Shark Tank The Hype Company, a customizable footwear product founded by Cheng Kue and Marc Herzberger, telecasted Shark Tank USA in 2024 on Season 15. The founders were seeking $125,000 for 5% equity. However, they secured a deal with Barbara Corcoran, $100,000 cash and $250,000 line of credit for 25% equity. In this article, we will explore The Hype Company Net Worth in 2024, its Shark Tank pitch summary and more.
The Hype Company Net Worth
As of May 2024, The Hype Company Net Worth is $1.5 million, and its annual revenue was $200K in 2023.
| Net worth | $1.5 million |
| Annual Sales Revenue | $200K (In 2023) |
| Profits | Not Available |
| Lifetime sales | $500K (As of 2023) |
| Employees | 2-10 employees |
The Hype Company Net Worth Timeline
| Net Worth 2024 | $1.5 million |
| Net Worth 2023 | $1 million |
Shark Tank The Hype Company Update from Season 15
The HYPE Company, also known as HYPD, focuses on creating fashionable footwear. They appeared on episode 21 of season 15 of ABC’s ‘Shark Tank,’ presenting their customizable shoes to the investors. They emphasized the importance of making fashion statements without harming the planet. They’ve made a slip-on shoe that’s comfy, and they’ve made it so you can customize it.
Not just that, you can switch them out with different designs, teams, logos, whatever you like. The possibilities are endless with The Hype Company slides.
Marc Herzberger and Cheng Kue introduced themselves and shared their passion for revolutionizing the footwear industry. They want to make ordinary shoes as more stylish and convenient for everyone. Their shoes are simple, comfortable, and fashionable, with countless designs to choose from. The material they use is flexible, making the shoes durable.
In the Shark Tank show, they asked for $125,000 in exchange for a 5% equity in their business, valuing the company at $2.5 million.
Guest Shark Michael asked about their sales sources. Marc explained that they sell directly to consumers on their website and through wholesale channels. They also utilize drop shipping with retailers like Fanatics, Finish Line, and Target.
The sharks tried on the shoes and found them very comfortable. Lori asked about their patent. Using his decades of experience in the industry, Cheng said their patent covers all the rights. He also mentioned how the pandemic affected their material supply chain; he said they had to sell the sole and strap separately to speed up delivery.
Barbara praised this strategy as smart and then asked about their backstory. Cheng said his parents were immigrants who owned a restaurant. After that, he attended Georgia Tech and earned a degree in industrial design. Following that, he worked for big companies like Fila, Adidas, Crocs, People Footwear, and Keen for the next 20 years. Marc mentioned that he also worked for ten years at Crocs, where his role involved analyzing the supply and value chains.
Michael asked about the business’s growth. Marc said they made over $500,000 in sales over the past five years with their original product, Slider. He also said that sales increased with Slider Pro.
There, Lori asked about the difference between Slider and Slider Pro. Marc explained that Slider is one whole product, while Slider Pro has two components. Then, Kevin asked about last year’s sales, and Marc admitted they weren’t good.
However, they said that they plan to expand licensing by about 20 NCAA teams in the next year alone due to customer acquisition costs being low at that moment. They’re also exploring other licensing opportunities.
When asked about the product’s price, they said the slides retail for $60 and wholesale for $30. They also said that manufacturing costs are around $10.90 per pair.
Lori Greiner preferred markets with less competition, so she decided not to invest. Kevin O’Leary was unsure if Marc and Cheng understood customer acquisition costs, so he also opted out. Mark Cuban felt the company was uncertain of its identity in the slides or customization business. Since he was not interested in slides, he also declined to invest.
Guest shark Michael Rubin liked the entrepreneurs. However, he didn’t believe the investment would be profitable enough for him. So, he also decided not to invest.
Barbara Corcoran was interested, especially in the customization opportunities. She offered $62,500 cash plus a $62,500 credit line for 25% equity. Marc proposed $350,000 for 25% equity, but Barbara countered with $100,000 in cash and $250,000 as a line of credit for the same equity share. Finally, Cheng and Marc accepted Barbara’s offer without any hesitation.
| Company Name | The Hype Company |
| Founders | Cheng Kue and Marc Herzberger |
| Business | Custom shoes |
| Episode | Season 15, Episode 21 |
| Asked Deal | $125,000 for 5% equity |
| Final Deal | $100,000 cash, $250,000 line of credit for 25% equity |
| Shark | Barbara Corcoran |
| Business Status | In Business |
| Company Website | Visit Website |
| Headquarter | Denver, United States |
What Happened to The Hype Company after Shark Tank?
The Hype Company is still in business as of May 2024. Following its appearance on Shark Tank, HYPD saw a significant increase in website traffic. Since the episode recently aired, its impact is still ongoing.
After selecting your personalized strap design, either by uploading your own or choosing from a collection of pre-designed options, you can now purchase the custom slides for only $50 and have them delivered to your home. However, free shipping is only offered for orders over $55 within the continental USA. Also, visiting their website, you can choose the different options you prefer.
The Hype Company Founders
Cheng Kue
Cheng Kue and Marc Herzberger are The Hype Company’s founders, which started in May 2018. After graduating from the Georgia Institute of Technology in 2002 with a degree in Industrial and Product Design, Cheng began his professional journey as a design intern at Philips Design. He then worked as a Product Designer at Ignition before landing a position as a Footwear Designer at Adidas in April 2004.
Over the next four years, Cheng honed his skills and expertise. Later, he transitioned to Crocs, Inc., where he started as a Senior Footwear Designer and eventually became the Design Director.
In August 2014, he founded ID Engine, still serving as the Principal Designer. Throughout his two-decade career in the footwear industry, Cheng has received numerous design awards. He also contributed to selling over 35 million pairs of shoes for brands like Adidas, Fila, Crocs, and Keen. Cheng also serves as the Chief Product Officer at People Footwear.
When COVID-19 hit, Cheng faced numerous challenges, but instead of giving up, he devised a manufacturing process that reduced reliance on suppliers and factories. This streamlined method enabled quicker production, ensuring timely shipments to customers.
Marc Herzberger
In 2022, Marc Herzberger joined Cheng to further The HYPE Company’s impact on the footwear industry. Marc graduated from the University of Colorado and worked at Crocs, focusing on tax and supply chain management.
The founders take pride in The HYPE Company’s sustainable manufacturing techniques, which are nearly waste-free, and their use of plant-based materials for midsoles.
The Hype Company Achievements and Awards
| Year | Achievements and Awards |
| 2024 | The company was featured on Shark Tank Season 15 and got the deal from Barbara Corcoran |
Conclusion
Shark Tank is a TV show showcasing different business ideas, helping them succeed. The Hype Company was one of the ventures featured on the show. They made a deal with Barbara Corcoran, showing 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 15, Episode 21.
1 Comment
A sleek clutch and stiletto heels can add sophistication and elegance to your evening wear, making you look and feel glamorous, ready for any upscale event, romantic dinner date, or a night out on the town, ensuring you always stand out beautifully.