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Xero Shoes Shark Tank Update

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Xero shoes are an adaptation of the minimalist shoes that were quite famous in the 1930s in Mexico and were made with tires. Xero shoes were used in pre-Columbian Huarache sandals. Xero shoes are an excellent choice for walks, runs, and treks. Xero shoes are also popular as ‘Invisible Shoes’.

Xero shoes are made to be used by people for comfortably running and walking. Take them on your family BBQ and treat your feet with the best comfortable shoe that allows you to feel the world beneath your feet regardless of where you are, or what are doing just feel the comfort.

Xero Shoes at a Glance:-

IdeaThe Original barefoot sandals and Shoes
FoundersSteven Sashen and Lena Phoenix
Asked For$400,000 for 8% equity
Accepted DealNo deal
SharksNo Shark
Business statusIn business
Episode No.Season 4, Episode 14
Website https://xeroshoes.com/

Index:

Who were the Founders of XeroShoes?

Steve Sashen and Lena Phoenix, Steve’s wife, are the founders of XeroShoes. Steve discovered these comfortable and light-weight shoes for himself and his Boulder Barefoot Running Club. He was a software mogul and a stand-up comedian and loved running.

People familiar with regular running know that there are many foot injuries involved. One of his friends suggested him to run barefoot and that inspired him to develop the prototype of XeroShoes.

Did Xero Shoes get a deal on the Shark Tank?

Steve and Lena came on the show with the need for an investment and a plan of hitting at least one shark to speed up the flow of their business. They asked for an investment of $400k for an 8% stake in their company. Steven also shared that they had made sales of $655,000 during the past 2 years before their appearance on the show.

Founders of Xero shoes had already patented their products even though, Daymond John felt that it could be easily copied by any smart business runner and went out of the pitch. Mr. Wonderful had given an offer of $400k for 50% of the company which meant he would be an equal partner in Xero Shoes.

Mark Cuban, Barbara Corcoran, and Robert Herjavec did not seem satisfied with their ask of valuation and hence moved out of the discussion. There was only one offer offered and left on the table which was rejected by Steven and Lena as it would drop the company valuation to $800,000. Xero Shoes went without binding a lace of their investment with any of the sharks and the pitch got closed.

See also  iFork Shark Tank Update

What happened to Xero Shoes after the Shark Tank?

In 2013, they got an opportunity to come on the show, they waited long enough to get on the show and during the show, no deal was made. So, what happened after? After their appearance on the show, they got a very positive response from the people.

Once the show was aired, 2500 people were in the line to try Xero Shoes and wanted to experience the fun of it. What did Xero offer on the show that people got crazy for it? Xero Shoes have many benefits which were published after, which include being barefoot, but with a layer of protection, a custom style, perfect fit, a reasonable price, and a warranty up to 5,000 miles. Steven and Lena also thanked the people who had mailed and called them, their website got crashed due to huge traffic, and over 270,000 people for trying Xero Shoes and connecting with them.

Xero Shoes had also improved its website, and services and had done the addition of a much more extensive line of Barefoot, inspired shoes, DIY kits, Sandals, boots, and many more. Their sales after the show were more than they have asked for on Shark Tank. Many investors had also approached Steven. In 2020, it was reported that they would be forming a strategic relationship with TZP Group. In 2021, Xero Shoes was on hand at the Summer Olympics in Tokyo. They have also sponsored the US Swimming Team ( Synchro ). Xero Shoes had made a Sales of $13 million at the end of the year 2021 and forecasting more in the ongoing year 2022.

Xero Shoes are available on their own website, Amazon, eBay, retail stores, and many international distributors. They asked for a valuation of $5million on the show. Later, as per its financial Statements, the company had sales above $21 million last year, with a gross profit margin of 52.4 and an EBITDA margin of 22.9 percent.

Competitors of Xero Shoes:-

  • Noat
  • Vivobarefoot
  • Olukai
  • Lugz
  • Vegan Wares
  • Okabashi

What is the net worth of Xero Shoes?

Xero Shoes holds an estimated net worth of $5million as of 2022, it has an annual turnover of $12 – $13 million.

Is Xero Shoes still in business?

Xero Shoes is still in business and doing very great. They have proved the sharks wrong and made Xero Shoes a big brand in the market.

Xero Shoes social links:

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FAQs:

What is Xero Shoes?

Xero shoes are an adaptation of the minimalist shoes that were quite famous in the 1930s in Mexico and were made with tires. Xero shoes were used in pre-Columbian Huarache sandals.

Who founded Xero Shoes?

Steve Sashen and Lena Phoenix, Steve’s wife, are the founders of XeroShoes. Steve discovered these comfortable and light-weight shoes for himself and his Boulder Barefoot Running Club. He was a software mogul and a stand-up comedian and loved running.

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