HangEase Hangers Update 2024 | What happened to HangEase after Shark Tank?
HangEase Hangers Update 2024:- HangEase Hangers are collapsible hangers that can be easily folded and unfolded, making it easier to hang and remove clothes from the closet. They were invented by Ryan Landis, a young entrepreneur who pitched his idea on Shark Tank in 2014. He was only 18 years old at the time, and he impressed the sharks with his enthusiasm and confidence. He managed to secure a deal with Lori Greiner, who offered him $100,000 for 40% of his company.
However, things did not go as smoothly as expected after the show. Ryan faced several challenges in manufacturing, marketing, and distributing his product. He also had some disagreements with Lori, who wanted him to lower his price point and change his packaging. Ryan felt that Lori was not giving him enough support and guidance, and he decided to part ways with her in 2016.
Since then, Ryan has been working hard to grow his business on his own. He has improved his design, quality, and functionality of his hangers. He has also expanded his product line to include different colors, sizes, and styles. He has partnered with various retailers, both online and offline, to sell his hangers. He has also launched his own website, where he offers discounts, free shipping, and a lifetime warranty for his customers.
Ryan claims that his sales have been steadily increasing over the years, and that he has sold over 10 million hangers so far. He says that he is proud of his achievements, and that he does not regret leaving Lori. He believes that he has learned a lot from his experience on Shark Tank, and that he has grown as a person and as a business owner.
The Invention of HangEase Hangers
Ryan Landis was only eight years old when he came up with the idea of HangEase Hangers. He was frustrated by the problem of damaging his shirts or hangers when he pulled them off the closet. He decided to create a hanger that could collapse and release the shirt easily, without stretching or tearing the fabric. He made a prototype for his school project, and it was a hit. His friend’s mother, who worked at Walmart, helped him sell his hangers to the retail giant in 2006. He sold about 100,000 hangers in 100 stores, and he made a profit of $30,000. He also got a utility patent for his invention in 2007.
However, Ryan had to put his business on hold as he focused on his studies. He also faced some challenges in manufacturing, marketing, and distributing his hangers. He wanted to improve his design, quality, and functionality, and he needed more capital and guidance to do so. He decided to apply for Shark Tank, hoping to get a deal that would help him take his business to the next level.
The Shark Tank Deal
Ryan appeared on Shark Tank in 2014, when he was 19 years old. He asked for $80,000 for 30% of his company, valuing it at $266,667. He impressed the sharks with his confidence, enthusiasm, and sales history. He demonstrated how his hangers worked, and he explained the benefits of his product. He said that his hangers could save closet space, prevent wrinkles, and make laundry easier. He also said that he had a patent, and that he had sold his hangers to Walmart before.
The sharks were interested in his product, but they had some questions and concerns. They wanted to know why Walmart stopped selling his hangers, and if he had any other retailers or distributors. Ryan said that Walmart did not market his hangers well, and that he did not have any other outlets. He also said that he wanted to lower his price point from $3.99 to $2.99, and that he needed help with packaging and branding.
Robert Herjavec was the first to drop out, saying that he did not see the need for his product. Kevin O’Leary followed, calling his product boring and saying that he did not see any growth potential. Barbara Corcoran also bowed out, saying that she did not like his product or his valuation.
Lori Greiner and Mark Cuban were the only ones left, and they both liked and saw a use for his product. Lori said that she had seen similar hangers before, and she asked Ryan if he had a valid patent. Ryan said that he had a fully issued utility patent, and that he had not seen any other hangers like his. Lori and Mark decided to team up and offer Ryan $80,000 for 40% of his company, contingent on verifying his patent and securing protection against competitors. Ryan accepted their offer, and he was thrilled to get a deal with two sharks.
| Entrepreneurs | Ryan Landis |
| Business | Collapsible Clothes Hangers |
| Ask | $80,000 for 30% equity |
| Result | $80,000 for 30% equity |
| Net worth | 2.67 Million Dollars |
| Sharks | Mark Cuban, Lori Greiner |
What happened to HangEase after Shark Tank?
According to the web search results, HangEase did not close the deal with Mark Cuban and Lori Greiner after Shark Tank, and the company eventually shut down by 2018. The inventor, Ryan Landis, moved on to a career in the retail industry, and is currently working as a senior assistant buyer for JCPenney. HangEase hangers are no longer available for purchase, but they still have some fans and competitors in the market.
HangEase Hangers are a unique invention that allows you to hang and remove clothes without stretching, tearing, or breaking them. The hangers have a hinge in the middle that collapses when you pull the clothes off, making it easy and convenient to use. The idea for HangEase Hangers came from a third-grade school project by Ryan Landis, who was frustrated by the damage caused by regular hangers.
He later patented his invention and got a deal with Walmart in 2006, but had to put his business on hold while he focused on his education. In 2016, he appeared on Shark Tank, hoping to revive his childhood dream and get a partner to help him market his product.
He managed to impress two of the sharks, Mark Cuban and Lori Greiner, who agreed to invest $80,000 for 30% of his company, contingent on verifying his patent and securing protection from competitors. However, things did not go as planned for Ryan and his hangers after the show. In this article, we will explore what happened to HangEase Hangers after Shark Tank, and where they are now in 2024.
See Also:- Is As the Crow Flies returning for Season 3 on Netflix?
Quick Info
| Company name | HangEase |
| Product | Kid’s collapsible hanger |
| Founder | Ryan Landis |
| Episode No | Season 05 Episode 27 |
The Deal Falls Apart
Unfortunately, the deal that Ryan made with Mark and Lori on Shark Tank did not go through after the show. According to some sources, the reason for this was that Ryan’s patent was not as strong as he claimed, and that there were similar products on the market that could infringe on his intellectual property rights. Ryan also faced some challenges in manufacturing and distributing his hangers, as he did not have enough capital or experience to scale up his operations. As a result, Ryan decided to walk away from the deal and pursue other opportunities.
The Company Shuts Down
After failing to close the deal with the sharks, Ryan tried to keep his business alive by selling his hangers online and through some local retailers. However, he soon realized that he could not compete with the established brands and the low-cost alternatives that flooded the market. He also struggled to generate enough sales and profits to sustain his operations and cover his expenses.
By 2018, Ryan had stopped producing and selling his hangers, and his website and social media accounts became inactive. He also did not update his customers or fans about the status of his business or his plans for the future. It seemed that HangEase Hangers had become another victim of the Shark Tank curse, where many promising businesses fail to survive after appearing on the show.
The Inventor Moves On
Despite the disappointing outcome of his business venture, Ryan did not give up on his dreams and ambitions. He decided to pursue a career in the retail industry, where he could apply his skills and knowledge in buying and selling products. He worked as an assistant buyer and a senior merchandise planner for the Neiman Marcus Group, a luxury department store chain.
He then became a senior assistant buyer for JCPenney, a major retailer that sells clothing, accessories, home goods, and more. Ryan also continued his education and earned a bachelor’s degree in business administration from the University of Texas at Dallas in 2020. He is currently pursuing a master’s degree in the same field from the same university. Ryan seems to have found his niche and passion in the retail sector, and is enjoying his new career path.
The Legacy Lives On
Although HangEase Hangers are no longer available for purchase, they still have a loyal fan base and a lasting impact on the hanger industry. Many people who bought and used Ryan’s hangers still rave about their quality and convenience, and wish they could buy more of them. Some of them even try to make their own versions of the hangers, using materials like cardboard, duct tape, and wire.
Others search for similar products online, hoping to find a suitable replacement for their beloved hangers. Ryan’s invention also inspired other entrepreneurs and inventors to create and improve their own hanger designs, such as the Hurdle Hanger, the ClutterFree Hanger, and the Wonder Hanger. These products claim to offer the same benefits as HangEase Hangers, such as saving space, preventing damage, and simplifying organization. Ryan’s hangers may be gone, but they are not forgotten.
HangEase Hangers were a brilliant idea that solved a common problem for many people who wanted to hang and remove their clothes without hassle. Ryan Landis, the young inventor behind the hangers, had a remarkable journey from a third-grade school project to a Shark Tank appearance. He got a deal with Walmart and two of the most successful sharks, but he could not turn his invention into a profitable and sustainable business.
He faced many challenges and obstacles, such as patent issues, competition, and lack of resources. He eventually decided to end his business and pursue a different career in the retail industry. He is now working as a senior assistant buyer for JCPenney, and is furthering his education in business administration. HangEase Hangers may no longer exist, but they have left a legacy and a lesson for aspiring entrepreneurs and inventors. They show that having a great idea is not enough, and that you need to have a solid plan, a strong team, and a lot of perseverance to succeed in the shark-infested waters of the business world.
Read Also:- Lift Movie (2024) On Netflix
Image Source:- Twitter
