Biz Tips: The Profit: Ellison Eyewear Launches New Products And Grows with Help from Marcus Lemonis

Biz Tips: The Profit: Ellison Eyewear Launches New Products And Grows with Help from Marcus Lemonis

Biz Tip:

The Profit: Ellison Eyewear Launches New Products And Grows with Help from Marcus Lemonis

Ellison Eyewear

This week, Marcus Lemonis travels to Chicago, Illinois to help Ellison Eyewear, a startup that creates stylish glasses. According to CNBC, the company’s “sales are steadily climbing and the sky is the limit…[and] all they need is somebody with the experience and know how to get on board and bring them to the next level.” Can Lemonis help this business?

Visiting his Marcus store, Lemonis meets with owner Aristotle Loumis and is surprised that he keeps his glasses on throughout the initial conversation. Lemonis is impressed, however, that the glasses, which are manufactured in Greece, are well-made and thoughtfully crafted. Lemonis goes to the company’s office next and meets several employees. He also views the inventory and checks out their financials.

After reviewing the numbers, Lemonis learns that Aristotle doesn’t know whether his mother is alive or not. He explains to Lemonis that there was a fallout in the family and he has not heard from her in five years despite their previous correspondence over email. Lemonis decides to offer $200,000 for 50.01 percent equity. Aristotle, however, thinks the business needs $500,000 for the same amount of equity. Ultimately, they agree to $350,000 for 50 percent to “build the business from scratch.”

Back at their office, Lemonis reviews each employee’s path to success. He wants to better define their roles through quadrants, but he quickly notices that Lamar thinks he has all the answers. Next, he brings the team to the mall to see how they promote their branding and see if it has a theme. He is worried, however, that the results are very focused on loss. Lemonis says he’s empathetic but doesn’t want it to be the overarching feeling of the business.

Next, Lemonis meets with the team, who presents him with brand extensions like cufflinks, wallets and pens. He says he wouldn’t choose any of them to sell because they have nothing to do with sunglasses. He challenges them to develop three new, female-centric products that are made with acetate, the same material as the sunglasses.

Lemonis, Aristotle and Jeremy then visit Opto Fixtures and attempt to put together a display. Lemonis says the description is all just a bunch of talking and adds that he still doesn’t know the company’s vision. He questions whether there was any effort put into their ideas and thinks Aristotle is afraid of pushing people to do better for fear of losing them.

In Greece, Aristotle works on the manufacturing process and new designs. Back at the office, Lemonis reviews Aristotle’s work, which includes colorful, kid-friendly glasses and two-tone sunglasses. He likes the new options and praises the “fun” designs. He also previews the new collection, which features an all-new color palette. Lemonis is concerned, however, that Aristotle did not initially give him the right numbers, which affected his view of the margins.

The team then presents Lemonis with the new product extensions and marketing strategy. The products, however, do not include the same materials as the glasses. He thinks the presentation is “even worse” than the last one. Lemonis feels as though it’s not the best idea to open the store since Aristotle seems to have trouble managing people. He tells Aristotle that the presentation was a disaster and he questions what the team really brings to the table.

In New York, Aristotle presents Lemonis with every new product he singlehandedly created. He likes the personality of the products and appreciates the new branding. Ultimately, Lemonis is very impressed with the product extensions, which include earrings and bracelets, and praises Aristotle for his growth.

See how social media reacted to Ellison Eyewear below:

Social Media Reacts to Ellison Eyewear’s Appearance on “The Profit”

“The Profit” airs every Tuesday at 10 p.m. on CNBC.

What are your thoughts on Ellison Eyewear’s new glasses and product extensions? How did you feel about each team member’s contributions to the business? Sound off in the comments section below!

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