The ReadeREST Magnetic Eye-Glass Holder, created by Rick Harper, was initially featured on the Shark Tank Show on February 24, 2011. The ReadeRest-SpecSecure product has now become one of the most popular items to be featured in any Shark Tank episode.
As if he had misplaced his spectacles, Hopper stumbled into the Shark Tank. On the surface, this appeared to be a rather straightforward invention that wasn’t really a large enough idea to inspire the Sharks to spend any money. All but Lori Greiner, who has already sold over $20 million worth of eyeglasses on her QVC show. It’s a straightforward concept with a sizable markup and lots of potential from the millions of people who wear glasses every day.
For a 15% stake in his business, Rick was seeking $150k. Greiner gave him $150k, but she demanded 65% because she was confident that she could sell thousands of these with her network. Rick readily (and correctly) accepted Greiner’s offer since the other sharks had all left.
A Huge Success Is Made by Lori Greiner with The Readerst
Quickly selling out on QVC, the ReadeREST was acquired by Lori. Lori Greiner was cited as saying in an earlier episode of Season 4 that “They have already sold over $3 million worth of the ReaderRest magnetic product.” The ReadeREST original, the Pink Jeweled Edition, the Black and Steel, and a variety of Designer Editions have all been added to the product line, which has seen sales increase. It’s not simply a practical item; it’s also an accessory with personality and some bling.
Given that the Sharks have a net worth in the billions, the fact that this is truly just a simple product being pushed by an average-looking Joe (if you read this, Rick Harper, I hope you consider it as a compliment) going up against them makes it such a remarkable success story. Be fearless and zealous about your creation.
He must have realized that valuing his business so highly when existing revenues did not support it was a major risk, but he was not a gregarious man. He was aware that even one Shark’s support may help him reach a wider audience and, ultimately, make his product far more successful. He was right.
One of the biggest success stories from Shark Tank is ReadeREST Abc
Hopper was handcrafting each ReadeREST glasses holder before making an appearance on “Shark Tank,” and he had made around $65,000 in sales.
Greiner released ReadeRest on QVC as promised, and it was completely sold out in less than five minutes.
ReadeRest made $13 million in sales by the year 2015. The business has since added reading glasses to its list of products. Presently, it generates $5 million annually (via Shark Tank Blog).
Currently, ReadeREST offers four different styles of glass holders: one made of stainless steel, one of black, one embellished with Swarovski brand crystals, and one embellished with Swarovski brand pearls. Ten other reading glasses are also available from the company; these would likely complement the magnetic frame attachments from Pair Eyewear, another “Shark Tank” hit. The ReadeREST is offered by the business both online and at stores like Ace Hardware, Bed, Bath & Beyond, and Wal-Mart (via Gazette-Review).