Shark Tank episode 513 featured Chase Hamilton, Alexander Mendeluk, Marley Marotta, and Ashley Haber introducing SpiritHoods to the panel of sharks.
The company manufactures and sells a range of fake fur hats and accessories.
They deliberately avoided using real animal fur or harming animals instead of incorporating “the essence of the wild” into their collection.
A complete 10% of every transaction is donated to protect endangered species, which is done through several conservation organizations.
SpiritHoods was created in 2010 by four young entrepreneurs from different backgrounds.
Their marketing strategy consisted of guerilla advertising, smart celebrity endorsements, and an “avant-garde” attitude, which led to the company gaining thousands of admirers and customers.
They use social media and email marketing daily, and they wear their unique imitation fur hats to many music festivals to keep the enthusiasm and the brand alive.
They invented washable speakers in 2013, which they incorporated into their hats, allowing them to wear stylish headphones and accessories simultaneously.
SpiritHoods presumably reaches out to the Sharks to establish a strategic relationship and a large-scale distribution plan.
What Is SpiritHoods?
SpiritHoods is a collection of faux fur animal hats that are trendy and unique (acrylic).
The head looks like an animal’s head with long sleeves and paws that hang to the hips – for example, a coyote, wolf, snow leopard, or fox.
The paws function as pockets, allowing you to keep cash, credit cards, phones, and other valuables.
SpiritHoods are an ingenious, one-of-a-kind accessory that works as a hat, gloves, and scarf.
SpiritHoods are handmade in California from faux fur, and a portion of the proceeds from each sale is donated to organizations devoted to preserving endangered species.
SpiritHoods integrates the adventurous spirit of the wild into everyday life while also providing charitable donations that assist in the protection of endangered species.
They encourage self-expression to gain new experiences, give back, and engage in community involvement.
Authentic Spirithoods products are handmade in Los Angeles with the highest quality faux fur available (faux fur).
You can feel secure knowing that no animals were injured in producing our goods.
|Entrepreneur||Ashley Haber, Chase Hamilton, Marley Marotta, and Alexander Mendeluk|
|Product / Business||Faux-fur hoodies inspired by animals|
|Investment Asking For||$450,000 for 15% equity in Spiritshood|
|Final Deal||No Deal|
|Episode||Season 5 Episode 11|
|Business Status||In Business|
Who Is The Founder Of SpiritHoods?
SpiritHoods was founded in 2009 by two friends, Alexander Mendeluk and Marley Mahratta.
The Los Angeles resident has experience acting, having worked both on television and on stage during his stay in LA.
He then began photographing different events. The founder of SpiritHoods left the company in 2016, and he now runs a company that helps brands use social media influencers properly.
Marley is a graduate of the University of Oregon’s Digital Arts program who has worked in website development.
He continues to serve as Marketing Director for SpiritHoods.
The company initially designed a hat that anyone could wear, whether they were wolves, foxes, or bears.
The hats also had long sleeves that terminated in paws, letting you keep standard EDC items such as your keys, wallet, and other small items.
Two friends of Alex and Marley’s joined the team, professional photographer Ashley Haber and designer Latif Hamilton (aka Chase).
They generated impressive sales during the cold months due to a successful crowdfunding campaign and innovative social media marketing.
The brand maintains its excitement by taking its outrageous fake fur hats to various music festivals and exclusively using social media and email marketing.
They developed washable speakers integrated into several of their hats, combining headphones with fashion in 2013.
Snoop Dogg and Justin Bieber were among the celebrities that had sponsored the company, leading to approximately $10 million in revenue.
However, the company’s sales were declining, and they realized that they needed to find an investor to pay off their debts and develop the company further.
SpiritHoods Before Shark Tank
SpiritHoods allow you to show your inner animal without making you look like a freak. SpritiHoods is a lifestyle brand with a Los Angeles headquarters that allows individual expression.
There are speakers embedded in the ear of the fur hoods and gloves attached to the headgear of the wearers.
SpiritHoods aren’t going away even though they were first established as a fashion statement.
SpiritHoods are a fun, unusual take on public outings that attract attention and get people talking.
Continue reading this article for more information on SpiritHood and how you can tap into your spirit animal.
How Was The Shark Tank Pitch Of SpiritHoods?
Alexander and Chase appeared on Shark Tank looking for a $450,000 investment in exchange for a 15 percent ownership in Spiritshood, which they believe is worth $1 million.
Their presentation describes the concept behind SpiritHoods, a community-based movement that strives to express oneself and protect the environment simultaneously.
The design includes sleeves that may be worn as a scarf, pockets with paw shapes for hands, and a secret pocket that contains washable machine speakers for listening to music.
SpiritHoods are given to each shark to protect them.
Mark Cuban, for instance, has left until the duo sends out a model in a wild SpiritHood, complete with the Mavericks’ team colors printed on the back.
The “fanimal” SpiritHoods lineup in colors of different sports teams is explained by them as a way to introduce team spirit.
Nevertheless, Kevin O’Leary is more concerned with success financially than fashion. Robert Herjavec believes that grownups will not wear the SpiritHoods.
“I don’t care who wears them,” he says, “I’m only interested in how well they’re selling.”
Spirit Hoods’ sales of $9.8 million are sufficient to raise the eyebrows of the Sharks and elevate them to a few levels in terms of attractiveness.
The hats are currently available online at Harrods, Zappos, and Nordstroms.
The SpiritHoods are doing well, with an average $3 million profit per year. However, they suffered a $500,000 loss because they expanded too quickly in the previous year.
The investors want the investment to grow again this time, but at a slower rate since they have learned from their mistakes.
Kevin O’Leary believes that its sales have dropped from $4.5 million in its greatest year to $3 million in steady sales, which he considers “extremely dangerous.”
He has decided to exit the market because he does not feel the market is sustainable.
Mr. Herjavec invested in a comparable company, which he claims was “hot” for around two years before the stock market plummeted. He agrees with O’Leary’s assessment and leaves.
“Barbara Corcoran prefers to invest in firms that are growing, rather than those that are declining.”
She, like O’Leary, is concerned about the company’s sales dropping following their record-breaking year. She’s no longer here.
Mark Cuban thinks the $99 price point is too high for the average sports fan. He believes it should be lowered. He’s no longer here.
Daymond John is the final Shark to remain alive. SpiritHoods wants to sell the SpiritHoods to other companies, and he wants a 50 percent stake in the business.
He feels that it must branch out beyond hats for the industry to continue.
They make a counteroffer of 22 percent in addition to a royalty on licensing agreements.
John will not engage in a negotiation because he is experiencing buyer’s remorse. He’s out, and they walk away from the Shark Tank without a deal.
What Happened To SpiritHoods After Shark Tank?
Spirithoods did not receive a contract due to their appearance on Shark Tank, but the experience did serve to increase the company’s reputation and brand.
This was since followers believed the brand was not going out of business and that it was still growing and flourishing to this day.
The brand is now collaborating with other companies that share its values, and it is even providing better and more options.
SpiritHoods are still in existence today, and a wide variety of styles are available for purchase, with some types even being custom-made upon request.
SpiritHoods Shark Tank Update
SpiritHoods walked away with their company and dignity intact even though they did not receive a Shark deal.
Alexander says that by pulling away from John’s aggressive deal, they improved their brand’s reputation because fans perceived it as “not selling out.”
The brand continues to grow and expand, forming alliances with other like-minded companies and branching out into different outerwear designs to provide customers with a broader selection of options.
Spiritshood is the undisputed ruler of the fashion industry’s jungle.
They increased the size of their product line. A wide range of products is now available from the brand, including robes, leggings, blankets, and coats. Amazon has several knockoff brands available for purchase on its website.
As a result, the corporation has scaled back its operations in the country. The company’s yearly revenue is expected to reach $5 million as of April 2022.
Is SpiritHoods Still In Business?
Spiritshoods are still in business as of April 2022, with annual revenue of $5 million.
Having appeared on Shark Tank, SpiritHoods has grown into a reputable luxury clothing company that offers coats, vests, shawls, and robes for women, men, and kids and throws, blankets, and pillows for the home.