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1587 Sneakers Net Worth
1587 Sneakers was valued at approximately $630,000 when they pitched on Shark Tank. As of 2024, with an estimated 10% yearly growth rate, their net worth is approximately $924,000. Despite not securing a deal, the company has flourished post-show, achieving $500,000 in projected revenue and significantly improving profit margins through manufacturing optimization.
Adam King and Sam Hyun appeared on Shark Tank Season 16 in 2024 seeking $100,000 for 15.87% equity, valuing their company at $630,000. 1587 Sneakers is an Asian-American-focused footwear brand celebrating the year 1587, marking the first documented arrival of Asians in North America.
King, who previously worked for major brands like Adidas and Reebok, founded the company in 2023 to address a gap in the market. Despite Asian Americans representing 14% of sneaker sales while comprising only 8% of the population, major brands largely ignored this community. Their signature models include the Morrow Bay and AP87, crafted from premium leather and natural rubber.
All five sharks—Mark Cuban, Lori Greiner, Barbara Corcoran, Kevin O’Leary, and Rasahn Williams—declined to invest. Sharks pointed out concerns about customer acquisition costs ($45 per customer on $170 average orders) being too high and questioned the lifestyle brand development. However, Mark Cuban offered constructive feedback.
Despite no deal, 1587 Sneakers thrived post-Shark Tank. They shifted 90% manufacturing from Italy to Asia, reducing production costs from $110 to $50 per unit while maintaining retail price at $175. This improved profit margins significantly, boosting brand visibility and online sales considerably.
