Did you see the Shark tank episode starring Mtailor? Well, that was one of the best episodes of Shark Tank so far. Do you ever wonder about Mtailor’s Net worth? Men’s fashion is something that is essential but doesn’t get many highlights in the textile industry. To end that problem, Mtailor came into the market.
Firstly, Mtailor is a clothing brand that makes the best-customized clothing for men. Also, the idea focuses on the elimination of the measuring scale and the introduction of a phone camera for the purpose. Moreover, the collection ranges to about 10000 patterns of various fits. Moreover, the clothes made are not anything ordinary, they are enriched with technology. Let us dig deeper into the brand and find the Mtailor Net Worth.
What is Mtailor?
The sizes used in the online shopping industry have created a problem for many people. The clothes bought are rarely of the size and fit that you desire. The most amazing fact about the brand is that the application is about 20% more accurate than the tailors. Why do we need tailors at all when we have Mtailor? The idea of this extraordinary brand came from Miles Penn and Rafi Witten, who are great entrepreneurs but couldn’t get satisfied by online shop sizes. Mtailor has made it very evident that there is nothing that machine learning and artificial intelligence can’t do. The brand came into the limelight after featuring on the Shark tank show.
Also, read: Kelsea Ballerini’s Net Worth: How Rich Is The Star?
How was MTailor’s Shark tank Pitch?
The offer that Miles posted on the show was getting $2.5 million in exchange for a 10% stake in his company MTailor. Miles shared his story of malls and online shopping with the sharks and how online shopping has always disappointed him. Moreover, in the show, Miles exhibited the way to order a perfect shirt from over 10,000 styles and colors. Also, Miles brought in the costing factor on the show.
An average shirt on the app costs around 69 dollars which is about half of what tailors charge. Other business insides provided were in terms of returns. On looking deeper into this, Miles found that retail stores have about 25% returns, but the MTailor has just 15%. Isn’t that shockingly amazing? All the five sharks were in for the deal at first but later on questioned his technology and refused to make a deal.
What Happened After Shark Tank?
Well, Mtailor didn’t receive a penny on the show, but that didn’t stop the brand from growing. In 2018, Mtailor raised around $5.2 million from Khosla Ventures. In total, MTailor has raised about $7.2 million in venture capital. Also, the creative mind of the makers didn’t let COVID-19 affect the brand, infact, they started a new venture called MTailor Masks, where a mask was included with all the shirts.
Mtailor’s Net Worth
No matter how things went on the show, Mtailor has an estimated net worth of $25 million today. Also, MTailor generates monthly revenue of around $500 Thousand.
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