Spirithoods Shark Tank Update

Spirithoods Shark Tank Update: What Is Its Net Worth and Is It Profitable Now?

If you are an avid Shark Tank fan, animal lover, or fashionista, you probably have heard about Spirithoods. After all, the company has been in operation since 2010 and continues to grow.

But what is Spirithoods? It is a clothing brand that was featured on Shark Tank season 5, episode 11. The company designs iconic faux fur products, ranging from hoods to hats, coats, robes, shawls, and bodysuits. In addition, they work with nonprofit organizations to support endangered species worldwide.

So, what happened to the business after pitching their idea to the 5 sharks? And is it profitable now? Find out in this Spirithoods Shark Tank update. 

Spirithoods Shark Tank Profile

Spirithoods is a clothing brand or company that designs animal-inspired products using faux or synthetic fur. The brand was founded in 2010 by 4 young entrepreneurs, including Marley Marotta, Chase Hamilton, Ashley Haber, and Alexander Mendeluk.

However, the primary aim of starting up this clothing company was to put a stop to the crude use of authentic fur. As such, the business usually donates 10% of its net profits to support the conservation of threatened species.

Spirithoods Shark Tank Profile

From coats to hats, robes, jackets, and hoods, Spirithoods offers a wide range of products in the men, women, and kids categories. They also have everyday items like underwear, leggings, onesies, bags, pants, and pillow covers.

Here is a quick summary of everything you need to know about the company:

Business NameSpirithoods
EntrepreneursAlexander, Marley, Ashley, and Chase Hamilton
Year Established2010
ProductFaux fur hats, hoods, coats, shawls, robes, leggings, mittens, and bags
Requested For$450k for 15% ownership
Final DealNo Deal
SharkNone
Season and EpisodeSeason 5, Episode 11
Date AiredDecember 2013
Business StatusIn business
WebsiteVisit Here
HeadquartersVernon, Los Angeles, California
Lifetime Worth Sales$9.3 million
Get the Product On Amazon
Watch OnAmazon Prime

How Was Spirithoods on Shark Tank?

In episode 11 of season 5, aired in 2013, Alex and Marley went to Shark Tank. The pair was seeking a $450K investment for 15% ownership in their business.

At the time they appeared on the reality TV show, they had made sales worth $9.8 million and $3 million in annual profits. However, they also had made a loss of about $500K in 2012.

How Was Spirithoods on Shark Tank

Because of the drop in sales from $4.5 million to $3 million, Kevin O’Leary bowed out. Robert Herjavec, Barbara Corcoran, and Mark Cuban also followed suit. With only Daymond John remaining, he made an offer to get 50% of the business and promised to license it.

After a short discussion, Marley and Alex made a counter proposal of 22%, along with a royalty on any licensing. Sadly, Daymond did not accept the offer and pulled out of the deal. Therefore, the duo left the show without a deal.

What Happened to Spirithoods After Shark Tank?

Like many, you probably are wondering what happened to Spirithoods after Shark Tank since they did not secure a deal. Well, after their appearance on the show, their brand achieved exposure and a new host of fans. As a result, the business continued to grow and expand.

You see, before appearing on the show, they were only selling a few products, including hats. But after leaving the show, the 4 entrepreneurs expanded their product line to include:

  • Blankets
  • Robes
  • Slippers
  • Throws
  • Onesies

They also started designing women’s rompers, bodysuits, jumpsuits, tank tops, booty shorts,

What Happened to Spirithoods After Shark Tank

In 2019, the company donated and teamed up with Animal Tracks Inc. based on their Spirithoods update. The aim was to build awareness about species rescued from the black-market pet trade.

In the following year, they also released a Panthera hood in limited edition to support wild cats worldwide. They donated all the net profits from the sales. Later, in 2022, they received cruelty-free recognition and the Libby Award for being the best animal-friendly clothing brand. 

Spirithoods Net Worth

Before Spirithoods made its debut on Shark Tank, it was valued at about $3 million. That is why they were willing to give up 15% of their business for a $450K investment.

However, as of 2022, based on the Spirithoods Shark Tank update, the company’s net worth was estimated to be $5 million. This is yet to change as of 2023. 

Spirithoods Net Worth

Spirithoods Sales Data

While pitching their business idea to the sharks, Alex and Marley revealed they had made sales worth $9.3 million since launching the brand. In the first year of launching the company, they made about $1 million in sales. And in the following year, their sales reached up to $4.5 million.

However, in the third year, their sales dropped to around $3 million. This happened because of trying to expand too fast. Even so, the entrepreneurs expected they would make approximately $3 million in sales annually going forward.

In the table below, we have summarized the yearly sales data of Spirithoods today:

YearSales (Estimated)
2010$1 million
2011$4.5 million
2012$3 million
2013 to 2023$3 million annually

Is Spirithoods Profitable Now

Yes. Spirithoods after Shark Tank is still profitable. This is because before appearing on the reality show, it had an estimated net worth of $3 million. However, today, its net worth is about $5 million.

You see, if the business was not profitable, it would not continue to release new products. As it turns out, they currently have special new releases for 2023 featuring men’s sweatpants, slipper booties, and shawls.

Is Spirithoods Profitable Now

Conclusion

Spirithoods products are one of the best ways to bring the spirit of the wild into your everyday life. It does not matter whether you are a snow leopard, Manx cat, or neon tiger. The clothing brand lets you connect with the animal within while also protecting endangered species.

Although the business did not get a deal in the Spirithoods Shark Tank episode, it is still thriving. This is evident from their current net worth. Not to mention, they now offer more products that appeal to children and adults. 

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