Where is Collars & Co now? Menswear brand made lifetime sales revenue of $14.2M after 'Shark Tank'
BETHESDA, MARYLAND: On ABC's 'Shark Tank' season 14, episode 8, entrepreneur Justin Baer presented Collars & Co to the Sharks in the hopes of receiving a life-changing investment. Formal shirts and trousers are required for most work-related gatherings for most working professionals. Wearing dress shirts beneath sweaters, coats, or blazers for the whole day, on the other hand, might be rather unpleasant. Collars & Co seeks to address this issue by providing collared polo shirts, which may provide both a formal look and comfort.
Justin Baer loved to layer his sweaters with a dress shirt, but he found them unsettling. The marketing expert came up with his own solution, founding Collars & Co, a menswear business located in Bethesda. Launched as a side project in 2021, it received a viral boost on TikTok later that year and reaped a public relations windfall with its appearance on 'Shark Tank', ABC's reality competition show for new enterprises, in November 2022. Collars & Co's foundation, according to Justin, is mixing elegance and comfort. Justin's side company became a major idea in 2021 after one of his two children, aged 9 and 7, urged him to post about it on TikTok. The video went viral, with over 1 million views and 80,000 likes. Nick Faldo was announced as the company's first worldwide brand ambassador in June. Collars & Co also shared a video last year of retired NFL running back Tiki Barber complimenting the brand and calling the shirts "so comfortable."
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What happened to Collars & Co on 'Shark Tank'?
Justin appeared on 'Shark Tank' with his firm Collars & Co and asked the Sharks for $300,000 in exchange for 4% equity. The Sharks were taken aback when they heard Justin's request. Justin told Sharks all about his clothing line and persuaded them to invest in his firm. Having founded the firm in 2021, he had sold 92,000 shirts for $5.4 million by November 2022.
All of these sales came through direct-to-consumer and internet channels. Their net profit margin was 20%. Justin stated that managed to sell so much due to his marketing. Justin is a marketing expert who has previously operated more than five businesses. Shark Lori Greiner stated that while the firm is doing well, she was not the right investor for it. She would buy these clothes, but she was out of the deal. The product costs $15 to make and sells for $65 to $75. Shark Kevin O'Leary was impressed with the company and offered $300,000 for a 10% stake at a valuation of $3 million.
Justin quickly declined the offer and stated that his company has no other investors. According to Shark Peter Jones, the clothing will go out of style in a year, but Justin wasn't ready to believe this. Peter also matched Kevin's offer of $300,000 for 10% stock. However, Justin maintained his previous offer of 4% equity.
Shark Mark Cuban collaborated with Peter to inform Justin that he would provide a $300,000 + $700,000 line of credit in exchange for equity. Justin offered 5% ownership. Sharks Mark, Kevin, and Peter also opted out of the deal. Justin rebuffed all the sharks' offers of $300,000 for 7% shares. He finally accepted Mark and Peter's last offer of $300,000 for 10% equity and a $700,000 line of credit.
Where is Collars & Co now and how is the company faring?
Justin said he chose to take his concept to 'Shark Tank' on a whim, although he felt he had a one-in-a-million chance of getting on the program. He succeeded after a year of hard work.
Collars and Co had a 300% spike in website traffic and a 100% rise in sales in the immediate aftermath of the show's initial airing. According to Mark, Justin reminded him of his younger self. The deal with Sharks Mark and Peter was completed. "Mark and Peter have been awesome," Justin told MR. "They are in touch and always extremely responsive. I've gone back and forth with Mark on email some nights until 1 am." The firm also debuted an outerwear line and introduced brand ambassadors Tiki Barber, a former New York Giant, and golf champion Sir Nick Faldo.
The firm intends to go wholesale in the first or second quarter of 2023, and from November 20 to December 4, 2022, they opened a pop-up store at Tyson's Galleria in McLean, Virginia. In season 14, episode 21, the business gets an update segment.
Justin claims that now that 'Shark Tank' has aired, Collars & Co's lifetime sales income has surpassed $14.2 million. Justin, who has resided in Bethesda for the past ten years, says he hopes to open a physical store this year. He's eyeing Bethesda Row, as well as Georgetown and Virginia's Tyson's Corner Center malls.
The company has extended its men's jumper line and added accessories, as well as a women's polo shirt line. The firm now has a warehouse near Montgomery County Air Park in Gaithersburg, and the warehouse workforce has more than quadrupled to 12 individuals. Shirt manufacturing has more than quadrupled monthly, rising from 10,000 per month before the event to 25,000 presently.
According to Justin, the firm is seeking to grow worldwide to Europe and Asia with the support of Shark Peter. The company's objective, according to him, is "to grow and try to make [Collars & Co.] potentially the next great brand."
'Shark Tank' Season 14, Episode 21 airs on ABC on Friday, May 5, 2023, at 8 pm ET. Catch the latest episode featuring products like Nature’s Wild Berry, Noshi Food Paint, See The Way I See and You Go Natural, and an update on Collars & Co.
Missed an episode? Episodes can also be viewed the next day on demand, or on Hulu. Besides, you can watch old seasons and episodes on Amazon Prime Video and iTunes.