What Happened to Classic U-Lace after the Shark Tank Pitch? Classic U-Lace Shark Tank Update

What is Classic U-Lace? Who is the Founder of Classic U-Lace?

Classic U-Lace is a brand of elastic laces for shoes that allows for a variety of designs to be created by mixing and matching different colors.

The laces use LacedFeelTM material, which allows for shoes to be easily put on and taken off without the need for tying.

Tim Talley is the founder of Classic U-Lace, he had the idea for the product during a vacation to Japan in 2007 and launched the company in 2009 after experimenting with different techniques for the laces.

He later expanded the product range and secured distribution deals in Europe and Japan. He had a huge break when he appeared on the Today Show in 2010.

What Happened to Classic U-Lace at the Shark Tank Pitch?

Tim, the founder of Classic U-Lace, appeared on an episode of Shark Tank in search of an investment of $200,000 for a 25% stake in his company, valuing it at $800,000.

He pitched his product as a way for children and adults to personalize and easily slip on their sneakers using U-Lace elastic laces, which cost $3.49 per set and have a profit margin of $3.14.

He had a global distribution network and had earned $193,000 in the current year. He mentioned that he had faced a setback in his sales in Japan the previous year due to a tsunami that destroyed his factory there.

But had found success with a smaller packaging at a cheaper price point and expected to make $400,000 before the end of the year.

Lori Greiner found the product “uncomfortable”, Robert Herjavec found Tim need an expert, Daymond John had an existing partnership with a competing product, but Kevin O’Leary offered $200,000 for 50% stake in the company.

Tim countered with $200,000 for 35% stake and Mark Cuban accepted, with the plan of getting the laces into Dallas Mavericks shop.

What Happened to Classic U-Lace after the Shark Tank Pitch?

After the Shark Tank pitch, Tim and Mark completed the transaction and Classic U-Lace continued to grow as a trend. The product can be found in major retailers such as Amazon, Target, and 7-11.

The company remained healthy and growing, with strong sales and active social media presence. Mark Cuban helped to expand the product line, including introduction of U-Locks Mono, bespoke steel lace locks, and U-Lace Performance intended for competitive sports.

The company also expands to sell basketball nets as well. The company as of 2021 still in operation with annual revenue of $5 million, showing the product still have a good demand and successful in market.

What is the net worth of Classic U-Lace?

The net worth of Classic U-Lace is not publicly available. However, on Season 5 Episode 19 of Shark Tank, Tim sought an investment of $200,000 for a 25% stake in his company, valuing it at $800,000.

He ultimately accepted an offer from Mark Cuban of $400,000 for a 35% stake in the company, which would have brought the valuation of the company to $571,428. The current valuation is likely to be higher than this as the company has grown since then.

Who are the Competitors of Classic U-Lace?

U-Lace is a direct competitor to HICKIES.

Classic U-Lace FAQS

What is Classic U-Lace?

Classic U-Lace is a line of fashionable Elastic tie-free laces for shoes. The laces may be paired with the inserts to create unique patterns. The laces are also undone.

U-Lace allows users to create a variety of designs by mixing and combining a variety of coloured laces.

The U-Lace runs across “single eyelet sets” of sneakers, allowing for as many colour combinations as eyelets.

Who founded Classic U-Lace?

Tim Talley is the founder of Classic U-Lace.

How much was he seeking in the Shark Tank?

Tim was seeking $200,000 for a 25% stake in his company.

Did he get the deal from the Sharks?

Tim received an offer from Mark Cuban.

How much was the deal?

Mark Cuban offered $200,000 for 35% stock in the business.

Did they closed their deal?

Tim and Mark completed the transaction.

Where can they find Classic U-Lace?

Eligible buyers can purchase from companies such as Amazon, Target or their website.

What is the U-Lace website?

The official website is www.U-Lace.com.

Where is Classic U-Lace from?

Classic U-Lace is based out of Rochester New York.

Do they offer free shipping?

Yes, the company offers free shipping on orders above $30.

Who are the competitors to Classic U-Lace?

HICKIES is a competitor to Classic U-Lace.

How much does it costs to purchase?

Comes in sets of two for $3.49.

What is the shipping policy?

Shipping is free on orders above $30.

Are U-lace successful?

U-Lace has grown into a successful business that delivers new items to the footwear market after being featured on “Shark Tank” in 2014 and getting funding from Mark Cuban, in addition to becoming the 2015 recipient of the Parent-Tested, Parent-Approved Product (PTPA) Award.

What is U-lace worth?

The firm is still in operation as of November 2021, with an annual revenue of $5 million.

Which materials are they made of?

They’ve created a specific form of Lycra fibre with the proper elasticity for an easily adjustable, comfortable fit.

What are u-laces going to do?

Make their sneakers become slip-ons. Allow them to personalize their appearance and design. Make ordinary old sneakers into flashy new kicks.

What is net worth of Tim Talley?

Tim Talley’s net worth is unavailable.