Entrepreneurs Sam Hyun and Adam King pitched their sneaker business, 1587 Sneakers, on Shark Tank Season 15, Episode 1. The company is inspired by Asian American culture, and the name “1587” was chosen to honor the year when the first Asian Filipino sailors landed in America on October 18, 1587.
Did any of the Sharks support this Asian American sneaker business? Let’s find out what happened to the company and learn about the sales reports and related updates.
| Company Name | 1587 Sneakers | |
| Founder/Co-Founder | Sam Hyun and Adam King | |
| Founded | Jan 2023 | |
| Product | Sneaker Brand | |
| Asked For | $100k for 15.87% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode | S16 E1 | |
| Air Date | Oct 18th, 2024 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Boston, Massachusetts, United States | |
| Annual (Revenue) | $500,000 *estimated | |
| Worth / Valuation | $629,196 | |
| Buy and Watch | Buy Now | Amazon Prime |
What Is the Background of The Founder?
Adam King is the founder and CEO of this sneaker business. After working for several years in big footwear companies, he wanted to do something meaningful for the Asian American community. Driven by his passion and cultural influences, he launched his footwear company, 1587 Sneakers.
To support him, Jose Vargas, the director at The Asian American Foundation, joined as a co-founder of the business.
After completing his studies at Emory University’s Goizueta Business School, Adam worked at several major footwear companies like Reebok and Koio. In addition to this, he co-founded a sneaker business called Govan Luxury with Robert Govan III. However, Adam left this business in November 2022.
Business Pitch Episode Recap
Sam Hyun and Adam King asked the Sharks for $100,000 in exchange for 15.87% equity in their company, 1587 Sneakers. They explained that their sneakers are targeted toward Asian American customers and noted that 30% of their customers belong to this demographic.
The company makes sneakers in Italy. Adam shared that this is his third sneaker startup. The average landed cost for a sneaker from Italy was $110, and they sold for $288. However, three weeks ago, they moved 90% of their production to Asia, reducing the landed cost to $50 and the retail price to $175.
The company has been operating for 10 months, with projections of total sales reaching $500,000 in 2023. So far (2023), they have achieved $240,000 in sales in the last 10 months. Currently, the customer acquisition cost is $45, and the average purchase value is $175. Sam mentioned that they need cash to scale their business.
Lori Greiner said that this is not the right investment for her, so she is out.
Kevin O’Leary stated that the shoe market is an incredibly competitive space, so he is out.
Rashaun Williams mentioned that there is a lack of attraction, so he is out.
Daymond John feels that the company’s current position is not suitable for investment, so he is out.
Mark Cuban stated that the business can only be scaled through the retail industry, but it’s not ready yet, so he is out.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Rashaun Williams | No Offer |
| Kevin O’Leary | No Offer |
| Mark Cuban | No Offer |
| Daymond John | No Offer |
| Lori Greiner | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | No Deal |
1587 Sneakers Shark Tank Update
After this episode aired, when we checked the 1587 Sneakers website, we discovered that they are not only selling sneakers but also offering merchandise.
We are currently tracking this company for more information, so please wait for updates.
We have covered more businesses from Season 15, and you can also check them out!
