Wallet Buckle update

Wallet Buckle Update | Shark Tank Season 8

ByAndrew Smith

Carrying a wallet is often impractical, especially during crowded events like music festivals, where quick access to cards without fumbling around is essential. This led Trevor and Justin Johnston to create Wallet Buckle, a belt buckle that securely holds cards, offering a hands-free, convenient alternative to traditional wallets. Let’s take a look at our Wallet Buckle update and pitch recap to see if any sharks are interested in making a deal.

If you’re short on time, here’s a quick overview of what happened to Wallet Buckle after Shark Tank.

Trevor and Justin entered Shark Tank Season 8, seeking $500,000 for 10% equity in Wallet Buckle. After their presentation, they left without securing a deal because the sharks felt the valuation was too high for a company with limited sales.

In terms of a Wallet Buckle update, after Shark Tank, the company secured licensing deals with major sports leagues. Additionally, they have grown to an annual revenue of $3 million.

SharkResult
Robert HerjavecNo offer
Kevin O’LearyNo offer
Mark CubanNo offer
Lori GreinerNo offer
Daymond JohnNo offer

Shark Tank Wallet Buckle Pitch

Shark Tank Wallet Buckle update
  • Entrepreneurs: Trevor Johnston and Justin Johnston
  • Business: A concealed wallet that doubles as a belt buckle
  • Ask: $500,000 for 10% equity
  • Result: No deal
  • Sharks: None

Trevor and Justin opened their pitch by highlighting the common issue of misplacing wallets at crowded events.

They sought an investment to expand beyond festival sales by setting up kiosks and securing retail partnerships.

Wallet Buckle is a belt buckle that doubles as a wallet. It is designed to hold up to four credit cards or IDs securely.

Additionally, equipped with RFID protection to prevent digital theft, the product combines style with functionality.

Moreover, customers have over 195 design options to choose from, including wood and carbon fiber materials. This variety allows them to match the buckle to their style.

For marketing, Wallet Buckle uses social media marketing, influencer partnerships, and email newsletters to connect directly with its audience.

It costs between $5 and $7 to produce and retails for $49, yielding an impressive profit margin of 85-90%.

In terms of sales, in 18 months, they sold approximately 15,000 units, generating nearly $500,000 in sales. They expect to reach $800,000 by the end of 2017 and $2.5 million in 2018.

Interestingly, around 80% of these sales come from live events.

Recently, they partnered with the denim brand Buckle, which boosted their visibility. They also currently operate a kiosk in a Nashville mall.

Furthermore, with a daily operational cost of $67, they plan to open a second kiosk soon and aim to establish 40 kiosks by June.

Meanwhile, the sharks appreciated the product’s ingenuity, but concerns arose during negotiations.

Kevin O’Leary felt the business model’s reliance on kiosks and festivals was impractical, so he passed on an offer.

Robert Herjavec saw the product’s potential for specific venues but felt it had limited market appeal, so he declined.

On the other hand, Daymond John liked the product and the pitch but believed Wallet Buckle would struggle in mass retail without a dedicated store, prompting him to exit.

Similarly, Lori Greiner and Mark Cuban felt Wallet Buckle catered to a niche market with restricted growth potential. Ultimately, they exited the negotiations.

In the end, all sharks opted out, and Trevor and Justin left Shark Tank without an investment.

Keep reading our Wallet Buckle update to find out what happened next for their company.

Shark Tank Wallet Buckle Update

Our Wallet Buckle update found that despite leaving Shark Tank without a deal, the company has continued to thrive, maintaining a steady presence in the market.

After airing, they expanded their business by securing licensing deals with major leagues, including the NCAA, NFL, MLB, and NBA.

This move allowed them to reach a broader audience by offering sports-themed designs that appeal to fans nationwide.

At the time of writing our Wallet Buckle update, the company has grown to around $3 million in annual revenue.

Additionally, the brand remains active on social media, where it maintains engagement with its core audience, especially among country and Southern lifestyle fans.

It’s great to see that Trevor and Justin’s situation worked out well, and we hope that our next Wallet Buckle update will be even better.

Curious about the other companies featured on Season 8 Episode 23? Check them out here:

Before you go, be sure to check out our list of all the Shark Tank Season 8 products.

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Andrew is a lifelong fan of Shark Tank and an entrepreneur at heart. He started Shark Tank Recap because he wanted a single place to track what happens to the companies, founders, and deals after they air on TV. With a sharp eye for business insights and a passion for all things Shark Tank, Andrew makes sure every recap is accurate, engaging, and fun.