At some point in life, we might have torn our favorite dress or damaged a hanger while taking out the clothes from a hanger. And one can easily guess, that the scenario can be pretty frustrating.
But not anymore.
A young entrepreneur of 19, who developed a product to solve the problem at the age of 8, pitched his product on Shark Tank and blew all the sharks away. But did the intriguing HangEase get a deal on Shark Tank? Is the business still in operation? And what’s the net worth of Hang Ease in 2024 after Shark Tank?
Let’s find out.
HangEase, or simply put Hang Ease, is a simple but functional hanger that folds up with just a push when pulled down while pulling your shirts.
Designed to last, it is made of high-quality, reinforced materials and strong enough to hang large winter jackets.
In addition to keeping the clothes wrinkle-free and tidy, these HangEase hangers save closet space as well.
Ryan Landis is the founder and owner of HangEase hangers. A personal issue led him to establish this company in 2006 when he was just eight years old.
Another parent was intrigued by Ryan Landis’ product and connected him to Walmart. A patent attorney-assisted Ryan with the sale and the product was distributed to approximately 100 retail outlets.
This is how the HangEase journey started, and Ryan became a successful businessman at the tender age of eight.
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Ryan Landis, from Plano, Texas, found inspiration for his innovative idea from a third-grade school project that eventually led him to Shark Tank.
Typical to most boys of 8 years old, Ryan pulled his shirts off hangers right off, damaging either the hanger or the shirt in the process. For the school’s ‘Invention Convention’ project, students were asked to go through their homes, find a problem, and come up with a solution.
After experimenting with the hangers in his closet, Ryan came up with a hanger with an innovative hinge. The hinge of the hanger would fold up if downward pressure was applied, protecting the clothes and the hanger.
In a school exhibition, Ryan’s completed project was displayed and luck smiled on the young inventor. At the exhibition, he met a school friend’s mom, who used to run a business that had contacts with large retailers. It was through her assistance that young Ryan’s invention was stocked at Walmart in 2006, and sales were remarkably great.
Ryan wasn’t able to continue his business operations during his schooling due to the pressures of schoolwork. Having completed his school education at the age of 19, Ryan hoped that one of the sharks would partner with him in the HangEase company in 2014. That was the aim behind his entry into Shark Tank in April 2014.
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Ryan was 19 when he appeared on Shark Tank in 2014. During the shark tank, Ryan asked for $80,000 in exchange for 30% of Hang Ease Hangers.
In his pitch to the sharks, he demonstrated how the product works. He made it clear to the sharks that since he had been focusing on his education for the past 10 years, he hadn’t worked in the business for the last 10 years.
He then revealed his sales figures. At the tender age of 8, he sold 400,000 Hang Ease Hangers before coming to the Shark Tank. In the process, he generated $200,000 worth of revenue, out of which $70,000 was the net profit.
The sharks were intrigued by the sales figures and impressed with him getting a place at Walmart. They, however, couldn’t understand why Walmart stopped selling his products. He explained that he did not believe the hangers had been marketed correctly, but he sounded unsure and unconvincing.
Lori was interested to know if he had filed for patents. He abruptly confirmed that he had a ‘fully issued’ utility patent. Despite being a patented product, she said that she has seen similar hangers before.
In Robert’s view, there was no need for the product; he announced himself out. Kevin backed out of the idea because he found it boring. Barbara withdrew too. She decided to withdraw because she believed Ryan had been away from the business for a long time.
Lastly, Mark made an offer for 30% of HangEase Hangers for $80,000. He then asked Lori if she would be interested in joining in and she nodded to that. Agreeing to the deal offered by the two sharks, Ryan decided to move forward with $80,000 giving away 30% of his company and embracing the next step in his journey.
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| Company Name | HangEase |
| Website | Not Known |
| Episode | Season 5 Episode 27 |
| Product Offering | Collapsible hangers, with a hinge in the middle to fold up automatically when force is applied from downwards |
| Founded | 2006 |
| Founder | Ryan Landis |
| Required Investment | $80,000 for 30% share in equity |
| Closing Deal | $80,000 and 30% equity, only upon patent verification |
| Shark | Mark Cuban and Lori Greiner |
| Current Business Status | Out of Business |
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As of 2024, the company is no longer in business. Despite how enthusiastic the entrepreneur was about the product; they never even updated their website following Shark Tank. Additionally, their official Facebook page was shut down in 2015, and they were no longer active on any other social media platforms.
All this suggests that their deal with Mark and Lori never materialized. Although we’ll never know the exact reason for its disappearance, one thing is for certain: HangEase does not exist anymore. Could the product have been a scam? Most likely not. After all, they manufactured tons of hangers. Based on our observations, they probably faced some financial difficulties that hindered their progress. One thing that could make sense though is they probably never received the $80,000 investment from the sharks.
What’s Ryan up to these days? His LinkedIn page states that he has been working at JCPenney as a senior assistant buyer for men’s activewear since September 2021. His previous experience was as a men’s accessories buyer. In between 2016 and 2019, he worked at Neiman Marcus Group in the sales department of luxury sportswear.
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When Hang Ease was presented in Shark Tank, its net worth was estimated to be $266,667. After appearing on Shark Tank, its valuation substantially increased. Hang Ease’s net worth in 2024 is estimated to be $1 Million as per the reports.
Yes. HandEase got a deal of $80,000 for 30% equity in the company, a combined deal from Lori Greiner and Mark Cuban.
The Shark Tank’s HangEase is currently out of business. There has been no appearance so far and the company’s social media handles are inactive since 2015. And as per the LinkedIn profile of the founder, Ryan Landis, he is currently working elsewhere.
Hang Ease probably went out of business because several retailers, including Walmart and Target, sold off HangEase because it wasn’t as popular as expected. Also, Hang Ease was inactive in the market for 10 years and there were already a handful of similar products in the market when it made the pitch on Shark Tank. Due to the increased competition in the market, Hang Ease didn’t do well in terms of sales and eventually went out of business.
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