Everyone dreams of looking stylish, and it feels even more special when that style reflects pride in our country and the place where we were born. Unfortunately, not many brands offer clothing that combines these nostalgic, patriotic elements with modern fashion.
Max Nelson, the owner of Hood Hat, has introduced a system to fulfill our stylish and patriotic sentiments through hats. The product is a hat that can be customized as per the customer’s choice and area of origin. He has a category called “Luxury Headwear” that combines the finest material with the touch of the owner’s background.
The owner came on Shark Tank to request $500K in exchange for 5% in his company. He also presented each shark with custom hats along with their origin of birth on it to get the deal of his choice. Let’s see if he got the deal or not.
Hood Hat Net Worth Shark Tank Update
Max was looking for an investment of $500K in exchange for 5% equity in Hood Hat. At the time of the episode, he valued his company at $10 million. Max did not secure a deal with any of the sharks. After the show aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Hood Hat in 2024 is around $6 million.
Shark(s) name
Offer & Demand
Counteroffer
Accepted?
Kevin O’Leary
Out
N\A
N\A
Mark Cuban
Out
N\A
N\A
Lori Greiner
Out
N\A
N\A
Barbara Corcoran
Out
N\A
N\A
Micheal Rubin
Out
N\A
N\A
The Owner’s Backstory
Max related that he started to work on the business while staying in his car trunk. Max’s story started with a renovation project in Brentwood and the need for a hat to protect him from the sun. He didn’t want anything with big, flashy logos, so he began looking for something simple. After some searching, he found a plain cap at a local shop for only $6. Wanting to make it his own, he worked with a small manufacturer to add a custom Brentwood emblem to the hat, giving it a personal touch.
The owner came on the show to seek $500K for a 5% equity stake. Max’s product is a line of specially customized hats made with high-quality, luxurious materials. These hats are designed to be both stylish and meaningful, as each one includes a logo that represents something unique about the customer’s culture or background. To create Hood Hats, Max uses fine materials like corduroy, cashmere, gabardine, and more.
Queries about the Product
Lori asked the first question about his sales. Max confidently replied that his lifetime sales were $1.9M.
Max began his business in 2018, making $18K in sales while working from the trunk of his car. In 2019, he moved his operations to a guest bedroom, and his sales increased to $23K. In 2020, he decided to focus on customization, which led to a big jump in sales, reaching $364K. His business kept growing, bringing in $508K in 2021 and $693K in 2022. This year, Max is expecting his sales to surpass a million dollars.
Kevin inquired about his profit from those million-dollar sales. He replied that he was not profitable yet, which made the sharks concerned.
Cuban wanted to know the cost of making a hat and its selling price. Max mentioned that a hat made of merino wool costs him $14 to make and it sells for $90. After adding the cost of customization, it becomes $24 to make a hat.
Shark’s Response and Final Decision
After a tense discussion about Max’s high valuation of his business, Kevin was the first to say he wasn’t interested and decided to step out.
Mark Cuban soon followed for the same reason, explaining that he also thought the valuation was too high for the business size.
Michael Rubin decided not to make an offer because he felt that not only was the business valued too high, but it also didn’t stand out from other brands.
Lori also passed on the deal, explaining that she didn’t find the business unique enough to be worth her investment.
Finally, Corcoran passed the deal as well because Max had not made any profit from his five years in business. Thus, he walked away from the set of Shark Tank without any deal on his hands.
Product’s Availability
Even though Max didn’t get a deal on the show, it looks like he is doing great on his own without a shark’s help. His custom luxury hats have even attracted some famous fans. Big-name celebrities like Ben Affleck, Zach Braff, Ryan Reynolds, and Jay Z have all been seen with Hood Hats—just to name a few! The hats can be ordered directly from the Hood Hat website. Moreover, there is a rewards program where a customer can earn a free hat and give a friend $40 off their own purchase.
Conclusion
Although Max didn’t get a deal on Shark Tank, his journey with Hood Hat is still functioning. His luxury, customizable hats have attracted celebrity fans and continue to grow in popularity. With quality materials and a personal touch that reflects customers’ pride in their hometowns, Hood Hats offers a unique, stylish product that stands out.
Max’s story of starting from humble beginnings and reaching almost a million in sales this year shows his dedication. Fans can easily purchase Hood Hats on the website and even join a rewards program, making it easier to share and enjoy these special hats.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
