Hang Ease Shark Tank Update

Hang Ease Shark Tank Update 

Hang Ease, a collapsible hanger designed to prevent damage to clothes and hangers, made its appearance on the hit show Shark Tank in 2014. Created by Ryan Landis as a school project, this innovative product caught the attention of the Sharks. 

Based on the HangEase Shark Tank update, Ryan Landis appeared on Shark Tank in Season 5, Episode 2, where he asked for $80,000 for 30% ownership. Mark Cuban and Lori Greiner offered $80,000 for 30% if a strong patent was secured. Ryan agreed, but the deal fell apart. It’s unclear why, but as of 2023, HangEase is out of business. 

Let’s delve into the details of Hang Ease Shark Tank update and Hang Ease today

Hang Ease Shark Tank Profile 

Below is a brief overview of the hangease update on the shark tank. 

Name of the company  Hang Ease  
Founded 2003 
Founder Ryan Landis 
Product Hanger with a special middle hinge that makes it fold up on its own when you push it from the bottom while taking off your shirts 
Asked for $80,000 for a 30% share in the company. 
Final deal $80,000 for 30% equity, pending a strong patent approval. 
Sharks Mark Cuban and Lori Greiner 
Episode (Shark Tank America) S5 E27 
Air date May 2, 2014 
Status of the Business No longer in business 
Website  No website 
Headquarters Seattle, WA 
Buy product No websites nor media for sales. 
Watch on Amazon Prime 

How Did The Founder Of Hang Ease Come Up With The Idea For The Product? 

Ryan shared that Hang Ease was born out of his third-grade project called the Invention Convention.  There, he was tasked with finding a problem and solving it.  

Was Hang Ease on Shark Tank? Yes, in 2014, Hang Ease was on Shark Tank Season 5, Episode 27. He explained that Hang ease is a clothing hanger that is collapsible and can solve some problems regarding hanging clothes. He mentioned that getting clothes off the rack and hanging them back up makes it easier, saving money and time. 

How Did The Founder Of Hang Ease Come Up

He showcased the prototype of Hang ease and described how it works with a mid-section hinge, folds when subjected to pressure. He highlighted its advantages for retailers, preventing clothes from damage during customer trials. Despite past sales to a major retailer, he paused due to his school commitments. 

But during his pitch on Shark Tank, the sharks wondered why the company’s hangers sat in boxes for ten years. Also, they asked about the identity of the major retailer that initially carried them. When he said it was Walmart, they wanted to understand why Walmart didnt sell them again. Landis believed it was because they didn’t advertise them well. 

Hang Ease Shark Tank Update 

At the age of eight, Ryan shared that he achieved $200,000 in sales and a $70,000 profit in 2006. The Sharks were intrigued by this early success. However, Ryan had to pause his business to focus on his studies. In 2014, at 19, he aimed for a business comeback and approached Shark Tank for investment in product development. 

Hang Ease Shark Tank Update

Ryan made his presentation during the Hang Ease Shark Tank episode by introducing himself and his company, Hang Ease. Ryan Landis asked for $80,000 for 30% ownership. Mark Cuban and Lori Greiner offered $80,000 for 30% if a strong patent was secured. Ryan agreed, but the deal fell apart. 

The exact reason why the deal with the sharks didn’t work out is unknown. But there could be different reasons, like many similar products or problems with patents and design. 

What Happened To Hangease After Shark Tank? 

Before Shark Tank, Hang Ease, a folding clothes hanger, found success with a $40,000 Kickstarter campaign, gaining traction. But what happened to Hangease after Shark Tank? The company sold 400,000 hangers at Walmart, making $200,000 in sales and $70,000 in profits.  

Also, Hang Ease after Shark Tank got increased sales. Collaborating with Lori Greiner, Ryan Landis enhanced the product. The product secured a licensing agreement with a significant hanger manufacturer, expanding product reach.  

What Happened To Hangease After Shark Tank

Regrettably, the deal with Lori Greiner and Mark Cuban didn’t succeed as anticipated. However, as of 2023, HangEase is no longer in business and has not updated its website since its Shark Tank debut.  

Despite its promising start, it seems that HangEase did not achieve long-term success. The exact cause remains uncertain. 

HangEase Net Worth 

We know that HangEase was worth $266,666 in 2014 because of the Shark Tank deal. But remember, the company closed in 2016, so we don’t have the current net worth information. 

HangEase Sales Data 

HangEase made $200,000 in sales and $70,000 in profits. Even before Shark Tank, Ryan Landis sold 400,000 hangers. But we couldn’t find new sales data or details about how Hang Ease is doing now. 

Is HangEase Profitable Now? 

Currently, HangEase is no longer in operation. The company’s official website hasn’t been updated since 2014, and its social media profiles have been inactive since 2015. Therefore, there is no information on the profitability status. We hope that Ryan Landis is working on getting his patent approved and can restart his business soon. 

Is HangEase Profitable Now

Final Words 

HangEase, a hangar innovation, initially gained traction with impressive sales and profits of $200,000 and $70,000, respectively. Ryan Landis had already sold many hangers before his appearance on Shark Tank.  

However, HangEase has not made extraordinarily significant progress since appearing on Shark Tank and ultimately went out of business. 

The Shark Tank program gives SMEs exposure, and the partnership with the Sharks showcases the innovation potential of the SMEs. They’re also a source of inspiration and finance for entrepreneurs to thrive in the competitive market. 

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *