HangEase Hangers Update | Shark Tank Season 5
Ryan Landis came up with the idea of a collapsible clothes hanger for an elementary school invention project. A decade has since passed, and now young adult Ryan has come to the sharks seeking an investment. Will he earn a deal on
Shark Tank HangEase Update
- Entrepreneurs: Ryan Landis
- Business: Collapsible clothes hangers
- Ask: $80,000 in exchange for 30% equity
- Result: $80,000 in exchange for 30% equity
- Sharks: Mark Cuban, Lori Greiner
When Ryan was a third-grader, his teacher challenged him and his classmates to look around their homes to find a functional object that could be improved upon, and try to re-engineer it to make it better. Ryan thought the inflexible clothes hanger was due for a makeover, so he created a collapsable hanger called HangEase.
Ryan explained that years ago, Walmart ordered 400,000 units for $200,000 and they then retailed the hangers in four-packs for $4. Back when that deal occurred, Ryan made $70,000. When Robert Herjavec asked why Walmart didn’t reorder, Ryan replied that he thought his product had been poorly marketed.
Robert was the first shark to go out, saying he didn’t see the application for the product. Kevin O’Leary followed, saying the hangers were too expensive. Barbara Corcoran didn’t see this as a profitable investment. All three sharks were out.
Mark Cuban made Ryan an offer, contingent upon getting a legitimate patent that offered solid protection on the product. He would invest $80,000 in exchange for 30% equity. Mark asked Lori Greiner to split the investment, and she said she was in. Ryan accepted Mark and Lori’s joint offer and HangEase got a deal, but what happened next? Keep reading our HangEase update to find out!
Unfortunately for everyone involved, the deal didn’t close. Ryan was just 19 when he appeared on
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