If you are an avid runner, then you might have heard of Xero Shoes. If you don’t already own a pair from Xero, now is the time.
The revolutionary footwear has taken over the world with its growing fan base. Join us as we explore the founders, Lena Phoenix and Steven Sashen’s net worth.
How Did The Idea For Xero Shoes Come About?
- Xero Shoes are crafted to mimic the sensation of walking barefoot with their minimalist design that offers a natural feel.
- The inspiration behind these shoes comes from huaraches worn by the legendary Tarahumara Tribe, known for their exceptional running skills.
- Having experience with barefoot running and walking, Sashen strongly believes in its benefits but acknowledges that it is not always practical.
- With his profound knowledge of foot motions while being active, he developed his first pair of Vibram rubber sandals intertwined with colored cords for barefoot running enthusiasts like himself.
- His creation was well-loved among fellow runners, who soon expressed interest in having one. Hence, Xero Shoes came into existence as we know it today.
- Above all, Xero is a brand dedicated to comfortable footwear inspired by nature.
Why Should We Choose Xero Shoes?
Initially named Invisible Shoes, Xero Shoes were designed by Steven Sashen and Lena Phoenix in 2009.
These shoes have a minimalistic and light structure with thin soles, seeking to help wearers connect better with the ground beneath their feet.
Xero Shoes promote natural foot movement and appropriate toe splaying while walking without additional support or cushioning.
Wearing these shoes allows individuals to perceive where they land on their feet during each step’s gait mechanics, making it easier for them to adjust accordingly, resulting in optimized posture and balance improvements.
Lena and Steven Appeared on Shark Tank With Their Product
In 2013, Lena Phoenix and Steven Sashen aimed to scale their company by obtaining additional capital with the help of an investor.
The couple projected revenue exceeding one million dollars at the time.
During season 4 of Shark Tank, the couple sought $400k in exchange for an 8% ownership stake.
Robert Herjavec initially doubted the product but changed his mind when he tried their footwear.
The discussion then turned to its basic structure made of rubber material and string composition, which led to objections about its value and innovation.
Kevin O’Leary suggested half equity for them, but the duo did not accept it and left empty-handed from the tank.
Coming on Shark Tank Changed Their Life
Appearing on the show without getting a deal turned out to be advantageous for Xero Shoes, as it resulted in a significant increase in revenue. Their episode garnered 3,000 orders, causing their website to crash due to high traffic.
In just one week, Lena and Steven could sell an amount that would typically take three months.
To accumulate funds, the pair conducted a crowdfunding campaign, resulting in raising $1 million impressively by 2017.
To diversify their shoe production and make more designs available both on Amazon and XeroShoes.com., Xero Shoes sold equity worth $12.5 Million to TZP Group in December 2020.
Accordingly, Xero Shoes entirely made around $12 million in net profit during the year 2019, according to Steven’s podcast interview with Beyond Figures.
The company performed better than ever, achieving annualized revenues of up to $33.6 million in 2021 – making it clear that passing on what could have been profitable for them was unfortunate for those Sharks at Shark Tank.
Lena Phoenix and Steven Sashen’s Net Worth
Even though Xero Shoes has reported profits in the millions, the exact number of Lena Phoenix and Steven Sashen’s net worth is still under wraps.
Given the brand’s popularity, the partners must be living a comfortable life.
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Xero Shoes has plans to expand even further after having branches in Europe and Australia.
The success of Xero Shoes will directly increase Lena Phoenix and Steven Sashen’s fortunes.
Q: Is Xero Shoes popular?
A: Xero Shoes has over 244K followers on Instagram.
Q: How many countries has Xero Shoes reached?
A: The shoes have already reached 97 countries, with people enjoying the comfort, freedom, and fun the shoes provide.
Q: How good are the ratings of Xero Shoes?
A: With over 57,000 five-star reviews, the popularity of the footwear is undeniable.