Steve Sashen and Lena Phoenix Present Xero Shoes On Shark Tank
Highlights
- Steve Sashen and Lena Phoenix appeared in the fourth Shark Tank season with Xero Shoes.
- The entrepreneur duo got an offer from a Shark investor, which they refused.
- Despite no deal, Xero Shoes emerged as a multi-million dollar business.
In its years of airing history, Shark Tank has fulfilled the aspirations of many businesses. Entrepreneurs toil hard to seal a deal with the experienced Sharks. At the same time, some reject the Sharks’ deal if they do not like it, as they believe they can succeed on their own. One example of this is Xero Shoes.
Brought to the Sharks in the show’s earliest seasons, the company’s CEO and owner, Steve Sashen and Lena Phoenix, exited a deal. This is because if the entrepreneurs accepted it, they would have to give away a 50% equity in Xero Shoes. Despite rejecting the deal, the footwear brand went on to become a thriving company.
Here are complete details of the successful journey of Xero Shoes after Shark Tank. Along with it, there is a recap of Steve and Lena’s pitch and how they refused a deal on the show.
Xero Shoes Shark Tank: Pitch Recap
The husband-wife entrepreneur duo of Steve Sashen and Lena Phoenix tried their luck in the fourth season of Shark Tank with Xero Shoes. The entrepreneurs claimed that their ‘original barefootwear’ collection was a better alternative to the ‘heavily padded’ and ‘expensive’ running shoes.
Seeking $400K for 8% equity, Steve and Lena stressed that independent studies have proven how the product is biomechanically identical to barefoot. Plus, Xero Shoes also has a protective layer. Their collection included styles from high-performance and ultra-minimal to night on the town and fashion-forward.
When the Sharks asked about the sales, Steve revealed that they had made $650K by the time of their Shark Tank appearance. Plus, the husband-wife duo was confident of making $1.2 million in sales by 2012.
Which Shark Offered A Deal To Xero Shoes?
While the other Shark investors opted out of the deal, citing the high valuation of $5 million, Kevin O’Leary made a proposal. His offer was $400K for 50% equity. Steve countered it with a 10% equity, but Kevin denied it. Although they had no other deals in hand, the husband-wife walked out without accepting Kevin’s offer.
Xero Shoes: Success After Shark Tank
Right after its segment aired, Steve and Lena’s company witnessed the ‘Shark Tank Effect.’ The entrepreneurs revealed that the Xero Shoes website had crashed during the entire episode. Plus, Steve claimed that in 2013, the company saw a 20% higher sales volume than the previous year in just a week after the episode aired.
This figure was way higher than what the entrepreneur duo had come asking for in Shark Tank. Pumped up by the success, in 2015, the entrepreneur duo started their office in Broomfield. The next year, the barefoot wear company started its closed-toed shoe range. In 2017, Xero Shoes generated $1 million via crowdfunding.
Impressed by the company’s consistent growth, multiple investors reached out to Steve after the show. After giving it some thought, in 2020, Xero Shoes partnered with TZP Group for $12.5 million. Revenue in the same year had grown by 88%.
Another path-breaking milestone for Xero Shoes happened in August 2021. Steve and Lena’s brand was selected as the official sponsor of the US synchronized archery and swim teams for the Summer Olympics in Tokyo.
In 2021, Xero Shoes achieved another feat by finding itself listed in the Inc. 5000 list. This was the fifth consecutive mention of the Shark Tank company in the list. Additionally, it kept growing globally by starting its second office in Prague in the same year.
Following these achievements, in October 2022, the entrepreneurs shared their plans to expand their ‘casual lifestyle’ products by the next year. In 2023, Xero Shoes launched its new line named ‘Born To Run.’ Annual revenue by October 2023 was $23 million.
In 2024, Xero Shoes has again been chosen to create custom shoes for athletes in the Paris Olympics. Plus, it recently announced its partnership with WNBA athlete Tèmítọ́pẹ́ (Temi) Fágbénlé.
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Conclusion
Although Xero Shoes rejected its only offer on Shark Tank, the company sustained and emerged as a major success over the years. Steve Sashen and Lena Phoenix’s decision not to take up the deal proved to be a correct move. The founders aptly capitalized on the ‘Shark Tank Effect’ and delivered impressive results.
From Olympic sponsorship to inclusion in the Inc.5000 list, the success of Xero Shoes has shown that businesses can thrive without Shark Tank deals as well.
References
- Xero Shoes, Wikipedia
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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