Hood Hat Custom Hats Update | Shark Tank Season 15
Max Nelson pitched his hat company during
If you’re short on time, here’s a quick overview of what happened to Hood Hat after
Entrepreneur Max Nelson appeared on
| Shark: | Result: |
| Mark Cuban | No offer |
| Kevin O’Leary | No offer |
| Lori Greiner | No offer |
| Barbara Corcoran | No offer |
| Michael Rubin | No offer |
Shark Tank Hood Hat Update
- Entrepreneurs: Max Nelson
- Business: Custom hats
- Ask: $500,000 for 5% equity
- Result: No deal
- Shark: None
According to Max, his company, Hood Hat, customizes and manufactures the world’s finest, luxury ball caps. He believes that where people are from, sactually ays a lot about a person.
That’s why he based a company around customization that honors your hometown.
Just to model his designs and broad range of possibilities, he presents each of the sharks with a custom hat that says each of their hometowns, where they grew up. The hats also feature a wide range of luxury fabrics, from courderoy, to cashmere, to gabardine.
With a $10 million valuation, Lori Greiner suggests that Max must have some pretty good sales. Indeed Max does, with lifetime sales of $1.9 million since 2018.
In fact, he started his business out of the trunk of his car. While sales were initially slow, by 2020 he added some customization features, and sales sky rocketed to over $300,000.
Additionally, by 2021, sales were actually $508,000, and $693,000 in 2022. Further, in the year of filming, 2023, Max is on track to do a little over a million in sales.
While sales are phenomenal, he eventually admits that he’s not yet net profitable as a business.
Mark Cuban asks what his hat would cost. Because it’s made with Marino Wool, it would cost just under $15 to make, and then retail for $90.
At this point, guest shark Michael Rubin, owner of Lids, the largest licensed and branded hat company in the world, speaks up. He basically asks how Hood Hat’s concept is any different, aside from luxury fabrics.
Further, Michael suggests that his company could also just buy some luxury blanks. He prods Max to answer to whether Hood Hat can become a $50-$100 million company.
Mark insists that Max’s ask is too big, given the current numbers. Because of this, he quickly goes out.
Kevin O’Leary adds that the valuation doesn’t make sense. He jokes that the ‘old Mr. Wonderful’ would have ripped Max to pieces over it, but thanks to anger management classes, he’s resisting.
Kevin eventually goes out, following Mark.
Michael goes back to his previous point, that there isn’t enough differentiation between what Max is doing, and what someone else can do. This, plus disagreeing with Max’s valuation, causes him to go out also.
Lori Greiner ultimately thinks there is too much competition for her to invest. She goes out next.
Barbara Corcoran doesn’t really like that Max has been in this for 5 years, yet hasn’t made any money. She is the last shark to go out.
Do you think Max will eventually manage to succeed despite not getting a deal? Keep reading our Hood Hat update to find out!
We have good news to share in our Hood Hat update! Despite not getting a deal on the show, it seems that Max will be just fine without the help of a shark.
His customized, luxury hat line also has some celebrity customers, believe it or not. Some very famous mentions include the likes of Ben Affleck, Zach Braff, Ryan Reynolds, Jay Z, just to name a few!
Perhaps you’re ready to sport some celebrity approved style. If so, you can get to ordering your dry own hat on the Hood Hat website.
There’s even a rewards program, where you can get a free hat, and $40 for a friend! Which, if you ask us, is actually pretty cool!
If we learn anything new about Hood Hat, we will certainly let you know. In the meantime, you can check out our other company updates from Season 15, Episode 21, by following the links below!
For even more on companies and products, be sure to stop by our Season 15 Products Page before you go!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!
