Xero Shoes Shark Tank Update

What Is Xero Shoes?

Xero Shoes by Feel Good Inc. are barefoot and athletic footwear brands that specialize in lightweight sandals and sports shoes. 

A minimalist shoe brand, Xero Shoes is committed to making shoes that replicate barefoot movement through fit, feel, and function.

Xero Shoes Shark Tank Update

XeroShoes are an excellent choice for walks, runs, and treks. Take them on your next 5k or family BBQ and treat your feet with a minimalist shoe that allows you to feel the world beneath your feet regardless of where you are.

Company NameXero Shoes
EntrepreneurLena Phoenix and Steven Sashen
ProductSandals & Shoes for Barefoot
Investment Asking For$400,000 For 8% equity in Xero Shoes
Final DealNo Deal
SharkNo Shark
Episode Season 4 Episode 14
Business StatusIn Business
WebsiteVisit Website

Who Is The Founder Of Xero Shoes?

Lena Phoenix and Steven Sashen founded Xero Shoes. The couple has been entrepreneurs all their lives, achieving numerous accomplishments in various fields.

Lena is currently the CFO and majority shareholder of Xero Shoes, and Steven is the CEO.

The 45-year-old Steven decided it was time to reintroduce himself to sprinting. He was an ardent sprinter in his teens but had been plagued by injuries in recent years.

He was given a copy of Christopher McDougall’s best-selling book, Born to Run, by his friend as a recommendation to try barefoot running.

Steven was so enamored with the sensation of his bare feet touching the ground and the transformative effect it had on his pace that he wanted to be barefoot all the time.

Sadly, Steven had to design his sandals because going barefoot is not always practical.

Xero Shoes were created for Lena and himself using a pair of Vibram rubber soles and some brightly colored cords.

He would wear his sandals while running, and other runners would request a pair.

Steven’s running buddy advised he establish his own business. Steven later discussed the concept with Lena, who initially dismissed it as bad. However, after trying her pair on, she was captivated.

Xero Shoes Before Shark Tank

Lena Phoenix and Steven Sashen walked into their audition tape against the backdrop of Boulder, Colorado mountains.

He stated that most people associate that city with aged athletic hippies. Steven and his wife served as spokespersons for the company and confirmed that the image was accurate.

A video shows Steven running down a street while narrating a sprinter. He returned to the sport after a 30-year hiatus and was regularly wounded.

Steven’s friend suggested running without shoes, and it worked beautifully. He has been running “essentially barefoot” since then, he stated.

This ordeal motivated the duo to establish Xero Shoes.

Lena chimed in, describing their unassuming product as groundbreaking. Steven said that they hope the Sharks will see Xero Shoes as visionaries and that their goal is to alter the world.

Steven remarked that they had devoted their entire lives to ensuring the success of their product.

They sought financing from the Sharks to strengthen their current position. They desired increased success because they believed they possessed a superior product.

How Was The Shark Tank Pitch Of Xero Shoes?

Steve and Lena appeared on Shark Tank requesting an investment of $400,000 in exchange for an 8% stake in Xero Shoes.

The partners desired the investment to enhance their current market position as a result of their product’s superiority.

Sashen requested that the Sharks try on the sneakers. Robert Herjavec, being a runner, volunteered.

He noted that the shoes felt “wonderful” on a variety of surfaces, but they did seem a bit odd.

Daymond John was somewhat contemptuous of the $5 million rubber and string product and declined to continue negotiations.

Kevin O’Leary was skeptical because the product appeared to be so basic and easy to replicate. Sashen disclosed that the design had been patented.

Kevin O’Leary stated that he would make an offer “just for the heck of it”. He offered the pair $400,000 for 50% equity, saying the business was worth about $800,000.

Sashen told O’Leary that he would not take that offer immediately, to Mark Cuban’s surprise. O’Leary called the pair delusional entrepreneurs and Barbara Corcoran told Sashen he reminded her of her first husband and he gave her a headache. She was out.

Herjavec said he loved the product but not at their valuation. He was out.

O’Leary invited a counter proposal and Sashen said they would go from 8% to 10%. Mark Cuban was out, but not before he expressed his negative feelings at the couple’s business savvy.

O’Leary pushed for a response to his offer. Sashen declined.

Steven and Lena turned down a $400,000 offer from Kevin O’Leary for a 50 percent stake in Xero Shoes at an $800,000 valuation, and as a result, they were forced to leave the Shark Tank without a transaction.

What Happened To Xero Shoes After Shark Tank?

The appearance of Xero Shoes on Shark Tank resulted in 3,000 new orders for the company, even though Xero Shoes ultimately decided not to accept the offer.

Xero Shoes’ website kept crashing due to the high number of customers who wanted to purchase shoes. 

The company appears to have succeeded in courting an entirely new target market – the one that does not run barefoot.

Individuals were only interested in buying a pair of comfortable sandals. The company plans to double its sales. 

Xero Shoes are available for purchase on their website and around 100 other stores worldwide.

Xero Shoes Shark Tank Update

Despite the fact that Xero Shoes did not receive an investment from or endorsement from the Sharks, the company has been going from strength to strength.

Xero Shoes received an investment of one million dollars in 2017, and another of twelve and a half million dollars in 2020.

The natural barefoot walking and running concept promoted by Xero Shoes and Sashen has been the subject of some debate.

The medical community as a whole is not on the same page as Sashen and Phoenix when it comes to the question of whether or not barefoot or minimalist shoes are safe for everyone.

Despite this, the figures speak for themselves, and the company is still profitable.

You may buy Xero Shoes, which are made in China, on Amazon, as well as directly from the company’s website and at retail stores located all over the world.

Xero Shoes Shark Tank Update

Xero Shoes generates $13 million in yearly sales according to their financial report of 2021.

Is Xero Shoes Still In Business?

Steven and Lena made a vow to themselves after leaving the Shark Tank that they would prove the sharks wrong, and they have done just that.

Xero Shoes are currently available on Amazon, on the Xero Shoes website, and in various retail locations worldwide.

Xero Shoes came to the Shark Tank in search of a $5 million valuation, and their stock has now more than doubled in value as a result.

According to company statistics, Xero Shoes reported $6.6 million in sales as of 2017, with 68 percent of shoes sold directly on the site and 32 percent through Amazon, eBay, retail stores, and international distributors.

According to its financial statements, the company had sales above $21 million last year, with a gross profit margin of 52.4 percent and an EBITDA margin of 22.9 percent.

The fast-growing bare footwear company’s success attracted investors, who made two offers for it: one for $1 million in September 2017 and another for $12.5 million in December 2020, all at an undisclosed price.

What Is the Net Worth of Xero Shoes?

The valuation of Xero Shoes was $5 million when it appeared on Shark Tank. The net worth of Xero Shoes is $13 million as of 2022.

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