Lokai (company)

Lokai
Industry Jewelry Retail
Founder Steven Izen
Headquarters New York, NY
Website http://lokai.com

Lokai is a New York-based company founded in 2013 by Steven Izen that produces and sells silicone bracelets.[1] The name "Lokai" was inspired by the Hawaiian word "lokahi," meaning utility and to blend opposites.[2] The bracelet contains silicone balls containing alternative materials, water and mud, to remind the wearer of the importance of balance.[3] The firm is under the ownership of Lokai Holdings LLC.[4]

History

Lokai was founded by CEO Steven Izen in 2013.[5] [4]

By 2014, its bracelets were sold in over 88 countries and sold in 300 boutiques across the United States.[6]

In 2015, Lokai had their first big partnership with the company, Charity: Water. Soon after, the company's ecommerce site crashed momentarily due to high traffic volume.[7]

In 2015, the company reported selling over 1 million bracelets.[8]The firm was a 2017 New York Winner of Smart CEO's Future 50 Awards.[9]

Concept

The traditional Lokai bracelet

The name "Lokai" was inspired by the Hawaiian word "lokahi," meaning utility and to blend opposites.[2] The firm began by selling silicone bracelets. The concept was a bracelet of balance, and each one contains a white bead with water from Mt. Everest and a black bead with mud from the Dead Sea, the highest and lowest points on Earth respectively. The white bead is said to represent life's highest moments and reminds the wearer to be humble and the black bead represents the difficult moments in life and reminds the wearer to stay hopeful.[10] These beads are said to act as a metaphor for the highs and lows the wearer experiences in life.[11]

Charity

Lokai donates 10% of all net profits are to charity.[4] The firm has produced a variety of different colored bracelets that are associated with each charity they support.[12] Since 2013, the company has raised over $4 million in support of its various charity partners.[5]

Criticism

It has been questioned whether or not the beads actually contain water from Mt. Everest or mud from the Dead Sea.[13] In response to such criticism, wearers have resorted to cutting apart [14] their bracelets to see if there is actually anything inside.[15] Most wearers discovered there was actually some kind of mud and water inside, but some claim to have found just empty beads.[15]

References

  1. ↑ "Lokai bracelets are a new cause celeb for Gigi Hadid". NY Daily News. Retrieved 2017-03-01.
  2. 1 2 "Steven Izen (AEM ’13) Shares His Journey with Lokai: A Continuous Reminder to Balance | Entrepreneurship@Dyson". eship.dyson.cornell.edu. Retrieved 2017-03-01.
  3. ↑ "Why the Lokai Bracelet is the Latest Trend for Top Athletes". Men's Journal. Retrieved 2017-03-01.
  4. 1 2 3 "Lokai". Lokai. Retrieved 2017-02-25.
  5. 1 2 "Athletes and celebrities are crazy about this $18 charity bracelet that has water from Mount Everest and mud from the Dead Sea". Business Insider. Retrieved 2017-02-25.
  6. ↑ Schattner, Alex (2014-08-26). "Lokai: Balancing Life (#ArtofY)". The Huffington Post. Retrieved 2017-03-02.
  7. ↑ Reader, Grace. "How This Founder Learned to Trust His Team". Entrepreneur. Retrieved 2017-03-02.
  8. ↑ "Celebrities like Justin Bieber, Gigi Hadid and Blake Lively flock to Lokai bracelet trend". New York Daily News. Retrieved 2017-03-20.
  9. ↑ "Lokai Holdings LLC - 2017 New York SmartCEO Future 50 Award Winner". www.smartceo.com. Retrieved 2017-04-02.
  10. ↑ "Lokai Bracelet Buzz: Do The $18 Bracelets Really Contain Mount Everest Water And Dead Sea Mud?". The Inquisitr News. Retrieved 2017-03-01.
  11. ↑ "Teen Amputee and Cancer Survivor Loves Lokai". PEOPLE.com. 2016-04-12. Retrieved 2017-03-01.
  12. ↑ Borovic, Kali. "When Can You Buy The Orange Lokai Bracelet? This Limited Edition Collab Won't Be Around For Long". Retrieved 2017-03-01.
  13. ↑ "Lokai Bracelet Buzz: Do The $18 Bracelets Really Contain Mount Everest Water And Dead Sea Mud?". The Inquisitr News. Retrieved 2017-03-02.
  14. ↑
  15. 1 2 NatureWorldNews (2016-04-07). "Bracelet Claims to Help You Find Your Balance With Water from Mt. Everest and Mud from the Dead Sea". Nature World News. Retrieved 2017-03-02.
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