Net Worth Ranker
What Is Joy Mangano’s Net Worth?
Joy Mangano, a celebrated American entrepreneur and inventor, boasts a net worth of $70 million. This financial success is primarily attributed to her ingenuity in developing a line of highly successful household products, most notably the Miracle Mop and Huggable Hangers. As President of Ingenious Designs, she frequently appears on the Home Shopping Network (HSN), further contributing to her wealth.
Early Life and Education
Born on February 1, 1956, in East Meadow, New York, Joy Mangano is the daughter of Italian-American parents. Even as a teenager, Mangano displayed an inventive spirit. While employed at an animal hospital in Huntington, Long Island, she conceived the idea for a fluorescent flea collar designed to enhance pet safety. In 1978, she earned a degree in business administration from Pace University, laying the foundation for her future entrepreneurial endeavors.
The Miracle Mop Revolution
After working various jobs to support her family, including waiting tables and managing airline reservations, Mangano, a single mother of three, conceived the Miracle Mop in 1990. This innovative mop features a self-wringing mechanism and a mop head constructed from a continuous 300-foot loop of cotton, allowing users to wring it out without getting their hands wet. Mangano invested her own savings, along with contributions from family and friends, to create a prototype and produce an initial batch of 1,000 units. She initially sold the Miracle Mop locally in Long Island before taking it to QVC. On QVC, she demonstrated the mop herself and successfully sold 18,000 units in a mere 20 minutes. Following this initial triumph, Mangano formally established her business as Arma Products, which was later rebranded as Ingenious Designs. In 1999, she sold the business to USA Networks, the parent company of the Home Shopping Network. Even a decade after its initial launch, the Miracle Mop continued to generate $10 million in annual sales for Mangano.
Expanding the Empire: Huggable Hangers and Beyond
Building on the success of the Miracle Mop, Mangano invented Huggable Hangers. These velvet, no-slip hangers are designed to maximize closet space. Huggable Hangers became the best-selling product in HSN’s history, with sales exceeding 300 million units. The product received a significant boost from an endorsement by Oprah Winfrey. Mangano’s subsequent invention, Forever Fragrant, comprised a line of home odor neutralizers. The product line included incense sticks, wickless candles, scent stands, and drawer liners. On January 31, 2010, Mangano set an HSN record by selling over 180,000 Forever Fragrant units in a single day. The collection also earned the “Good Housekeeping” Seal of Approval. Another creation, the Clothes It All Luggage System, features wheeled luggage with specialized organizational features. These include a padded laptop compartment, toiletry organizers, pockets for plane tickets and boarding passes, and removable organizers. The luggage system includes small duffel bags, portable dressers, briefcases, and pet carriers. In May 2010, Mangano designed a shoe featuring a rubber platform heel to provide extra height. She sold 30,000 pairs in the first three hours of its availability on HSN. Initially a sneaker, the Performance Platforms line expanded to include mules, sandals, and Mary Janes, manufactured by Stride Rite. Further diversifying her product line, Mangano created Comfort & Joy Textiles, bedding made from Supima cotton and a down alternative. The bedding featured a reversible and removable duvet cover and sheets attached to the bed skirt for convenient removal and cleaning. Mangano has sold over 13 million pairs of Shades Readers, her line of reading glasses sold in sets of three or more, designed for accessibility throughout the household and office. Additionally, Mangano collaborated with chef Todd English to develop GreenPan Cookware, a ceramic-based non-stick coating line of pans manufactured without PFOA. On July 26, 2007, GreenPan sold 24,000 pieces in four hours on HSN.
HSN Stardom and Beyond
As a regular presence on the Home Shopping Network, Mangano cultivated partnerships with numerous celebrities, including tennis star Serena Williams, to promote products on HSN. She is recognized as the network’s most successful inventor, generating over $150 million in annual sales. Her hourly sales frequently exceed one million dollars. After two decades, she left HSN to explore other ventures. Her television appearances also include a judging role on the cable reality show “Made in the USA” in 2005, and a guest appearance on “The View” in February 2007.
Awards, Recognition, and Other Ventures
Mangano’s inventive contributions have been recognized with numerous awards and accolades, including being named Long Island Entrepreneur of the Year by Ernst & Young. In 2009, she was ranked #77 on “Fast Company’s” list of The 100 Most Creative People in Business, and in 2010, she was included on their list of The 10 Most Creative Women in Business. Mangano also owns a restaurant named Porto Vivo in New York. She published her autobiography, “Inventing Joy,” on November 7, 2017.
Pop Culture Impact: The Film “Joy”
David O. Russell’s 2015 film “Joy,” starring Jennifer Lawrence, is loosely based on Mangano’s life. Lawrence received an Oscar nomination for Best Actress for her portrayal of Joy and won the Golden Globe in the same category. The film also received a Golden Globe nomination for Best Motion Picture Musical or Comedy. In 2018, it was reported that a production depicting Joy’s life story was being developed by Ken Davenport, a Tony-winning producer who acquired the musical rights with plans to adapt it for the stage.
Personal Life
Mangano married Tony Miranne, whom she met at Pace University, in 1978. The couple had three children: Christie, Robert, and Jacqueline Marianne. They divorced in 1989. Joy currently resides in St. James, New York.
