Tuesday, June 26, 2018

The Profit - Ellison Eyewear Update

Tonight on The Profit, Marcus Lemonis is in Chicago, Illinois hoping to make a deal with Ellison Eyewear.  Ellison Eyewear is a start-up eyewear company that makes high-end sunglasses.  The business is having trouble making a profit and the owner Aristotle Loumis is unable to move past a personal tragedy which is impacting the business.  Aristotle has no troubles talking about his business, but has trouble expressing what his vision is for Ellison Eyewear.

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

News and Links Related To The Company:
  • Here is the Ellison Eyewear website and Facebook page.
  • The about section of the website states, "Ellison Eyewear is the only American eyewear brand selling premium, handmade Greek frames. Our local craftsmen and women express themselves with their attention to detail in every pair. With American ingenuity as our backbone and Mediterranean style as our passion, you can be sure a pair of Ellison frames will serve you on all life’s journeys."
  • There are currently 10 styles of glasses for sale ranging from $95 - $125.  Twenty-seven jewelry products are available for sale on the site as well.
  • Marcus Lemonis is on the Ellison Eyewear website, so obviously a deal was made on this episode.
  • Ellison Eyewear raised money for the company on Republic and raised over $71,000 from investors.  That website allows you to buy equity, and the company was valued at $8 million on there. (Link)
  • On the Republic site, it says, "2017 has seen explosive growth. In addition to our expansion to over 60 brick-and-mortar stores globally, our biggest news is becoming the exclusive eyewear brand for ALL Marcus Lemonis Fashion Group retail stores."  I am not sure if this was before filming for The Profit or after.
  • Ellison Eyewear was featured on Meet The Drapers, which was a Shark Tank style show. Here is a video to Aristotle's pitch. (Link)
  • Aristotle's LinkedIn page lists him as President of Marcus Lemonis Eyewear Group (starting May 2018) and CEO of Ellison Eyewear. 
  • Aristotle recently told the Chicago Tribune, "When ‘The Profit’ came to my door, I was ready for it. I won't say it was the easiest experience, but it was definitely well worth it."

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

  • The Deal - $350,000 for 50.01% of the business.  The money will go into the bank and they will begin to develop product, build a brand and will start from scratch.
    • This values the company much lower than it was listed on Republic
  • As stated above Aristotle lists himself as President of Marcus Lemonis Eyewear Group
  • The Ellison Eyewear brand is listed on the ML Fashion Group website.

*To see how all of the businesses from The Profit are doing, go to the The Profit Updates page, and also Like us on Facebook or Follow Us on Twitter to stay up to date with all things involving The Profit.

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