SpiritHoods Shark Tank Net Worth 2023
Alexander and Chase, the founders of SpiritHoods, went on the television show Shark Tank to seek an investment of $450,000 for their business.
In exchange for the investment, they were willing to offer 15% ownership of their company to the investors on the show. Based on this offer, the total valuation of SpiritHoods was estimated to be $3 million.
What is SpiritHoods? Who are the Founders of SpiritHoods?
SpiritHoods are one-of-a-kind accessories that function as a hat, gloves, and scarf all in one.
Each SpiritHoods is made in California from fine fake fur and is fashioned after a specific animal, with 10% of net earnings going to the protection of endangered animals.
Alexander Mendeluk and Marley Mahratta, friends, are the original creators and co-founders of SpiritHoods, which they founded in 2009.
Alex has a history in acting, having worked in television and theatre while residing in Los Angeles.
He subsequently began photographing events. In 2016, he left SpiritHoods to become CEO of a firm that assists brands in making the most of social media influencers.
Marley is a University of Oregon Digital Arts graduate who has worked in website creation.
He is still the Marketing Director of SpiritHoods.
The company’s original concept was a fluffy animal hat that could be worn by anyone, from a coyote to a fox or bear.
The hats also featured long sleeves that ended in paws, allowing you to store common EDC things like your keys, wallet, and so on.
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.
They were quickly up and running, with remarkable sales, especially over the winter, thanks to a successful crowdfunding effort and creative social media promotion.
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.
To blend headphones with design, they created washable speakers implanted in several of their hats in 2013.
They’d generated about $10 million in revenue thus far, thanks to celebrity endorsements from Snoop Dogg and Justin Bieber.
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.
SpiritHoods Shark Tank Pitch
Alexander 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.
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. They also had a new line of “fanimal” hats in the colors of sports teams.
The Sharks were given SpiritHoods to wear and evaluate. 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 hats were being sold in major retailers such as Harrods, Zappos, and Nordstroms.
The cost to produce a SpiritHood was $29, and they sold for $99. 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.
While Daymond offered a deal for a 50% ownership stake, Alexander and Chase countered with a 22% stake and a royalty on any license. Ultimately, they left without a deal.
However, SpiritHoods continued to grow their business and brand, expanding into jackets, vests, shawls, robes, blankets, throws, and pillows for women, men, and children.
They faced challenges with counterfeit products on Amazon, but their estimated annual revenue was $5 million as of August 20, 2021.
SpiritHoods Net Worth
Alexander and Chase appear on Shark Tank in search of a $450,000 investment in exchange for a 15% ownership in their firm. This implies a $3 million valuation.
SpiritHoods Competitors are as follows; Savy Mae’s Boutique, Wooden SRL and Asmat Group Show stoppers.
What is SpiritHoods?
SpiritHoods is a brand of trendy and unique animal hats made of faux fur (acrylic).
The head is shaped like an animal’s head – coyote, wolf, snow leopard, fox, etc. – and is attached to long sleeves and paws that dangle from one’s hips.
The paws function as pockets, storing cash, credit cards, phones, and other items.
Who are the founders of SpiritHoods?
Chase Hamilton, Alexander Mendeluk, Marley Marotta and Ashley Haber.
How much were seeking in the Shark Tank?
They were in search of a $450,000 investment in exchange for a 15% ownership in their firm.
Did they get the deal from the Shark Tank?
No, a deal was not reached.
How much are SpiritHoods selling for?
The hats retail for $99.
Can they dry clean SpiritHoods?
They may be dry cleaned or hand washed in cold water and hung to dry in a cool spot away from direct sunshine and away from any heat vents the wet fake fur will be damaged by heat.
Is SpiritHoods still in business?
SpiritHoods is still in business and doing well, having expanded its product offering to include a wide range of apparel options.
They’ve also expanded their product line into sporting items and collaborated with like-minded firms.
Where are SpiritHoods manufactured?
Los Angeles, California.
Where is SpiritHoods located?
Spirit Hoods LLC is a company that works in the Apparel Knitting Mills industry and is based in Vernon, California.
Are spirit hoods warm?
Excellent fit and comfort. One thing to keep in mind for indoor events is that the hood is quite warm, which will come in handy when they wear it on icy cold New England winter days while walking to catch and then waiting for a bus.
What materials are SpiritHoods used?
SpiritHoods are made of faux fur (acrylic).
When was SpiritHoods founded?
Is faux fur washable?
They may wash faux fur by hand or machine. If they do decide to wash the fake fur in a washer, they should use a high-efficiency washer on the soft cycle for the best results.
What happens if real fur gets wet?
It is OK to get a real fur coat wet. Because of the guard hairs and natural oils in furs, animal fur is inherently water repellent, keeping the hide dry.
If their genuine fur becomes wet, it’s critical to dry them properly without harming or drying out the fur or pelts.
How do they wash a faux fur vest?
Handwashing fake fur and fur-like goods is always the best and safest option. Fill a washbasin or sink with cold water and add 2 capfuls or a spritz of the Wool & Cashmere Shampoo.
Submerge the object in water and gently stir the water with their hands to disperse soap evenly. Soak in the tub for up to 30 minutes.
What is SpiritHoods corporate responsibility?
SpiritHoods is committed to responsible business.
This includes minimizing their impact on the environment, using sustainable and environmentally-friendly practices in their manufacturing processes and supporting sustainable development projects.
They donate 10% of net profits donated to help endangered species.