Xero Shoes

Last updated

Feel the World Inc.
Xero Shoes
Company type Private company
Industry Footwear
FoundedNovember 23, 2009 (2009-11-23) in Boulder, Colorado, U.S. [1] [2]
FounderSteven Sashen and Lena Phoenix
Headquarters
Broomfield, CO
,
United States
Key people
  • Steven Sashen (CEO)
  • Lena Phoenix (president and board chairwoman)
  • Dennis Driscoll (chief product officer) [2]
ProductsXero Shoes
Revenue
  • Increase2.svg $33.6 million (2021)
  • $23.0 million (2020)
Website xeroshoes.com

Xero Shoes is a brand of lightweight minimalist footwear manufactured by Feel the World Inc. Founded in 2009 by Steven Sashen and Lena Phoenix, the company's initial product was DIY sandals made only of a rubber sole and laces, but the company later introduced ready-made sandals and closed-toed shoes. Xero Shoes was featured on ABC's Shark Tank and gained success after the appearance in February 2013.

Contents

History

Xero Shoes minimalist sandals Climbing in Xero Shoes (cropped).jpg
Xero Shoes minimalist sandals

Xero Shoes was founded by Steven Sashen and Lena Phoenix, a married couple who started the company in 2009. [3] Sashen had suffered running injuries and, inspired partly by the book Born To Run by Christopher McDougall, he created the company's first designs for minimalist footwear using sheets of rubber he ordered in bulk and laces from The Home Depot. [4] These original sandals were DIY assembled by the user and were called "Invisible Shoes". [5] [6]

Initially based out of their home office, in late 2012, Sashen and Phoenix moved the company to a building on Conestoga Court in Boulder, Colorado. They also hired Dennis Driscoll, who has previously worked for Avia, Crocs, Dr. Martens, and Wilson Sporting Goods, as chief product officer. [2] [7]

The company appeared in season 4 of Shark Tank. On an episode that aired on February 1, 2013, [2] Sashen and Phoenix appeared before investors on the ABC business reality show, but rejected an offer of $400,000 for 50% of the company from Kevin O'Leary. [8]

Forza Trainer Forza Trainer.jpg
Forza Trainer

In January 2015, the company moved into a new office in Broomfield, Colorado. [9] Xero Shoes introduced its first closed-toed shoes in 2016. [3] In April 2017, the company began a crowdfunding campaign to raise capital for expansion of its product offering. [3] [10] By September, the company had raised more $1 million. [10]

At the artistic swimming events at the 2020 Summer Olympics, the US team used Xero Shoes when not inside the pool. The company's shoes were also used by some of the athletes on US archery team. [11]

In December 2020, TZP Group, a private equity firm, acquired a minority interest in the company for $12.5 million. [12] On November 11, 2021, Xero Shoes expanded into Europe with a new website at xeroshoes.eu [13] and a second office in Prague, Czech Republic. [7] [14] It reported $33.6 million in revenue in 2021 and $22 million in the first half of 2022. [3]

In April 2023, McDougall and Eric Orton announced the release of a new line for Xero Shoes named Born to Run. [15]

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References

  1. ↑ "The Xero Shoes Story". Xero Shoes. Retrieved December 30, 2013.
  2. 1 2 3 4 Wallace, Alicia (January 31, 2013). "Boulder company Xero Shoes to appear on ABC reality show 'Shark Tank'". dailycamera.com. Retrieved December 30, 2013.
  3. 1 2 3 4 Sealover, Ed (November 28, 2022). "Broomfield shoemaker growing 50% annually as customers seek more 'zero-drop' options". Denver Business Journal. Retrieved May 18, 2023.
  4. ↑ Goodman, Peter S. (September 2, 2019). "Make Shoes in U.S., or Pay Tariffs? A Footwear Company Seeks a Third Option (Published 2019)". The New York Times. ISSN   0362-4331 . Retrieved February 11, 2021.
  5. ↑ Anspach, Beth (August 28, 2022). "Cancer diagnosis leads man to embrace running in sandals, develop healthy lifestyle". Dayton Daily News. Retrieved May 18, 2023.
  6. ↑ Dobrosielski, Chelsea (December 30, 2020). "Xero Shoes Looks to Next Chapter of Growth Following TZP Group Investment". Sourcing Journal. Retrieved May 18, 2023.
  7. 1 2 Widhalm, Shelley (April 1, 2022). "Lena Phoenix of Xero Shoes gives company 'soul'". BizWest. Retrieved May 18, 2023.
  8. ↑ Amundson, Ken (December 4, 2022). "NoCo startup scores investment on Shark Tank". BizWest. Retrieved May 18, 2023.
  9. ↑ "New year may bring more small business help from Washington". The Denver Post. January 1, 2015. Retrieved May 18, 2023.
  10. 1 2 Werley, Jensen (September 1, 2017). "Xero Shoes raises $1 million in equity crowdfunding campaign". BizWest. Retrieved May 18, 2023.
  11. ↑ Renoux, Matt (August 5, 2021). "Colorado shoe company takes a big step into the Olympics". 9 News. Retrieved May 18, 2023.
  12. ↑ High, Lucas (December 16, 2020). "Xero Shoes raises private equity funding". Boulder Daily Camera. Retrieved May 18, 2023.
  13. ↑ "Retail Intel: REI Co-Op to Open a Sustainability-Focused Distribution Center in Tennessee + More". Footwear News. January 12, 2022. Retrieved March 31, 2022.
  14. ↑ Wentling, Nikki (February 17, 2023). "A decade after 'Shark Tank,' founders of Broomfield's Xero Shoes don't regret declining a deal". Denver Business Journal. Retrieved May 18, 2023.
  15. ↑ Tomer, Chris (April 24, 2023). "Born to Run: New Partnership with Denver-based Xero Shoes". FOX31 Denver. Retrieved May 18, 2023.
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