Foam Party Hats from the name itself we can guess that it’s a business that manufactures Party hats for different occasions, events, or parties. Foam Party hats create whimsical foam hats in a variety of fun themes and parties. Wedding Parties, Birthday Parties, and fun events are the major operating areas for this family-owned business.
Foam Party Hats have to date made over 600 plus designs and customers can choose from them as per the fest or occasions. Foam Party Hats also provide customized hats where customers can design their own hats. They also have hats for Covid- 19 ( An unpredictable disaster).
Foam Party Hats at a Glance:-
|Idea||Foam Party Hats|
|Founders||Manuel Rojas and Grace Rojas|
|Asked For||$100,,000 for 15%|
|Accepted Deal||$100,000 for 25%|
|Sharks||Mark Cuban and Lori Greiner|
|Business status||In Business|
|Episode No.||Season12, Episode 5|
|Website||Foam Party Hats|
|Buy on Amazon||Buy Now!|
Who are the founders of Foam Party Hats?
Grace and Manual Rojas are the founders of Foam Party Hats. The company was founded by them in 2010. After studying for 5 years, Manuel completed her graduation from Huston, Texas. In the beginning stage of the manufacturing, they had to tackle many problems, especially related to funds.
Gradually, she started selling it to her friends, family, and neighbors, so that she can earn money to pay their rent and her son’s tuition fees. Manuel continues to do part-time work as a chemical engineer in the company whereas two of his side managers help to manage the overall company’s work. Grace and Manuel, a duo of Mom and Son, designed their hats by themselves and sell them on their own website. It took Manuel one complete to design perfect hats for her business.
Did Foam Party Hats get a deal on Shark Tank?
Manuel and Grace came on the show along with their different shape, size, and colors of foam hats. Manuel placed her pitch for an amount of $100,000 in exchange for 10% equity in the business. After that, they shared how they started their companies and its working. They handed over a few samples to the sharks. Manuel had brought various types of hats for sharks like a jewelry hat for Lori and Mr. Wonderful hat for Kevin O’Leary.
They shared that the sales due to covid had been affected but still Amazon helped them to regain their customers. They had sales of $25,000 in year 2017, $75,000 in year 2018, $145,000 in year 2019. As per 2020 reports, they had sold hats worth $153,000. Kevin O’Leary appreciated their product and family business model and moved out. Mark said that he was confused that what their actual business was and went out. Daniel suggested that he would be ready to invest if Manuel was ready to work full time with Foam hats.
Robert Herjavec left the deal when he heard the offer from Daniel which was $100,000 for 30% equity in return and said that it was non-negotiable. Lori inquired if Daniel was going to hire her to which he said No. Lori Greiner seemed interested so, she asked Mark to join her for $100,000 for 25% equity in exchange. Mark agreed and said that he would do it just to embarrass Daniel. Manuel and Grace took a moment for discussion and accepted the deal of Mark and Lori and took their checks from the sharks.
What happened to Foam party Hats after Shark Tank?
Manuel and Grace party hats had not only captured or attracted consumers from all over the United States but had also successfully gained the interest of Google and Mardi Gras event in New Orleans. After the show, Foam Party hats get a magical hat of flying and spreading its shine with fun and entertainment all over the targeted market.
Even having more than 600 products along with the addition of customized service had shocked the public as they have no reasons to say no or go empty-handed once they enter the website or their Amazon platform. They had also serve hats for big events such as the Chinese New Year, St. Patrick’s Day celebrations, and Oktoberfest. These products came in various designs such as lion, shoes, horse, duck, dog, bunny, and many more. After the show, it also increased its products to create foam shields for children.
The cost of manufacturing per unit costs around $10 – $11 and is sold in the market normally for $45. But few of its products price ranges from $11- $50. They also sell party packages on their website, currently, it is operating only their Amazon and its official website which creates revenue for the business. In addition to hats, they also sell head accessories which include wigs, headbands, luxury vintage hats, and other things.
Competitors of Foam Party Hats:-
No competition has been found for Foam Party Hats as they are completely unique. Some similar kinds of products may be found but can’t be mentioned as exact alternatives of it.
What is the Net Worth of Foam party Hats?
At the time of the Shark tank appearance, Foam Party Hats was valued at $400,000. The Net Worth of Foam Party Hats as of 2022 is around $4 million.
Is Foam Party Hats still in business?
Foam Party Hats is still in business and operating very well in the market, especially in the United States. Mom and Son’s courage in making it a successful business model seems to be achieving.
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What is Foam Party Hats?
Foam Party Hats from the name itself we can guess that it’s a business that manufactures Party hats for different occasions, events, or parties. Foam Party hats create whimsical foam hats in a variety of fun themes and parties
Who founded Foam Party Hats?
Grace and Manual Rojas are the founders of Foam Party Hats. The company was founded by them in 2010. After studying for 5 years, Manuel completed her graduation from Huston, Texas.