitch, she’d made $630,000 in sales already, at the time of filming. Further, she estimates finishing the year with $780,000 in sales.
Her slim can Handler, which is her most popular size, wholesales for $3.19, in minimums of 3. Further, it costs $1.20 to make and retails for $8.99.
Half of her sales come from wholesale, the other half are direct to consumers through Etsy, the Lit Handlers website, and Amazon. Her next goal is to get a licensing deal, which will help her grow Lit Handlers even more.
Kevin O’Leary is the first shark to show interest. He offers Destiny $200,000 for 20% equity.
Robert Herjavec on the other hand, doesn’t think that Destiny needs an investor, so he is out.
Mark Cuban is the next to go out. He’s impressed with all that Destiny has accomplished, but it isn’t a good fit for him.
Lori Greiner, like Robert, doesn’t think that Destiny needs a partner. She applauds Destiny, but she is out.
Then, Daymond John speaks up and offers Destiny $200,000 for 25% equity, which causes Kevin to raise his equity ask to 25% also.
Daymond states his case, sharing that he already has partnerships with major companies for licensing, but Destiny asks if he would drop down to 20%.
He agrees to, but only if she accepts the deal immediately, without even looking at Kevin. She accepts, and the deal is done!
Keep reading our Lit Handlers update to find out what happens following
We’ve got great news to share in our Lit Handlers update! The company is still in business and has continued to grow with an estimated annual revenue of $1.2 million.
The deal with Daymond officially closed in May 2021, and the company rebranded itself to Drink Handlers.
Products look to be selling well and they have a very active social media following. Their Instagram account has over 10,ooo followers and they have 15,000 on Facebook.
It seems people love the many options that the company offers, as they seem to have a design and style for just about everybody.
Browsing through the Drink Handlers website, they now also sell lunch totes, keychains, and Handler carriers. They also have tons of products listed on Amazon, which carry great reviews from customers.
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!