Here’s a solution brought to you by Ryan Landis who believes his product Hangease can save you from the daily problem of hanging clothes with the conventional hangers in his wardrobe.
This compact foldable hanger fits into your cupboard or closet and can fold away for easy storage. Making it a must-have in your cupboard.
Hangease at a glance:
| Business idea | Collapsible break free hangers |
| Founder | Ryan Landis |
| Asked for | 800,000 for 30% |
| Accepted deal | 800,000 for 30% |
| Sharks | Mark Cuban and Lori Greiner |
| Business status | Out of business |
| Episode | Season 5 Episode 27 |
| Website link | Website |
Index:
Founder Story:
The product was born by the sheer hard work of a child in the third grade who developed the product as part of a science competition in his school. The founder of Hangease found the solution to the problem of storing hangers in the cupboard. A parent in the science exhibition found the idea useful and gave him the chance to sell the product in Walmart.
The product was then introduced into 100 stores and a patent was generated for the product. Now at the age of 20, he wants the product to be sold in many stores around the country and online.
Did Hangease get a deal on shark tank?
This pitch was easy for its owner Ryan Landis. Ryan enters the shark tank seeking $800,000 for a 30% stake in the business. He shows how the product works and gives his pitch to the sharks. He told the truth that he did not work on the business for the last 10 years to focus on his education.
He has sold 400,000 hangers before coming to shark tank making the sales raise from $200,000 in sales and $70,000 in profits. The sharks are in surprise that the company Walmart stopped selling the product. They started wondering why this happened?
Lori is told that she has a patent on the product, but she still says that she has seen similar hangers before.
Robert thought there was no need for the product, he was out. Kevin thinks the idea is a bore and backs out. Barbara backs out because she thinks Ryan took away time from his business, she’s out. Finally, Mark puts an offer of $800,000 for 30%, he asks if Lori can join him in the deal. Ryan accepts. Ryan walks out with a deal of $800,000 for 30% for his company Hangease.
What happened to Hangease after Shark Tank?
The company has seen no online presence as of today. The company has closed itself. The products are not sold online nor does the company have retail. The deal made with Lori and Mark never saw success for the business. There is no social presence for the business as of today. The company owner has moved on into better and bigger things that have changed the work Ryan has cut out for himself.
- The product is a foldable hanger that can be stored and used quite efficiently.
- The product folds from the center into half and can be opened with a single pull from both sides
- The product Is available in a plethora of colours to choose from.
What is Hangease worth?
At the time of the shark tank appearance, Hangease was valued at around $2.67 million.
Is Hangease still in business?
No, Hangease is dead as of today as it is out of business. The company saw itself in many retail stores before shark tank and wanted a strong retail presence for the product which they saw as being their future. But the product was out of business after a deal with Lori and Mark Cuban.
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What is Hangease?
Hangease compact foldable hanger fits into your cupboard or closet and can fold away for easy storage.
Did Hangease get a deal on Shark tank?
Yes, Hangease got a deal of $800,000 for 30% from Lori Greiner and Mark Cuban