The Hype Company Update

The Hype Company Custom Shoes Update | Shark Tank Season 15

Cheng Kue and Marc Herzberger pitched their shoe company during Shark Tank Season 15. The Hype Company makes custom and licensed slides. Will their pitch help them slide right into a deal with a shark? Find out in The Hype Company update and pitch recap!

If you’re short on time, here’s a quick overview of what happened to The Hype Company after Shark Tank!

Entrepreneurs Cheng Kue and Marc Herzberger appeared on Shark Tank Season 15 and signed a deal with Barbara Corcoran for $100,000 for 25% equity plus a $250,000 line of credit. As for a Hype Company update, it’s still in business and received a nice boost in sales after airing on the show.

Barbara Corcoran Accepted deal for $100,000 as cash, $250,000 as a line of credit, for 25% equity
Kevin O’LearyNo offer
Lori GreinerNo offer
Mark CubanNo offer
Michael RubinNo offer

Shark Tank The Hype Company Pitch

The Hype Company update
  • Entrepreneurs: Cheng Kue and Marc Herzberger
  • Business: Custom slides
  • Ask: $125,000 for 5% equity
  • Result: $100,000 cash, $250,000 line of credit for 25% equity
  • Shark: Barbara Corcoran

According to Cheng and Marc, fan gear has become stale and overdone. That is, until The Hype Company came along, where they make custom and licensed slides.

They’ve taken a comfortable slide-on shoe and created a platform for fans of all kinds to create custom or licensed slides to enjoy. That’s not all—their slides are also interchangeable!

That’s right! You can actually change out the straps with different designs, teams, and logos to meet your needs. So you can go from watching your favorite college team to rooting for your little leaguer at their game later that day.

The Hype Company slides offer endless possibilities. Even if you’re not a sports fan, you can create custom designs for whatever you want to hype up.

At this point in the pitch, Cheng and Marc present the sharks with custom slides.

In terms of how the slides are being sold, they currently sell directly to consumers through their website and through wholesale. Additionally, they drop ship through Fanatics, Finish Line, and Target.

Further, they also have a utility patent, which Cheng says covers everything. He should know because he’s actually been designing shoes for decades.

Barbara Corcoran asks the entrepreneurs to elaborate on their backgrounds. Cheng starts by sharing that he is the son of immigrant parents who owned a restaurant.

He eventually went on to school at Georgia Tech, where he got a degree in industrial design. He then spent the next 20 years working for big brands such as Fila, Adidas, Crocs, People Footwear, and Keen.

Marc adds that he spent 10 years also working at Crocs, where his job focused on supply chain and value chain analysis.

Getting down to business, Marc shares that in the last 5 years, they’ve done around $500,000 in sales. While they have two products, the original Slider, which is not made up of two components, their Slider Pro is their interchangeable slide.

Marc shares that they are moving away from the original Slider and shifting their focus to Slider Pro.

Back to sales, year to date, at the time of filming, they’re at $60,000 in sales. While that’s not bad, the guys admit that sales were only around $50,000 in the previous year.

Costs of customer acquisition are relatively nonexistent at this point. They are also planning to expand their licensing over the next year by about 20-plus teams in the NCAA alone.

They’re also beginning to branch out into other venues for licensing.

As far as cost goes, the slides retail for $60 and wholesale for $30. Manufacturing is right around $10 per pair.

Lori Greiner likes to work in markets with little competition, so she’s out.

Kevin O’Leary isn’t convinced that Marc or Cheng understands how much customer acquisition will cost them. He ultimately goes out next.

Mark Cuban thinks that the company is having an identity crisis, not knowing if they are in the slides business or the customization business. However, since he doesn’t want to be in the slides business, he goes out as well.

Guest shark Michael Rubin likes the guys and thinks they have an opportunity to do well. Although, he doesn’t think they will do well enough for it to be a good investment for him.

Michael ultimately goes out as well, leaving Barbara Corcoran to speak up. In fact, Barbara is indeed interested and especially loves the customization opportunities.

She offers $125,000 for 25% equity. That said, half the $125,000 will be in cash, and the other as a line of credit.

Marc counters Barbara with $350,000 for 25% equity. However, Barbara counters back with $100,000 in cash and $250,000 as a line of credit for 25% equity.

Cheng and Marc quickly accept her offer. Keep reading The Hype Company update to find out what happens next!

Shark Tank The Hype Company Update

We have good news to share in The Hype Company update. After appearing on Shark Tank, the company received a big boost in sales.

A look at The Hype Company’s website reveals that the options for customizing your very own pair of slides are endless. Whether you’re into supporting a professional team or your child’s team or want to make a pair of non-sports-related slides, this company has you covered.

Once the dust settles, we will circle back for a more in-depth The Hype Company update.

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!

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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!