1587 Sneakers Net Worth 2024 Update & Their Shark Tank Pitch!

1587 Sneakers, a sneaker brand founded by Sam Hyun, Adam King and Jose Antonio Vargas, aired on the 16th season of Shark Tank USA in 2024. The founders were seeking $100,000 for 15.87% equity, valuing the company at $630,119.72. Unfortunately, they couldn’t secure a deal with any of the Sharks. In this article, we will explore “1587 Sneakers’ net worth” in 2024, details of the Shark Tank pitch, and more.

1587 Sneakers Net Worth 2024 & Financial Overview

After the show aired, the company experienced significant sales, with an estimated growth rate of 10% per year. Based on the company’s growth rate and founders’ company valuation before the Shark Tank show, 1587 Sneakers’ Net Worth is estimated at $924,000 in 2024.

Shark Tank 1587 Sneakers Pitch

With over 20 years in the footwear industry, Sam wanted to create a brand that celebrates Asian American heritage. He saw that Asian Americans were often viewed as followers in the sneaker community, and he wanted to change that. Driven by both his love for sneakers and his cultural roots, Sam set out to build a brand that would share this story and make an impact in the industry.

In the tank, they showcased two signature models, which are the Morrow Bay and the AP87. The Morrow Bay model represents a tribute to the arrival of the first Asian immigrant in America and draws inspiration from classic 1980s basketball shoes. Sam and Adam designed this product with high-quality leather and natural rubber, aiming for a blend of style and top-notch craftsmanship. Also, in the show, they were seeking $100,000 in funding in exchange for 15.87% ownership of their business.

1587 Sneakers originally manufactured their shoes in Italy, but they were now shifting production to Asia. This change helped them lower costs while keeping a high-quality product. Moreover, the cost to make each pair was initially $110 in Italy, and they sold for $288, giving a profit margin of 61.81%. By moving production to Asia, the cost dropped to $50, and the sneakers now sell for $175, which raises their profit margin to 71.43%.

Although they began focusing on the Asian American sneaker community, about 30% of their buyers now come from outside that group. Also, since launching the product, they have reached $240,000 in sales and aim to hit $500,000 in 2024. Their average customer acquisition cost is $45, and buyers usually spend about $170 per purchase.

While Sam and Adam haven’t signed any major retail deals yet, they’re focused on expanding their direct-to-consumer sales. They also planned to use an investor’s support to grow into the retail market. 

However, Lori Greiner was the first shark to step out, explaining that sneakers weren’t her area of interest. Then, Kevin O’Leary expressed concerns about the intense competition in the sneaker industry and warned against expanding into retail. He also chose not to invest.

Guest shark Rashaun Williams highlighted several challenges, including the business’s limited traction and community support. Seeing too many risks, he decided to withdraw as well. Next, Daymond John noted issues with inventory management and didn’t feel comfortable with that risk, so he also opted out.

As a last remaining shark, Mark Cuban then advised Sam and Adam to focus on direct-to-consumer (DTC) sales instead of expanding into retail. Although he saw potential in the DTC model, he ultimately chose not to invest in the product. In the end, Sam and Adam left the Shark Tank without any deal from the sharks.

Summary of the Sharks’ Deal

What Happened to 1587 Sneakers after Shark Tank?

As of October 2024, the 1587 Sneakers are still in business. Although 1587 Sneakers didn’t secure a deal on Shark Tank, they used the Shark Tank experience to learn and grow. The show gave them valuable national exposure, helping them reach new customers and increase brand awareness. Also, shortly after the episode aired, their Instagram following rose from 7,000 to over 9,000. 

Responding to increased demand, they launched the Yellow Thread Sneaker series in September 2024. This new line, priced at $188, is made in Asia but uses the same high-quality materials as their European-made styles, like the AP87 and Morro Bay Golden Panda, which sell for $288. In October 2024, 1587 Sneakers also introduced the FAHM Bayan Box Shirt to celebrate Filipino American History Month. Designer Jose Antonio Vargas drew inspiration from Filipino culture and the Kenkoy comic art for this shirt.

They keep their audience excited and engaged by staying creative and regularly launching new products. Also, their dedication to quality and distinct designs helps them remain competitive in the sneaker industry.

Co-founder Adam King shared on Instagram that 1587 Sneakers plans to expand its brand beyond footwear and clothing. He envisions using the 1587 logo on various products, like computers and water bottles, to showcase Asian culture in mainstream markets further. They continue building their business by focusing on their strengths and the unique value they bring to the market.

Staying true to their mission, 1587 Sneakers remain committed to representing and celebrating AAPI culture through their designs and brand message. This dedication to inclusivity and cultural representation has helped them earn a loyal following within the AAPI community and beyond, as people appreciate brands with a meaningful purpose.

1587 Sneakers Founders

Sam Hyun, Adam King and Jose Antonio Vargas are the founders of 1587 Sneakers, which started in 2023. They are net worth unknown as of 2024.

Adam King

Adam started his career at Reebok in 2009 after earning his MBA from Goizueta Business School. He worked there for nine years and became the global product line manager. From 2015 to 2018, he managed a diverse workforce in Vietnam. Later, he became Koio‘s manufacturing and product development director in New York from 2019 to 2022.

Afterwards, Adam co-founded Govan Luxury, a footwear brand focused on the African American community, with Robert Govan. In January 2023, Adam launched another company called “1587 Sneakers” to serve the Asian American community using his experience in the footwear industry.

Sam Hyun

When 42-year-old Adam saw Sam on the cover of the Boston Globe, he felt Sam’s bold energy and vision perfectly matched what he wanted for his brand. Adam explained in an interview that Sam’s loud, confident, and athletic persona breaks Asian American stereotypes. He added, “I want all our customers to feel that same energy when they buy our products.”

Seeing potential in Adam’s concept, Sam joined as co-founder. Sam is a son of Korean immigrants and is well-connected in business and social circles. He serves as director of government relations at The Asian American Foundation, is a keynote speaker with EVERGREEN Speakers, sits on the board of Boston’s NAAAP (National Association of Asian American Professionals), and is a minority investor in Matsunori Handroll Bar.

Jose Antonio Vargas

When Adam showed a t-shirt design to Jose Antonio Vargas for feedback, it sparked Jose’s interest, and he became the third co-founder of 1587 Sneakers. A Pulitzer Prize-winning journalist and Filipino American, Jose has authored several books and produced the autobiographical documentary Documented.

1587 Sneakers Achievements and Awards

Conclusion

Shark Tank is a TV show showcasing different business ideas, helping them succeed. 1587 Sneakers was one of the ventures featured on the show. Despite the loss of the deal, the company showed that success is possible with the right idea and execution. Now, we eagerly await to see how their success story unfolds in the future.

Before you leave, check out the other company updates in Season 16, Episode 01.

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