In Season 3 of Shark Tank, entrepreneur Rick Hopper walked into the tank with a product that solved an everyday problem for those who wear reading glasses. His invention, Readerest, is a simple magnetic clip that attaches to clothing and keeps your glasses secure, preventing them from falling or getting misplaced. Rick’s pitch resonated with the Sharks, especially Lori Greiner, who saw the potential for a broad market appeal.
The Deal
Rick entered Shark Tank seeking $150,000 for 15% equity in his company. Lori Greiner, known for her expertise in the retail market, was quick to jump on board, offering the same amount for 65% of the business. She promised to get Readerest into big-box retailers and use her connections at QVC to boost sales, which Rick accepted, making Lori a major partner in the venture.
Success After Shark Tank
Post-Shark Tank, Readerest became an immediate hit, largely thanks to Lori’s influence and its debut on QVC, where the product sold out in minutes. Lori’s commitment to the brand helped push Readerest to a nationwide audience, and soon after, the magnetic clip could be found in Walmart, Target, and Bed Bath & Beyond.
With its affordable price point and practical use, Readerest appealed to a wide demographic, from people who use reading glasses to those wearing sunglasses or safety glasses at work. The product was also featured in various media outlets, giving it even more exposure.
Where Are They Now? (2024 Update)
Fast forward to 2024, and Readerest continues to enjoy widespread success. Over the years, Rick Hopper and Lori Greiner expanded the product line, introducing new designs and variations to cater to different styles. Readerest is still sold on QVC, where it remains a best-seller, and continues to be available in major retail stores and online platforms, including Amazon.
The company has sold millions of units since its debut on Shark Tank, making it one of Lori’s most successful investments. Readerest has also become a go-to accessory for people who want to keep their eyewear secure without damaging their clothes or constantly misplacing their glasses.
Revenue and Impact
As of 2024, Readerest has generated over $30 million in revenue, and the product’s steady popularity shows no signs of fading. Its simplicity and functionality have made it a staple for consumers looking for a practical solution to a common problem. Readerest has also received praise for its durability and the fact that it can be used on a variety of clothing materials without causing damage.
Rick Hopper continues to play a vital role in the company, working alongside Lori to drive innovation and maintain the brand’s success. Their partnership is often cited as one of the most fruitful in Shark Tank history.
What’s Next for Readerest?
While Readerest has remained focused on its core product, Rick has mentioned potential future innovations, including expanding the brand into other eyewear-related accessories. With Lori’s continued support and QVC’s strong sales, Readerest is expected to maintain its position as a top-selling product for years to come.