SpiritHoods Shark Tank Update | SpiritHoods after the Shark Tank Pitch
What is 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.
Who are the Founders of SpiritHoods?
Chase Hamilton, Alexander Mendeluk, Marley Marotta and Ashley Haber.
What happen to SpiritHoods at the Shark Tank Pitch?
Alexander and Chase appear on Shark Tank season 5 episode 11 in search of a $450,000 investment in exchange for a 15% ownership in their firm. This implies a $3 million valuation.
They deliver a quick presentation about SpiritHoods, a community-based following fuelled by self-expression and a desire to protect the environment.
The hats have “sleeves” that can be worn as a scarf, paw-shaped pockets for the hands, and even a secret pouch with machine-washable speakers that can play music from a smartphone or iPod.
Each Shark is given a SpiritHoods. Mark Cuban is conspicuously absent until the pair have a model emerge, dressed in a crazy SpiritHoods in the Mavericks’ team colours.
They explain that they are releasing a line of “fanimal” SpiritHoods, a team spirit line in the colours of sports teams.
Robert Herjavec is skeptical that adults will wear the SpiritHoods, but Kevin O’Leary is more concerned with economics than fashion.
“I don’t care who wears them,” he continues, “I’m interested in your sales.” $9.8 million in sales is enough to raise the Sharks’ eyebrows and boost Spirit Hoods’ attractiveness a few notches.
The hats are available online at Harrods, Zappos, and Nordstroms.
Each SpiritHoods costs $29 to make in Los Angeles and sells for $99. Robert inquires about sales in the previous two years, which totalled $4.5 million two years ago and $3 million last year.
The SpiritHoods are doing well, making an average of $3 million every year, but they lost $500,000 last year because they sought to grow too rapidly.
They want the investment to start up again, but this time more cautiously, having learnt from their mistakes.
Kevin O’Leary considers the reduction in sales from $4.5 million in their greatest year to $3 million consistent sales to be “extremely hazardous.” He is leaving because he does not feel the market is sustainable.
Robert Herjavec invested in a similar firm, which he claims was “hot” for around two years until the market fell. He leaves.
Barbara Corcoran “prefers to invest in companies that are increasing rather than declining.” She, like O’Leary, is concerned about the dip from their peak selling year. She’s gone.
Mark explains that he loves the company and believes it’s a neat, unusual idea, but the $99 price point is simply too much for him. He’s gone.
Daymond offers $450,000 for a 50% ownership in the firm, but he wants to license out the SpiritHoods, so the price would have to drop down.
He feels that in order for the brand to continue, it must grow beyond headwear.
They make a counter offer of 22 percent plus a royalty on any license after a brief conversation.
John refuses to bargain, claiming he already has “buyer’s remorse.” He’s gone, and the duo exits the Shark Tank without a contract.
SpiritHoods after the Shark Tank Pitch
SpiritHoods did not receive a Shark contract, but they did walk away with their company, which helped enhance the business and brand.
In a subsequent interview, Alexander stated that rejecting John’s aggressive proposal actually benefitted the brand because fans regarded it as “not selling out.”
SpiritHoods has extended the premium brand since its appearance on Shark Tank to include jackets, vests, shawls, and robes for women, men, and children, as well as blankets, throws, and pillows for the house.
Amazon sells a number of counterfeit brands. As a result, the company’s presence has decreased there.
Annual revenue is estimated at $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.