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Many people have watched Shark Tank as it has become one of the most interesting places for businesses to either flourish or crash and burn.
At some point in life, we must have torn our favourite dress or spoiled the hanger while removing clothes from a hanger. And it would not take long to speculate that the situation could be quite deplorable.
A 19-year-old, having invented an innovative product to address the problem at the age of just 8 years took his idea onto Shark Tank and left all sharks amazed.
However, did HangEase receive one for its deal on Shark Tank? Here we will talk about all the intel we have on HangEase and what happened to the company after it made an appearance on Shark Tank.
Shark Tank Season 5 Episode 27 Key Highlight
- HangEase hangers are created by Ryan Landis, simple yet functional hanger that folds by simply pushing by pulling down as you pull on your clothes.
- Ryan managed to sell 400,000 products as a kid even before he ever came to pitch his idea of a shark tank to the sharks. He was able to make $200,000 with his profit being $70,000.
- Ryan entered Shark Tank back in 2014 as he was looking to get $80,000 in exchange for 30% of his company.
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What is HangEase?
The HangEase, or simply HangEase to call it, is a simple yet functional hanger that folds by simply pushing by pulling down as you pull on your clothes.
Designed to last, it is made from high-quality reinforced materials and is sturdy enough to hang a great winter jacket on. In addition to keeping clothes wrinkled and organized, these HangEase hangers also save on storage space.
| Company name | HangEase |
| Product | Kid’s collapsible hanger |
| Founder | Ryan Landis |
| Episode No | Season 05 Episode 27 |
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Who Is the Founder of HangEase?
HangEase hangers are created by Ryan Landis. This company was formed in 2006 due to a personal issue that led him when he could not be just eight years old. Yet another parent found Ryan Landis’ product captivating and guided him to Walmart.
Ryan’s product was assisted by a patent attorney and sold to about 100 retail outlets. This is how the HangEase journey began, and Ryan made it as a businessman at just eight years.
HangEase Offering for the investor
Ryan entered Shark Tank back in 2014 as he was looking to get $80,000 in exchange for 30% of his company. The sharks heard his pitch from start to finish where he mentioned that his main focus was on getting his education which is why he was out of the business for 100 years.
Ryan then went on to tell the sharks about his sales figures which were quite astonishing for an 8-year-old. Ryan managed to sell 400,000 products as a kid even before he ever came to pitch his idea of a shark tank to the sharks. He was able to make $200,000 with his profit being $70,000.
| 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 |
Did HangEase get a deal on Shark Tank?
After the deal was technically done on the set of Shark Tank with Mark and Lori, the agreement just fell apart and the reason has not been revealed to the public even today.
Ryan was excited that his dream was coming true ever since he was a young kid but things did not work out for him in the end. All the social media handles for Hang Ease do not exist anymore and Ryan has moved on from his product as well to do something else with his life.
How HangEase start?
The innovative idea of Ryan Landis, a Plano-Texas native who eventually found his way through Shark Tank came from one third-grade project at school.
Similar to other boys who were 8 years old, Ryan would yank his clothes off the hangers immediately causing either ruining of the hanger or shirt in the process.
For the ‘Invention Convention’ project, which invested in several schools across Mississippi as part of a bid to address the decline of manufacturing jobs at home and Mexico-based organizations bringing work back into America, students had an assignment i.e..
They needed to scout their houses for issues that could be invented on stake; besides offering solutions upon such identification processes.
Ryan then carried out testing with the hangers in his closet and after a while; he came up with an intriguing hanger, which had this fascinating revolving feature. If the downward pressure was applied, then the hinge of a hanging would fold up thus saving either cloth or rather protecting it and also reducing chances of damage on hangers.
In a school exhibit, Ryan’s finished work was on display, and good fortune to the young inventor. In the exhibition, he met a school friend’s mother who once owned an enterprise that dealt with huge wholesale outlets.
In 2006, the young Ryan’s invention was stocked at Walmart with some assistance from her and it turns out that sales were far beyond what she anticipated. Ryan did not also operate his businesses while studying because of the mounting school issues that he had lined up during this time.
After going to school until the age of 19, Ryan expected that one of the sharks would contribute an amount towards a venture in HangEase company as at year 2014. It was that objective behind his representation in Shark Tank in April 2014.
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What Happened to HangEase Before Shark Tank?
The Sharks were surprised to hear the sales pitch and were even astonished by the fact that Walmart sold his hangers as well. Unfortunately, at some point, Walmart decided to stop the sales of Hang Ease which he thinks is because the product was never marketed the way it should have been.
Lori found Hang Ease to be quite intriguing which led her to ask if Ryan had filed for any patents for his hangers. He claimed that he did but Lori claimed that even if his product is patented, she has seen many hangers like this before.
Robert backed out because he felt that there was no need for a hanger like this in his world and Kevin felt the idea was not too intriguing for him. Barbara decided to back out of the deal as well as she felt that Ryan was at a major disadvantage for not being part of the business for over 10 years due to his focus on his education.
Mark and Lori were the only sharks who were interested in being part of Hang Ease in some way which is why Mark offered 30% of Ryan’s company for $80,000. The deal was done and the two sharks were on board with the idea of Hang Ease.
What happened to HangEase after Shark Tank?
In 2024, the company is out of business. Even though the entrepreneur appeared passionate about their product, they never once changed their website after appearing on Shark Tank. Moreover, their official Facebook account was deleted in 2015 and they were not on any other social media platform.
All this implies that their agreement with Mark and Lori never happened. Although we will never know the exact reason for its disappearance, one thing is for certain: HangEase does not exist anymore.
Was the product a scam? Most likely not. Indeed, they produced tons of hangers. From what we have seen, they must have had financial challenges that hampered their growth. The only thing that could perhaps make sense meanwhile is they most likely never got the $80, 00 investment from the sharks.
What is Ryan doing nowadays? On his LinkedIn profile, he indicates that since September 2021 to date; He has been one of the senior assistant buyers at JCPenney for men’s activewear. He had been a men’s accessories buyer before.
From 2016 till 2019 he was an employee of Neiman Marcus Group in the luxury sportswear sales department.
Why did Hang Ease go out of business?
Walmart and Target were just some of the retailers who sold and thought that HangEase was not as famous as they thought it would be. HangEase was not an active competition for over 10 years in the market and many competitors had identical goods when they brought their ideas to the sharks on Shark Tank.
The rise in competitors led to an immediate downfall for HangEase as it was not able to perform well in the market in terms of sales which meant that it had to officially go out of business.
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HangEase Net worth?
With the deal being a massive failure for Hang Ease, people are wondering what the net worth of the company is in 2024. The sharks rejecting the sales pitch for Hang Ease was a huge blow to the founders but we think that does not take away the gigantic net worth of 2.67 million dollars from them.
While their appearance in Shark Tank was surely an epic fail, we still believe that HangEase had some potential which is why they had such a massive net worth in 2024.
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