This week, Marcus Lemonis heads to Chicago, Illinois to assist Ellison Eyewear, a new company that makes trendy glasses. As reported by CNBC, the brand’s “sales are consistently rising and the potential is huge…[and] what they need is someone with the right experience to join them and help elevate their business.” Can Lemonis support this venture?
At his Marcus store, Lemonis meets owner Aristotle Loumis and is surprised that Loumis keeps his glasses on during their first talk. However, Lemonis is impressed that the glasses, made in Greece, are high-quality and carefully designed. Next, Lemonis visits the company’s office and meets a few employees. He also looks at the inventory and reviews their financials.
We’re not professionals over here but annual losses of over $100,000 a year doesn’t look good. #TheProfit pic.twitter.com/R9GyGN5isx
— CNBC's The Profit (@TheProfitCNBC) June 27, 2018
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.
How are any of these connected to sunglasses!? #TheProfit pic.twitter.com/3fJ8Ytv9dM
— CNBC's The Profit (@TheProfitCNBC) June 27, 2018
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.
Fiery @marcuslemonis Alert #TheProfit pic.twitter.com/rmRqbvgy0d
— CNBC's The Profit (@TheProfitCNBC) June 27, 2018
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.
MOOD. ✋#TheProfit pic.twitter.com/c63eNTclst
— CNBC's The Profit (@TheProfitCNBC) June 27, 2018
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”
#TheProfit well they are nice glasses @TheProfitCNBC @marcuslemonis
— Brittany (@BrittBratt26) June 27, 2018
Good margins! #TheProfit
— Farrah Haidar (@FarrahHaidar) June 27, 2018
Man, he knows his product. That's for sure. #TheProfit
— Adam Fenwick (@Adam_Fenwick) June 27, 2018
@marcuslemonis @TheProfitCNBC "It's never been about the money." What show is this again? #TheProfit
— Trademark Man (@TrademarkMan) June 27, 2018
I love that in each episode @marcuslemonis finds a way to get through the BS quickly and talk about the vision or story of the business . #theprofit
— Thomas Newkirk (@10Newkirk) June 27, 2018
You know, now that I think about it, we all need someone like Lamar to add a little comic relief. This guy cracks me up. #TheProfit pic.twitter.com/UXHvPRTOg8
— Christy Martinez (@KilikiMartini) June 27, 2018
I'm convinced Lamar is trolling you @marcuslemonis.. @TheProfitCNBC #TheProfit #hedontworkthere
— Alexis (@lexiwilltell) June 27, 2018
@marcuslemonis I'm lost! That is not a smart marketing strategy! #theprofit
— Megan Homerding (@MeganHomerding) June 27, 2018
Roles and responsibilities are key for any business and any employee to be successful and accountable @TheProfitCNBC @CNBC @marcuslemonis #TheProfit
— shoshana823 (@shoshana823) June 27, 2018
These guys better come up with something other wise Marcus can just create a sunglasses line on his own time. #theprofit
— Michael W. Bunner (@michaelwbunner) June 27, 2018
@marcuslemonis is so on point tonight @TheProfitCNBC #TheProfit
— JaLynne A. Santiago (@JaLynneAS) June 27, 2018
Ok at this point anyone who is on #TheProfit and isn’t prepared with accurate numbers needs to be axed! @marcuslemonis @TheProfitCNBC pic.twitter.com/JB0b9kgwHo
— Renee Kakos (@ReneeKakos) June 27, 2018
Hoping these guys can get it together and give Marcus some substance. The product quality seems good! #theprofit
— Christy Martinez (@KilikiMartini) June 27, 2018
Even though I don't have my hands on the new line on @wearellison but I like what I see. I think I need to get a couple of pair. #TheProfit
— Patrick Brown (@MrPatrickBrown) June 27, 2018
I might need a pair of those wood frame @wearellison glasses #TheProfit
— Blane strickland (@Blanestrickland) June 27, 2018
@marcuslemonis this episode has really hit home with me. Thank you! #TheProfit
— Fred Greil (@fredgreil) June 27, 2018
“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!