Tuesday, June 19, 2018

The Profit - The Casery (Everkin) Update

Tonight on The Profit, Marcus Lemonis is in Los Angeles, California hoping to make a deal with The Casery.  The Casery is a Los Angeles start-up that sells fashionable phone cases.  Despite strong sales numbers, The Casery is still having trouble turning a profit.   The CEO Matthew Harlow has trouble giving authority to others, makes bad investments, has made the product line too narrow, and is using company money for personal expenses.

Let's take a look at some information related to The Casery as well as what kind of deal was made on the show.

News and Links Related To The Company:

  • Here is The Casery website and Facebook Page which as of today hasn't posted since April.  Their Instagram has over 131k followers and they post more frequently on there.
  • The phone cases available on their website are all for the iPhone and are $32 each.
  • When filming in March, Marcus Lemonis reached out to his fans for help on Facebook.  He asked fans to go to The Casery website and give comments on the new designs.  The designs were 50% off and fans could also for their favorite designs.  Most commented that the designs were too girly, cases too expensive, and they didn't have designs for all phone types. (Link)
  • The Casery does have some phone cases available for sale on Amazon, but it seems the stock is limited.
  • Here is the LinkedIn profile of CEO Matthew Harlow.  Matthew lists accomplishments such as being a world Yo-Yo champion as well as skills in ping pong, billiards, foosball and checkers.
  • Here are some reviews from previous employees (mostly interns) on Glassdoor.com. (Link)
  • Employee/part owner of The Casery Charlotte Hennington has a LinkedIn profile which was updated in April 2018 to list her as the CEO of a new phone case company called Everkin.  It appears this will be something that happens during this episode of The Profit.
  • Skyler Milligan-Lecroy also updated his LinkedIn profile in April to list himself as the founder and COO of Everkin.
  • Here is the Everkin website, which as of posting this is not live, but will probably be live when the episode airs.

The Deal From The Episode Plus Post-Show Updates (this will be updated continually):

  • The Deal - $700,000 for 41% of the business to be put towards working capital.  Marcus would also buy out Charlotte's dad's loan and make the term longer.  Marcus will also double Charlotte (14%) and Skylar's (6%) equity, but will have their voting power.  Matthew's percentage is 49% and Marcus's is 31%.
  • Marcus later had to give an addition $150,000 to help pay vendors during a "cash crisis."
  • Marcus then walked away from the deal and took his $150,000 back after Matthew didn't like not being in control.
  • As stated above, Charlotte is listed as the CEO of a new phone case company called Everkin and Skyler is listed as founder/COO. 
  • The Everkin website is not yet live, but there is a signup to be the first to know when they launch.
  • UPDATE - If you are looking for the follow up episode, Marcus said it will not air til the fall. (Link).
  • UPDATE - The Everkin episode aired on 1/22/2019
    • Marcus put up $2 million to get started and he will have financial control.  Marcus has 49% of the business while Charlotte and Skyler get the other 51%.
    • The cases on the Everkin website range from $19 - $29
    • Here is the Everkin Facebook page.
    • There are no Everkin cases available on the T-Mobile website.

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