They faced challenges with counterfeit products on Amazon, but their estimated annual revenue was $5 million as of August 20, 2021. However, SpiritHoods continued to grow their business and brand, expanding into jackets, vests, shawls, robes, blankets, throws, and pillows for women, men, and children. While Daymond offered a deal for a 50% ownership stake, Alexander and Chase countered with a 22% stake and a royalty on any license. The company made $3 million in sales annually, but they had experienced a loss of $500,000 in the previous year because they had expanded too quickly. The cost to produce a SpiritHood was $29, and they sold for $99.
The hats were being sold in major retailers such as Harrods, Zappos, and Nordstroms. While some of the Sharks were skeptical about the viability of the product, they were impressed by the sales numbers, which totaled $9.8 million.
The Sharks were given SpiritHoods to wear and evaluate. They also had a new line of “fanimal” hats in the colors of sports teams. They presented SpiritHoods, a line of hats that had “sleeves” that could be worn as a scarf, paw-shaped pockets for the hands, and a secret pouch with speakers that could play music from a smartphone or iPod. SpiritHoods Shark Tank PitchĪlexander and Chase appeared on season 5 episode 11 of Shark Tank, seeking a $450,000 investment for a 15% stake in their company, which valued the company at $3 million. However, sales were beginning to fall, and in order to pay off their obligations and develop the firm, they needed to bring on an investor. They’d generated about $10 million in revenue thus far, thanks to celebrity endorsements from Snoop Dogg and Justin Bieber. To blend headphones with design, they created washable speakers implanted in several of their hats in 2013. They’ve mastered social media and email marketing, and they wear their crazy fake fur hats to various music festivals to keep the enthusiasm, and the brand, going. They were quickly up and running, with remarkable sales, especially over the winter, thanks to a successful crowdfunding effort and creative social media promotion.
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With this in mind, Alex and Marley encouraged their friends Ashley Haber, a professional photographer, and designer Latif Hamilton (aka Chase), to join the team. The hats also featured long sleeves that ended in paws, allowing you to store common EDC things like your keys, wallet, and so on. The company’s original concept was a fluffy animal hat that could be worn by anyone, from a coyote to a fox or bear. Based on this offer, the total valuation of SpiritHoods was estimated to be $3 million. In exchange for the investment, they were willing to offer 15% ownership of their company to the investors on the show.
What is SpiritHoods? Who are the Founders of SpiritHoods?.
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