Collars & Co. is the creation of founder Justin Baer who appeared on episode 6 of Shark Tank season 14. His company is an apparel brand that specializes in men’s fashion. The company is most popular for its dress collars and polo shirts.
Collars & Co. takes pride in its product quality. They are known to make comfortable and fashionable wear for men.
Justin came to the show to raise $300,000 in exchange for 4% equity. Will the sharks be interested to invest in is apparel business? Let’s find that out in this post.
Shark Tank Collars & Co. Update
- Entrepreneurs: Justin Baer
- Business: Men’s Fashion
- Ask: $300,000 for 4% equity
- Result: $300,000 for 10% equity and $700k credit
- Sharks: Peter Jones and Mark Cuban
In the beginning, the sharks were doubtful about investing as they were not satisfied with the 4% equity. However, they were impressed to learn the company’s financial numbers.
Justin told the sharks that the company sold over 90,000 shirts in its first year of business. As a result, the company generated gross revenue of over $5 million. He also revealed that the company’s net profit is around 20%.
The majority of the company’s sales come from online sources. They sell directly to customers online.
The overall manufacturing cost of each shirt was $20, and they were sold at $70.
Despite the impressive sales figures, Daymond John decided to back out from the offer as he didn’t like the shirt’s style. Also, he was not happy with the equity offered. The same path was followed by Lori Greiner who quit the deal without extending an offer.
On the other hand, Kevin O’Leary offered a counter of 10% equity in exchange for $300,000. But Justin declined the offer without giving it a second thought. Peter Jones made the same offer as Kevin, but he also was rejected.
In the end, Peter Jones and Mark Cuban teamed up to offer $700,000 credit in addition to their initial offer. Surprisingly, Justin accepted the offer.
After the Shark Tank episode, Collars & Co. witnessed a massive boost in its sales. It made more people aware of the brand as they proceeded to order from the brand.
The unique thing about Collars & Co. shirts is that they are buttonless. Founder Justin hated wearing shirts inside his jackets and sweaters. This is what led him to create dress collars and polo shirts.
The company is focused on offering the highest quality shirts for men. These shirts not only look good, but they also feel good to wear.
At present, the shirts are available in 16 different colors. These shirts come with unique collar designs. Some of the popular types offered by the company are button-down collars, semi-spread collars, cutaway collars, and English spread collars.
Besides shirts, the company deals in belts, underwear, sweaters, and other accessories. They recently launched a new product called which costs $72. All of their shirts are within the same price range.