Quick Shark Tank Update on 1587 Sneaker
- Episode: Premiered on Shark Tank Season 16, October 18, 2024.
- Founders: Sam Hyun & Adam King from Boston.
- Pitch: $100,000 for 15.87% equity.
- Sales Performance: In just ten months of operation, 1587 Sneakers has generated $240,000 in sales, with projections of reaching $500,000 by the end of 2024.
- Production Changes: After moving production from Italy to Asia, the manufacturing cost per sneaker decreased from $110 to $50, allowing them to retail their sneakers at $175, which increases their profit margin to approximately 71.43%.
- New Product Launches: In response to demand, they introduced the Yellow Thread Sneaker series priced at $188, maintaining high-quality materials similar to their previous offerings. Additionally, they launched the FAHM Bayan Box Shirt in October 2024 to celebrate Filipino American History Month.
- Community Engagement: Following their Shark Tank appearance, their online community grew significantly, with Instagram followers increasing from 7,000 to over 8,000.
1587 Sneakers, created by Boston entrepreneurs Sam Hyun and Adam King, goes beyond just footwear. This brand honors Asian American heritage, spanning over 435 years of history.
Made with Italian full-grain leather, these sneakers merge culture with luxury. The founders aim to fill a gap in fashion by offering culturally inspired designs. Their target? Style-savvy consumers who value products with deeper stories.
After their Shark Tank debut, the brand’s popularity surged among sneaker lovers nationwide. Want to add cultural flair to your wardrobe? Check out their collection today!
Shark Tank Pitch Recap
On Shark Tank’s Season 16 premiere, Sam and Adam presented their vision for 1587 Sneakers. They sought $100,000 for 15.87% equity, highlighting the brand’s mission to blend culture with high-quality fashion.
The sharks appreciated the concept but were hesitant about the company’s valuation and market competition. Lori Greiner, one of the sharks, admitted she wasn’t much of a “sneaker person,” adding to the challenge.
Despite their efforts, the duo left without a deal, but with their heads held high and a stronger drive to succeed.
What Happened to 1587 Sneaker After Shark Tank?
Though they didn’t secure a deal, 1587 Sneakers experienced a surge in awareness following their appearance.
By the end of 2023, sales reached $50,000, largely driven by the Shark Tank buzz and focused digital marketing efforts.
The brand’s founders leveraged social media and local events to keep spreading their story of cultural pride. SEMrush data indicates growing website traffic since the episode aired, signaling increased interest in the brand.
Also, don’t miss this update on Shark Tank products from Season 16, Episode 2
Product & Financial Overview
1587 Sneakers combines culture and craftsmanship to create a standout product:
- Materials: Crafted with Italian full-grain leather and natural rubber soles, ensuring high durability.
- Design: Features Asian-inspired patterns and colors, bringing cultural stories to life.
- Price Range: Premium sneakers starting at $250.
- Sales Figures: Earned $50,000 by late 2023, with steady growth into 2024.Their average customer acquisition cost is about $45, while the average purchase price is around $170.
Future Plans
The brand is gearing up to expand its collection, with designs inspired by different Asian cultures.
They plan to collaborate with Asian American artists to create limited editions that further showcase cultural heritage.
There’s also a push to enter physical retail spaces in major cities like Los Angeles and New York.
Closing Remarks
1587 Sneakers stands as a symbol of culture and resilience. Despite leaving Shark Tank without a deal, the brand’s journey is just beginning.
With their dedication to cultural storytelling, the founders are determined to make waves in the sneaker world. Keep an eye out for new releases and collaborations soon!
We’ll update this article with the latest news on 1587 Sneakers. Stay connected for more updates!
Feature Image credit: @abc/@christopherwillard
