Xero Shoes Shark Tank Net Worth 2023
Xero Shoes is a company with a net worth of $13 million in 2021 that has seen great success, being an official sponsor of the USA synchronized swim and archery teams at the Tokyo summer Olympics and named to the Inc. 5000 list for five years in a row.
With annual revenue reaching $23 million as of October 2022, their goal of expanding their “casual lifestyle” products by 2023 was achieved and their current net worth is now estimated at $20 million.
What is Xero Shoes?
Xero Shoes is a footwear company based in Boulder, Colorado, that specializes in minimalist shoes, including sandals and recreational shoes, inspired by the barefoot style.
The company was founded in 2009 by Steven Sashen, who is a Veterans All-American sprinter and one of the fastest men over the age of 55 in the United States.
After a 30-year hiatus from the sport, Sashen returned to competition but suffered from injuries for two years until he read “Born to Run” by Christopher McDougall and joined a barefoot running club in Boulder, CO. Running barefoot improved his stride and reduced his injuries.
To continue the barefoot experience in environments where shoes were required, Sashen created his own modern huarache-style sandal, which he named Xero Shoes. The sandals are designed to have a natural fit, feel, and function and feature a thin rubber sole sourced from Vibram in Italy and nylon polypropylene laces.
The company ships to 94 countries and is committed to sustainability, with a program that donates a pair of shoes to a needy child in the Philippines for every purchase made.
What Happened to Xero Shoes at Shark Tank?
During their appearance on Shark Tank, Steve and Lena presented their company and offered an 8% stake in exchange for $400,000. They stated that their company had generated over $650,000 in sales in the past two years and projected earning more than $1.2 million in 2012.
Daymond had concerns about the product and did not invest. Kevin O’Leary offered $400,000 for 50% equity shares of the company, but Barbara, Mark, and Lori declined due to valuation issues. In the end, Xero Shoes did not secure a deal on the show.
Following their appearance on Shark Tank, Xero Shoes experienced a 20% increase in sales in the week following the broadcast, exceeding their financial goals from the pitch. Furthermore, they received interest from multiple investors and formed a strategic alliance with TZP Group, a private equity firm, in December 2020.
With this partnership, the company aims to become a worldwide brand and expand the reach of their comfortable and beneficial footwear.
As of 2021, Xero Shoes had an annual revenue of $13 million, which surpassed their projected sales.
Xero Shoes Competitors
Xero Shoes faces competition from companies such as Naot, Vivo Barefoot, OluKai, Lugz, OOFOS, Vegan Wares, Okabashi, and See Kai Run.
Net worth of Xero Shoes
The company valuation in 2021 is netted $13 million.
FAQs of Xero Shoes
What is Xero Shoes?
Xero Shoes is the original barefoot wear firm, producing lightweight sandals and recreational shoes.
The Xero Shoes Company is known for producing minimalist shoes with a natural fit, feel, and function that mimics barefoot movement.
Who owns Xero Shoes?
Steven Sashen is owner of the company.
What is their offer on Shark Tank?
On Shark Tank Steve and Lena came to Shark Tank looking for $400,000 for 8% stake in company.
Did they get an offer?
No, they did not get any offer from five sharks on Shark Tank.
What is the net worth of Xero Shoes?
The company valuation is netted $13 million.
What happened to Xero Shoes after Shark Tank?
Following the Shark Tank broadcast, Xero Shoes did 20% of the previous year’s sales in the 7 days following the show.
Their sales figures exceeded what they asked for in their pitch during Shark Tank.
Is still in business?
Yes, they are still in business.
What are competitors of Xero Shoes?
Naot, Vivo barefoot, OluKai, Lugz, OOFOS, Vegan Wares, Okabashi and See Kai Run.
Where can I buy Xero Shoes?
One can buy the shoes online at https://www.xershoes.com
Where is the headquarters of Xero Shoes?
The US headquarters is located in Boulder, Colorado, US.
What is the main reason you’re in business?
The main reason I’m in business is to create personal freedom! I was in a rut with my job and wanted to travel the world but didn’t have a lot of money at the time.
How long has Xero Shoes been in operation?
Since 2009, and swiftly gained popularity as barefoot running gained popularity.
Are Xero Shoes morally acceptable?
Xero Shoes are made in China in a responsible, ethical, and equitable manner.
They also have an on-the-ground manufacturing agent that monitors the factories when they are not there to verify that working conditions are acceptable, workers are treated fairly, and the shoes are produced in accordance with all local rules and regulations.
Are Xero Shoes easy to wash?
Yes, hand cleaning Xero Shoes with warm water and mild detergent is recommended and allows it to air dry afterwards.
Who made an investment in Xero Shoes?
Feel The World, Inc. and TZP Group have announced a strategic investment and relationship.
How does it make money?
Direct sales of the shoes, retail sales for shoes online and from their workspace.
What is the goal of Xero Shoes?
To make a positive impact on many people’s lives. Through the sale of more than 1 million pairs of Xero Shoes, the company will donate one pair of shoes to someone in need each month via their website as part of their “Give a Pair” program.
Is Xero Shoes profitable?
Yes, the company turnover is about $13 million per year.
Is Xero Shoes the best-selling barefoot footwear company?
Yes, due to their “Keep it Simple” philosophy, they were the first to bring the minimalist shoe to market.
Is Xero Shoes sold in stores?
Yes, they are sold at REI, Amazon.com and other retailers.
Is there an equivalent of Xero Shoes for men?
Xero Shoes are made for women but many men wear them too! One can find more information on this site: http://www.xershoes.
Is it necessary to wear socks with Xero Shoes?
No, it’s made of a breathable fabric. It will allow heat and cold to enter. If you’re planning to wear these in the cold, you might only need to add a pair of socks.
Are minimalist shoes beneficial to your feet?
Minimalist shoes have the advantage of encouraging a distinct stride pattern in which one can land on their forefoot rather than their heel.
While this raises stress in the ankle joint, Achilles tendon, and forefoot, it has the opposite consequence of decreasing forces in the knee joint.
What is the main reason I want a pair of Xero Shoes?
The main reason I want a pair of Xero Shoes is because they are comfortable and affordable.
How is the business model?
The business model of Xero Shoes is to sell their shoes on-line and in retail, and donate one pair of shoes to a person in need each month.
What is Xero Shoes’ mission?
Their mission is to create personal freedom, and help people live life free from pain and disability; we want to make a positive impact on many people’s lives.