Tuesday, February 11, 2020

The Profit - LumillaMingus (Lumilla) Update

Tonight on The Profit, Marcus Lemonis is in Los, Angeles, California to make a deal with LumillaMingus.  LumillaMingus is a company owned bye Lulu Eschelman specializing in leather handbags.  The handbags are a quality product, but they are a bit bland and overpriced.  Marcus needs to convince Lulu to get more creative with her designs and help her become a better businessperson.  He also wants to stabilize her supply chain and increase the perceived value of her product.

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

News and Links Related To The Company:

  • Here is a 10-minute preview video of the episode from the CNBC website. 
  • Here is the LumillaMingus (Lumilla) website and Facebook page.
    • The website was updated shortly before the episode aired and the Facebook page is promoting a lot of "coming soon" handbags.
    • Their old URL LumillaMingus.com redirects to ShopLumilla.com.
  • This all looks like LumillaMingus will be rebranding as Lumilla during the episode.
  • The handbags on the website sell at prices ranging from $195 to $395 and are all listed as "coming soon."  Straps are listed at $125.
  • LumillaMingus started selling jewelry in February 2019  and apparel in October 2019.
  • Here is Scott Eschelman's LinkedIn, which has his specialties listed as, "Operating businesses, Buying/selling businesses, raising capital, strategic planning, structure and organizational planning skills, and international trade."

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

  • The Deal - $115,000 for 50% of the business. The money would be used to create a new product line and Marcus would be changing the name of the business.
  • As stated above LumillaMingus was renamed to just Lumilla.
  • All the bags on the website still say "Coming Soon", so bags are not available for purchase at the time of the episode airing.  The prices go up to $680 for a bag.

*To see how all of the businesses from The Profit are doing, go to the The Profit Updates page. 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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