Many people love running. But running can cause foot pain. This pain comes from wearing heavy shoes. Heavy shoes change how we run. They can hurt our feet. Some runners try running barefoot. But running without shoes can hurt too. Sharp objects on the ground can cut feet. Hot pavement can burn them.
Steven Sashen and Lena Phoenix saw this problem. They wanted to help runners. They created Xero Shoes. These are light shoes. They protect feet. But they let their feet move naturally.
In 2013, Steven and Lena went on the TV show “Shark Tank.” They wanted to get money to grow their business. They asked for $400,000. They offered 8% of their company in return. Did they get a deal on Shark Tank? Check out our Xero Shoes update to find out!
Xero Shoes Net Worth Shark Tank Update 2025
Steven Sashen and Lena Phoenix went on Shark Tank asking for $400,000 for 8% of their company. This meant they thought their business was worth $5,000,000. They made a deal with Kevin O’Leary for $400,000 for 50%, lowering the valuation to $800,000, but later declined it. The episode was aired on February 1, 2013. The company remains active and is one of the most successful minimalist shoe brands. Using the viral/heavy traction method, the current net worth of Xero Shoes is estimated to be around $40–50 million in 2025.
After appearing on Shark Tank, Xero Shoes became more popular. Many people learned about their shoes. In 2023, the company made $64.6 million in sales. This was a big increase over eight years. They grew by 61% each year. In 2024, Xero Shoes was listed as one of the fastest-growing private companies in America. They ranked number 2,817 on this list.
This list looks at how much companies grow over three years. For Xero Shoes, their growth was 180% during that time. Today, Xero Shoes continues to thrive, with plans for further expansion and a commitment to promoting natural foot health.
Steven and Lena did not get a deal on Shark Tank. They asked for $400,000. They offered 8% of their company. Kevin O’Leary made an offer. He offered $400,000. But he wanted 50% of the company. Steven and Lena thought this was too much. They did not accept his offer. The other Sharks did not make offers. So, they left without a deal.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Barbara Corcoran | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
| Kevin O’Leary | $400,000 for 50% equity | N/A | No |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Xero Shoes Shark Tank pitch
Steven Sashen loved running. But he had foot pain. He tried running barefoot. It felt better. But his feet were not protected. He wanted a solution. He and his wife, Lena Phoenix, created Xero Shoes. These shoes are light. They protect feet. But they let their feet move naturally. They started their business in 2009. They wanted to help others run comfortably.
Steven and Lena went on Shark Tank in 2013. They showed their Xero Shoes. They explained how the shoes work. The shoes are light. They have thin soles. This lets feet move naturally. But the shoes still protect feet. They asked for $400,000. They offered 8% of their company. They wanted the money to grow their business. Keep reading our Xero Shoes update to see what happens next!
The Sharks had a few questions.
Robert Herjavec tried the shoes. He said they were comfortable. He asked about sales. Steven said they sold $650,000 worth of shoes in two years. $130,000 of that was in the last two months.
Kevin O’Leary asked about profit. Steven said they expected to make $200,000 from $1.2 million in sales.
Mark Cuban and Robert asked about costs. Steven said it costs $3.11 to make a pair. They sell them for $24.95.
Barbara Corcoran did not like how the shoes looked.
Daymond John said he could make similar shoes cheaper. Steven challenged him on that.
Each Shark had a different opinion on Xero Shoes. Some liked the product but had concerns about the business. Others didn’t believe in the concept at all. Here’s what happened:
Mark Cuban didn’t see Xero Shoes as an investable business. He was surprised when Kevin O’Leary made an offer and told the founders they should take it immediately. When they didn’t, he was completely out.
Daymond John had issues with the product design. He thought the shoes were too simple and easy to copy. He even said he could produce the same thing from China at a much lower cost. When Steven challenged him on this, Daymond lost interest and went out.
Barbara didn’t like the way the shoes looked. She said they were unappealing and didn’t think customers would be interested. Because of this, she decided to step out.
Robert liked how comfortable the shoes were, but thought the valuation was way too high. He couldn’t justify investing in the company at $5 million, so he dropped out.
Kevin was the only Shark who made an offer. He offered $400,000 but wanted 50% of the company. The founders didn’t accept his terms and instead countered with 10%. Kevin thought this was ridiculous and immediately backed out.
What Went Wrong with Xero Shoes on Shark Tank?
Xero Shoes had a strong product and growing sales, but several things went wrong during their Shark Tank pitch. The Sharks thought the $5 million valuation ($400,000 for 8% equity) was too high. The business had made $650,000 in sales over two years, which wasn’t enough to justify such a high valuation in their eyes. Some Sharks, like Barbara Corcoran and Daymond John, felt the shoes looked too simple.
Daymond even said they were just “rubber and string,” making it easy for competitors to copy. Kevin O’Leary made an offer, but he wanted 50% of the company.
Steven and Lena countered with 10%, which was too far off from Kevin’s demand. Because they weren’t flexible with equity, they lost the opportunity to make a deal. The Sharks weren’t sure if Xero Shoes would continue to grow. Some felt it was a niche product with limited appeal. Although they didn’t get a deal, the exposure from Shark Tank helped boost their business significantly.
Product Availability
Xero Shoes are available for purchase on their official website and on major online retailers like Amazon. They have also expanded into retail stores, making it easier for customers to try on and buy their shoes in person.
Conclusion
Even though Xero Shoes did not get a deal on Shark Tank, they used their appearance on the show to grow their business. Their sales skyrocketed, and they became a leader in the minimalist footwear industry. Today, Xero Shoes is a multi-million dollar company with a strong brand and loyal customers. Their journey is a great example of how rejection on Shark Tank doesn’t mean failure. Instead, it can be a stepping stone to even greater success.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
