Founders Of 1587 Sneakers On Shark Tank Season 16
Highlights
- Adam King and Sam Hyun approach the investors with their line of sneakers on Shark Tank.
- 1587 Sneakers was started in 2023.
- Their focus is centered on the Asian-American customers.
Overview
| Category | Details |
| Name | 1587 Sneakers |
| Founder | Adam King and Sam Hyun |
| Industry | Footwear |
| Product | Sneakers |
| Investment Sought | $100K |
| Equity Offered | 15.87% |
| Valuation | $630K |
The entrepreneur duo of Adam King and Sam Hyun approach the judges in the Shark Tank new season with their line of sneakers. Starting the Boston-based business in 2023, the founders made the brand a well-known name in the footwear market. Their main product is the Italian footwear range, which has an interesting Asian American theme.
Other than the sneakers, 1587 Sneakers also sell caps, t-shirts, and slippers. The entrepreneurs consistently emphasize their Asian-American background. Plus, they assert that their products are made with the taste of both Asians and Americans kept in mind.
The focus of 1587 Sneakers Shark Tank pitch has been on the Asian-American market. The entrepreneurs tell the Shark Tank cast members that a good share of the US shoe industry is held by Asian-Americans. Despite this, big names in the sneaker manufacturing sphere often disregard them.
1587 Sneakers is driven to cater to this left-out group of Asian Americans by offering products that celebrate their identity and roots. Will the Sharks bag a deal?
View this post on Instagram
1587 Sneakers: What Happened On Shark Tank Season 16
Adam and Sam try their luck in the Shark Tank new season, seeking $100K for 15.87% equity. 30% of their customers are Asians. Following a direct-to-consumer model, they have been sourcing their products from Italy.
The landing cost in Italy is $110, and the retail costs are $288. But now they have started production in Asia, resulting in a landing cost of $90 and retail costs of $155.
They have made $240K in revenue in the past 10 months, and are projecting $500K for the coming year. Customer acquistion cost is $45 and $170 is the average purchase cost.
On being asked why they wanted a Shark’s help, the entrepreneurs reveal that they are looking to for help with cash and getting into the retail space.
Did the Shark Tank Cast Invest In 1587 Sneakers?
Unfortunately, the 1587 Sneakers Shark Tank journey ends without a deal.
Lori Greiner is the first Shark to opt out of the deal as she is not a ‘sneaker person’ and feels this is not the right business for her. Kevin O’Leary cites that the competition is huge in the sneaker space, so he is out as well. Guest Shark Rashuan Williams thinks the brand does not have a good reach and lacks traction, so he marks himself out.
Daymond John remembers his previous association with a similar brand called ‘Etonic’ and feels the deal would require a lot of work. So he steps out of it as well. Mark Cuban is the last Shark to exit the deal. He ends his remarks by saying they need to keep focusing on getting into retail.
See what else is new! View other businesses featured in this episode.
