We all are very skeptical about buying things online, especially clothes, right? Though, ordering via the internet is easy and fun, at the same time purchasing and then returning them, if it does not fit, is a tiring job.
Penn came up with the idea of MTailor, an app, where customers can give measurements and buy clothes, limited to men only. The company was featured on Shark Tank, episode 7 of season 17. Will the Sharks make a deal with the owner? Or he will go empty-handed? Let’s find out.
About the Founder
Shopping online was simple and fast. However, Miles Penn, the owner of the company was not a fan of purchasing items that were inadequate and was reluctant to return things.
Rafi Witten, a fellow Stanford alumnus, and Miles began formulating ideas after realizing the need for a more precise fit. In 2014, the pair released their invention, MTailor, an app that measures men for specific clothing.
Founding the MTailor
MTailor uses the camera on the cell phone to take precise measurements to provide customers with personalized men’s clothing. It is as much as 20% more precise compared to the traditional artisans. Although they have more than 10,000 different outfit variants, ordering is extremely basic.
A pricey tailored garment which usually goes for $125 can now be for $69 only, as MTailor eliminates the need for costly measurement and fitting.
Shark Tank Appearance
MTailor visited the Shark Tank and asked for $2.5 million in exchange for a 10% holding in the company. Miles continued by describing how he detested having to browse countless shops in pursuit of the ideal garment.
The sharks paid close attention as Miles stated that although the business had a total of $1.4 million in financial backing, sales, and profits would probably not be as high as expected. The owner also disclosed to the sharks how he would reap the rewards from their help in balancing the production. The unusual firm estimation, which the sharks believed was greatly overstated, was one of several factors that worried them.
Although Daymond John did not like Miles, he thought the concept was intriguing and made a proposal of $2.5 million for 17.5%. Miles rejected it since he disagreed with it.
Afterward Kevin O’Leary intervened with a payment proposal of $2.5 million for 2.5% of the organization for 7% in three years. Once more, Miles rejects the offer, stating that he requires allies instead of creditors.
After Shark Tank
Even without a Shark Tank agreement, MTailor performed exceptionally and received favorable feedback. People who do not enjoy shopping or those who have trouble finding outfits that fit well, consider the application to be appealing.
MTailor, which was first made accessible through the App Store, has now become available on Google Play and has received more than 500,000 installations. In terms of generating capital, things went quite smoothly too, with the help of shareholders contributing nearly $7 million.
In 2020, the business expanded and unveiled a brand-new item called MTailor Masks.
Ikifit Net Worth 2024: Behavioral Education through Enjoyment
A student irrespective of their age should not feel constrained within themselves while learning. Apart from that, behavioral education is...
Lugbug Net Worth 2024: A New Invention For Baby Carrier
Families, who deal with a young child, are aware of the discomfort the kids get sitting in the child’s seat...
Kodiak Cakes Net Worth: Turning Mom’s Recipe Into a Business
Although pancakes are a popular breakfast and brunch item, we frequently find them to be unpleasant once the initial spike...