💍 $16 Million A Year Selling Silicone Rings

Happy Friday!

If you’re married, you likely wear a wedding band almost every day. But did you know that over 150,000 people have finger injuries because of their wedding ring?

Well, I sure didn’t. At least not until I recently re-watched a pitch from Enso Rings.

Today I’m going to tell you how two friends have grown their business to $16 million in annual revenue by selling silicone rings.

Let’s get to it!

Brighton Jones and Aaron Dalley are two friends who decided to start a business together.

One day, Aaron was going rock climbing and got his wedding ring caught on a rock. Thankfully he didn’t do significant damage, but it did make him realize the danger that comes with traditional rings.

That’s when he had the idea to create a line of silicone rings that can break when pulled on.

To demonstrate this to the sharks, Aaron and Brighton brought in some bodybuilders and attached a rope to a traditional ring and an Enso Ring.

When they pulled on the traditional ring, the mannequin’s finger snapped off. But when they pulled on the Enso Ring, it easily broke causing no damage.

Over the last 18 months, Brighton and Aaron have sold over $3.8 million in rings and plan to hit $5 million in the year of filming.

Even better, the rings retail between $11.99 and $39.99 and only cost between $0.70 and $4 to make.

Currently, they’re only selling rings online, and Brighton and Aaron are seeking a shark to help them educate consumers about the dangers of traditional rings.

Mark Cuban, Lori Grenier, and Barbara Corcoran all dropped out for various reasons, but it mainly boiled down to the fact that it was going to be hard to market based on fear.

Despite this, Robert Herjavec and Kevin O’Leary were both interested and made an offer. After some back and forth, they ended up making a deal with Robert for $500,000 for 15% equity.

Unfortunately, it turned out that the deal with Robert never ended up going through. But despite this, Brighton and Aaron have managed to grow the company from $5 million in annual sales to over $16 million in annual sales.

Like most companies, within hours of airing Enso Rings was flooded with orders. Rumor has it that they did $2 million in sales shortly after airing and were fulfilling around 500 orders a day!

They also secured licensing deals for major IPs, such as Disney, Marvel, Star Wars, Indiana Jones, and Harry Potter.

At the time of the pitch, they were only selling rings online. But since then, they’ve partnered with Zales Jewelers to sell rings in stores and online.

Since airing on Shark Tank, Enso Rings has sold over 3.5 million rings in over 100 different countries.

So despite the deal falling through, it looks like things worked out pretty well for Brighton and Aaron.

If you’d like to purchase a ring, you can do so through the Enso Rings website.

That’s all for this week’s update! Thanks for taking the time to read it!

What company would you like to hear about in the future? Take a second a let me know!

Talk soon,
Andrew Smith