Have you seen the Shark Tank episode with Mtailor? That was one of the best Shark Tank episodes yet. Do you ever wonder how much Mtailor is worth? Men’s fashion is important, but it doesn’t get much attention in the textile industry. Mtailor entered the market to address this issue.
To begin, Mtailor is a clothing brand that specializes in creating the best-customized clothing for men. The concept also includes the removal of the measuring scale and the use of a phone camera for the purpose.
Furthermore, the collection contains approximately 10000 patterns of various fits. Furthermore, the clothes produced are not ordinary; they are technologically advanced. Let us delve deeper into the brand to discover Mtailor’s Net Worth.
What is Mtailor?
Many people are having issues because of the sizes that are used in the online shopping sector. Rarely are the clothes you purchase the desired size and fit. The brand’s application is about 20% more accurate than tailors, which is its most amazing feature.
When we have Mtailor, why do we even need tailors? Miles Penn and Rafi Witten, two excellent businesspeople who were dissatisfied with the sizes of online shops, came up with the concept for this extraordinary brand.
Mtailor has made it abundantly clear that there is nothing that artificial intelligence and machine learning can’t accomplish. The company gained notoriety after appearing on the Shark Tank program.
— MTailor (@mtailor) January 22, 2018
How Was Mtailor’s Pitch to the Sharks?
A 10% stake in Miles’ business, MTailor, would be exchanged for $2.5 million, according to the offer he made on the program. With the sharks, Miles related his experiences with malls and online shopping, including how the latter has consistently let him down. Additionally, Miles demonstrated how to order the ideal shirt from more than 10,000 styles and colors during the show. Miles also brought up the show’s financial aspect.
About half of what tailors charge is included in the price of an average shirt on the app, which runs around 69 dollars. Other business insights are offered related to returns. Miles discovered that while the MTailor only has 15% returns, retail stores have an average of 25%. Isn’t that awe-inspiringly shocking? At first, all five sharks were interested in the deal, but later they began to doubt his technology and refused to proceed.
What Happened to MTailor After Shark Tank?
Mtailor didn’t get paid for the show, but that didn’t stop the brand from growing. Mtailor raised approximately $5.2 million from Khosla Ventures in 2018.
We’re highlighting some in-depth reviews of #MTailor this week, starting with a classic from @iron_and_tweed. Check out their thoughts at the link here: https://t.co/57lBitvy9J pic.twitter.com/rF6q9fM8ze
— MTailor (@mtailor) January 18, 2018
MTailor has raised approximately $7.2 million in venture capital. Also, the makers’ creative minds did not let COVID-19 affect the brand; instead, they launched a new venture called MTailor Masks, in which a mask was included with all the shirts.
What is Mtailor’s Net Worth
Regardless of how things turned out on the show, Mtailor now has a net worth of $25 million. Furthermore, MTailor generates approximately $500 Thousand in monthly revenue.
— MTailor (@mtailor) May 13, 2016
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Frequently Asked Questions
Who is the Owner of Mtailor?
How is Mtailor Doing Since Shark Tank?
In 2018, they raised $7.2 million in venture capital. They raised an additional $8.3 million in January 2022. As of August 2022, the company generates $13 million in annual revenue and is valued at around $25 million.
How Much Does It Cost to Get Jeans Tailored?
The cost of tailoring your jeans is determined by your location, the amount of tailoring you require, and the tailor. You can expect to spend between $20 and $50 on average.