Leatherman just pulled a YETI with its new “Vault” drop that unlocks tools you were never meant to own

Leatherman Mr Crunch — (Image credit: Leatherman)

Leatherman is doing something arguably more interesting than launching a new multitool this week.

The brand is opening its “Vault”, a limited-time event that gives fans the chance to buy rare, retired and archived tools that have quietly gained collector status over the years.

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If that sounds familiar, it should. The whole thing feels a lot like YETI’s Gear Garage, only with higher stakes, rarer products, and the very real chance you won’t get what you came for.

Day one sets the tone with a $300 collector’s knife

The first drop, the Garage Malloy Special, makes it clear this isn’t about entry-level tools.

Originally released as part of Leatherman’s experimental Garage programme, the Malloy is a premium fixed-blade knife built around MagnaCut steel, a high-end alloy known for its excellent edge retention, corrosion resistance and overall toughness.

The blade is paired with a white Micarta handle, chosen for its durability and natural grip, even in wet conditions, and finished with brass hardware that gives the knife a slightly heritage feel.

It’s a minimalist design (just a single blade), but everything about it leans premium.

You also get a custom, oil-rubbed full-grain leather sheath, made in the USA, reinforcing the idea that this is as much a collector’s piece as it is a functional tool.

It launched at $300 and is available to purchase directly in the Vault, making it one of the few pieces you can actually guarantee if you’re quick enough.

The real gems are locked behind a lottery

Although the Garage Malloy Special release is exciting enough, things get even more interesting with the lottery-only releases.

Each sits at a different point on the spectrum, from lifestyle piece to hardcore tool, but they all share one quality: you can’t just buy them.

You enter, and if selected, you’re then given the opportunity to purchase the tool.

A familiar strategy, executed differently

Limited-edition drops are nothing new for brands like Leatherman. The company has been running its Garage programme for years and has also released limited-edition colourways of some of its most popular products.

Similarly, YETI has built a following around its Gear Garage releases, which typically bring back discontinued colours and fan-favourite products in limited quantities.

The Vault builds on that same idea, but shifts the focus from new or reissued products to archival pieces, some of which haven’t been available for years.

It also introduces a more structured access system. While some items can be purchased directly, others are distributed via a lottery, where customers register interest during the open window and, if selected, are then given the opportunity to purchase the tool.

Other brands in the category, such as Victorinox, regularly release limited-edition colours and special variants, but do not currently operate a comparable archive-led event.

The Leatherman Vault is open from 31 March to 2 April, with new drops landing daily at 9:00am PST / 6:00pm BST.

For more info, head over to Leatherman.

Matt Kollat is a journalist and content creator for T3.com and T3 Magazine, where he works as Active Editor. His areas of expertise include wearables, drones, action cameras, fitness equipment, nutrition and outdoor gear. He joined T3 in 2019.

His work has also appeared on TechRadar and Fit&Well, and he has collaborated with creators such as Garage Gym Reviews. Matt has served as a judge for multiple industry awards, including the ESSNAwards. When he isn’t running, cycling or testing new kit, he’s usually roaming the countryside with a camera or experimenting with new audio and video gear.

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