Joy Mangano Net Worth 2021 | Entrepreneur And Inventor's Business Empire Today
- Joy Mangano Net Worth: $70 Million
- Nationality: American
- Born: 1st February 1956 (65 Years Old)
- Profession: Inventor And Entrepreneur
- Children: 3
According to celebritynetworth.com, is worth $70 million. She has acquired this through her household inventions like Huggable Hangers and the Miracle Mop. In 2021, she appears frequently on HSN – the Home Shopping Network and is the president of Ingenious Designs.
Joy Mangano Early Life and Childhood
Joy Mangano was born on 1st February 1956 in East Meadow, New York.
She was born to Italian-American parents Rudy Mangano and Terri Mangano. Her father ran a business renting out airport shuttles and school buses and he was also the owner of a body shop located in Deer Park.
An intelligent girl, Joy began inventing when she was young and she managed to graduate high school with honours a year early.
Mangano had an independent, self-motivated streak from her childhood. She went through numerous ideas of what career she wanted to follow – these ranged from being a skier, a veterinarian, a mother, a wife, and a cook.
Joy Mangano’s First Invention
Mangano invented her first product when she was just 10 years old. According to her Facebook page, she said she invented a pair of booties for her dog, Duke.
As a teenager, she worked at an animal hospital on Long Island and along came her second invention: a fluorescent flea collar designed to keep your pets safe. A year later, a pet product company called Hartz Mountain released something similar.
Joy Mangano went to Pace University and graduated in 1978 with a degree in business administration. After graduating, Mangano had a number of different jobs including being a waitress and an airline reservations manager.
A Family Woman
It was at Pace University where she met Anthony Miranne, who was a fellow business student. After they both graduated, they got married and then went on to have three children: Christie, Robert, and Jacqueline.
Joy and Anthony divorced in 1989 but they have always remained friends and business associates.
Nowadays, she lives in St. James, New York.
Joy Mangano's Net Worth Explained: The Breakthrough Product
With her young family, joy struggled financially and lived in a two-bed ranch house located in Smithtown, Long Island.
The same year as her divorce from Anthony, she had an idea for a revolutionary new mop, the Miracle Mop.
Mangano developed this idea in 1990.
The Miracle Mop was different from other, traditional mops. It was a self-wringing mop whose head was made from 90 metres (300 feet) or cotton in a continuous loop. It was easy to wring out and meant you didn’t have to get your hands wet.
With some savings as well as investments from friends and family, Joy Mangano developed a prototype and then manufactured one thousand units. She told Moneyish: “I wasn’t wealthy in any form, I couldn’t even pay my electric bills, but I was able to keep putting one foot in front of the other.”
The Miracle Mop was developed in her father’s body shop in Peconic, Long Island. Initially, she sold it in local stores and in trade shows.
But it wasn't until the cleaning product was launched on the shopping channel QVC in 1992 that would see it go on to sell over 18,000 within 30 minutes during the first live appearance.
Talking about her experience with selling her innovation the invotor told 20/20, "At first, it was demonstrated on TV without me and didn't do so well".
But "I got on stage and the phones went crazy and we sold out every last mop".
If you have passion for your product it will always shine through, especially when it comes to showing it to others.
After he TV appearances and infomericals the orders for her invention came flooding through.
But with this increase in demand, Mangano had to figure out ways to fulfill her orders whilst keeping her costs low.
Without any money to hire additional workers and factory space, Mangano created her own assembly line at home and got her family to help out to make sure she could meet her list of orders.
After Joy Mangano’s Miracle Mop success, she incorporated the business as Arma Products but later renamed it Ingenious Designs.
She sold this company in 1999 to USA Networks, HSN’s parent company and by 2000, $10 million of Miracle Mops were selling each year.
What Products Did Joy Mangano Invent? Huggable Hangers
Mangano’s Huggable Hangers have sold over 300 million. These hangers are no-slip, velvet flocked hangers with thin profiles that allow them to save space. Oprah Winfrey endorsed the hangers, and they went on to be the best-selling product for HSN from 2010.
Odour Neutralizers for the Home
Joy Mangano also broke an HSN record when she released a line of odour neutralizers for the home. This line included wickless candles, sticks, finials, drawer liners, show shapers, spheres, and scent stands.
The record broken was that her Forever Fragrant range sold 180,000 units on 31st January 2010 – the most in one day. This line of products has also been given a seal of approval by Good Housekeeping.
Clothes It All Luggage System
Mangano’s Clothes It All Luggage System is another of her successes. This wheeled luggage range has bags from small duffels to 56cm (22”) portable dressers that have removable drawers. The range also includes a pet carrier and a briefcase.
What’s interesting about Joy Mangano is that she hasn’t stuck to inventing similar products. Another of her ranges is Performance Platforms.
These are shoes that have a platform heel made from rubber to give you additional height.
When these appeared on HSN in May 2010, over 30,000 pairs were purchased. At first, these were just sneakers, but the range has now branched out to include sandals, mules, and Mary Janes.
Comfort and Joy Textiles
Mangano has also created some bedding. This is made from Supima cotton and a down alternative. They have a zippered duvet cover that is reversible.
Shades Readers are Joy Mangano’s reading glasses line. There are sold in a set of three so that people can have more than one pair around the office and home. Mangano has sold over 13 million units.
Joy Mangano’s TV Appearances
Mangano appeared on TV for the first time in 1992 when she was on QVC. She started appearing on HSN regularly and is rightly considered to be the most successful purveyor on the network.
She has annual sales of over $150 million and regularly reaches $1 million in hourly sales.
Mangano spent almost two decades on HSN but left in 2018 to follow other opportunities.
Joy Mangano also appeared on Made in the USA, the cable reality TV show, in 2005 where she was a judge. As well as this, she appeared on ABC’s The View on 2nd February 2007.
Distinctions and Awards
Mangano has many accolades to her name. In 1997, she was declared Ernst & Young’s Long Island Entrepreneur of the Year.
Twelve years later in 2009, she ranked 77 on The 100 Most Creative People in Business. She also made the list in 2010 where she was named in the Top 10 Most Creative Women in Business.
David O. Russell’s Movie "Joy"
In 2015, David O. Russell released a film called Joy based loosely on Mangano’s life. The movie had a start studded cast with Jennifer Lawrence playing Joy Mangano, Robert De Niro as her father and Bradley Cooper as a TV executive.
The biographical movie goes through in detail all the triumphs and disasters that Mangano expeirenced.
What does Joy Invent in the Movie?
The movie centers around the development and invention of the Miracle Mop, which gave Mangano her first big break in business.
It tells the story of how Mangano had to manage her dysfunctional family, whilst at the same time she had to deal and work with a inept supply companies.
Being able to deal with stress in both her personal and professional life is what enabled her to become successful and pursue her invention's development.
Lawrence’s delieverd an amazing performance and Mangano and the Hollywood star have become friends since its release.
Jennifer Lawrence was nominated for Best Actress in the Academy Awards, and she also won Best Actress – Motion Picture Musical or Comedy at the Golden Globe Awards.
Joy also received a nomination for Best Motion Picture – Musical or Comedy at the Golden Globes.
Joy Mangano Quotes
“You are your greatest invention.”
"Celebrate even the smallest successes".
“Childhood is the foundation of who you are, but it depends on what you do with it.”
"I grew up on Long Island, I raised my children on Long Island. I raised my business on Long Island; it is home and it always will be. I am all about home."
"When I wake up, I think, 'What can I do to help others?' I think we all owe the world something. That's the way I am when I'm designing a product".
“If it didn’t exist before, and there’s a need for it, and it’ll make somebody’s life better that’s it. Always know that the product is king.”
"As natural as it is for a parent to talk about their child, it is for me to talk about my product".
"Find a way and make it happen: I've always been the type of person who couldn't rest until I found a way to make something happen. If I couldn't go around the rock, I'd find a way to go over it or under or through it".
"I was just tired of bending down, putting my hands in dirty water, ringing out a mop. So, I said, 'There's got to be a better way'".
***Business Tip right here - This follows the old adage that 'necessity is the mother of invention'. If you have a problem in your daily life that needs to be solved...chances are lots of other people have thought problem too.
That's how to get a business idea.
"When I'm talking about a product, before it was a product, it was in my brain. So if I have an inspiration, I will literally get up in the middle of the night, and I'll dream about my customer...I don't feel like it's selling. I feel like it's talking about my children".
The passion that Joy has for her work is apparent from her TV work. The fact that her products sold out when she was on TV just shows you that your passion for the product can lead to its success.
Joy Mangano Net Worth 2021 : Summary
- Born in 1956, Joy Mangano is an American inventor and Entrepreneur.
- She began inventing at a young age and invented some booties for her dog, Duke when she was ten years old. She then invented a fluorescent flea collar.
- Mangano is most famous for her Miracle Mop and Huggable Hangers.
- She has sold many products over the years and has broken records on TV shopping channels with her innovative inventions.
- Joy Mangano’s life was depicted in the 2015 film Joy, which received a number of nominations and awards.
- Joy Mangano’s net worth of $50 million can be attributed to her many inventions and creations over the years. Her products have certainly filled gaps in the market.
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