Lokai (company) explained

Lokai
Type:Private
Industry:Jewelry & Lifestyle Goods
Predecessors:-->
Successors:-->
Founded:2013[1]
Founder:Steven Izen
Founders:-->
Hq Location City:New York, NY
Areas Served:-->
Products:Bracelets
Owners:-->

Lokai is a New York-based jewelry brand that markets itself as a "socially responsible lifestyle brand." The company is best known for its bracelets that include materials sourced from natural landmarks such as Mount Everest and the Dead Sea. The company donates 10% of net profits to charitable organizations.

Background

The brand launched in 2013 after Founder & CEO Steven Izen was on vacation with his family and received news that his grandfather had been diagnosed with Alzheimer's.

The name "Lokai" was inspired by the Hawaiian word "Lōkahi," meaning the blending of opposites.[2]

Lokai.com officially launched in June 2013 with the Classic Lokai and has since grown to include several different product collections, which are meant serve as a reminder of balance.

Awards and recognition

The brand was a 2017 New York Winner of Smart CEO's Future 50 Awards.[3]

CEO Steven Izen was a finalist in the 2016 Ernst & Young Entrepreneur of the Year Awards,[4] was named in the 2017 Forbes 30 under 30 list[5] and is a member of the Make-A-Wish National Board of Directors.[6]

Charity partnerships

The brand has partnered with a wide variety of charities to produce a collection of different colored bracelets. $1 per bracelet sold is donated back to the charity in question. Since 2013, Lokai has donated over 8 million dollars to charitable organizations.

List of charity partners

Licenses

The company sells officially licensed products of Major League Baseball, Major League Soccer, the National Hockey League, the National Football League, Star Wars, and over 100 colleges and universities.

Criticism

It has been questioned whether or not the beads actually contain water from Mount Everest or mud from the Dead Sea.[20] In response to such criticism, wearers resorted to cutting apart their bracelets to see if there is actually anything inside, and some claim to have found just empty beads.[21]

Brand evolution

In May 2019, the company launched Elements, wellness drinks made from adaptogens.

Notes and References

  1. Web site: Lokai Holdings LLC: Private Company Information - Bloomberg. Bloomberg Businessweek. March 11, 2018.
  2. Web site: Steven Izen (AEM '13) Shares His Journey with Lokai: A Continuous Reminder to Balance. Charles H. Dyson School of Applied Economics and Management. en-US. 2017-03-01.
  3. Web site: Lokai Holdings LLC - 2017 New York SmartCEO Future 50 Award Winner. www.smartceo.com. en-US. 2017-04-02.
  4. Web site: EY Announces Finalists For The EY Entrepreneur Of The Year 2016 Award In The New York Region. Fluent. 24 May 2016. Fluent, Inc..
  5. Web site: Steven Izen. Forbes.
  6. Web site: Make-A-Wish® America: National Board of Directors. Make-A-Wish® America.
  7. Web site: Lokai Bracelets, Now in Blue to Benefit Charity: Water. Marshall. Heyman. 26 February 2015. www.wsj.com.
  8. Web site: lokai Launches Limited-Edition wild lokai To Support World Wildlife Fund. lokai. www.prnewswire.com.
  9. Web site: lokai Announces Official partnership With Susan G. Komen®. lokai. www.prnewswire.com.
  10. Web site: Lokai Announces Partnership with Save the Children, Launches Limited-Edition Red Bracelet to Brighten the Future for Children. Save the Children.
  11. Web site: Lokai Announces Strategic Partnership With The Alzheimer's Association®. Lokai. www.prnewswire.com.
  12. Web site: Lokai Creates Limited-Edition Neon Lokai And Joins Forces With Make-A-Wish® And Cam Newton To Make Wishes Come True. Lokai. www.prnewswire.com.
  13. Web site: Lokai Creates Limited-Edition Shark Lokai And Joins Forces With Discovery's Shark Week And Oceana To Help Restore Balance To The World's Oceans. Lokai. www.prnewswire.com.
  14. Web site: Lokai Launches Limited Edition Pink Bracelet In Partnership With Breast Cancer Research Foundation To Support Mission Of Preventing And Curing Breast Cancer. Lokai. www.prnewswire.com.
  15. Web site: Lokai Partners with (RED) to Support the Fight Against AIDS. Lokai. www.prnewswire.com.
  16. Web site: Guerrero . Gustavo . Balanced Partnership Raises the Scale of Mental Health Awareness | NAMI: National Alliance on Mental Illness . NAMI . 2019-05-29.
  17. Web site: Lokai. www.nature.org.
  18. Web site: Lokai - Yellow Launch. Jared. Bennett. 23 August 2017.
  19. Web site: Lokai Launches Split Blue Bracelet to Benefit Autism Speaks. Autism Speaks.
  20. News: Lokai Bracelet Buzz: Do The $18 Bracelets Really Contain Mount Everest Water And Dead Sea Mud?. The Inquisitr News. 2017-03-02. en-US.
  21. News: Fenol, Jessica. Bracelet Claims to Help You Find Your Balance With Water from Mt. Everest and Mud from the Dead Sea. 2016-04-07. Nature World News. 2017-03-02. en-US.

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