Collars And Co Shark Tank Update – Net Worth 2024

Office decorum is essential in offices everywhere in the world. Especially the attire in fashion. Popular office looks like Midtown Uniforms styles are quite common. But they’re uncomfortable and irritating. Floppy collars, sleeves stuck beneath the sweater, and sweating too much can be some of the reasons to hate office fashion. But not anymore with Collars & Co.

Collars & Co is a clothing company that manufactures cool office design shirt switch breathable fabric. It is comfortable and easy to breathe in. No more sweating in sweaters and floppy collars. There are several designs to choose from. Entrepreneur Justin Baer designed these shirts for his comfort and then took them to manufacturing.

The pitch was decent, and sales were impressive. He demanded for $300,000 for 4% equity. Sharks loved the fabric but were uninterested in the industry. But some Sharks jumped in together for a deal. Will Sharks invest in a shirt company? Let’s find out.

Collars And Co Net Worth

Justin Baer asked for a $300k investment in exchange for 4% equity in his company. This meant he valued his company at $7.5 million. He made a deal with Mark Cuban and Peter Jones for $300k in cash and $700k in line of credit in exchange for 10% of his company. This new deal valued his company at $3 million. After the show aired, Collars & Co saw a significant boost in sales, with online presence increasing by 300% and generating around $200k to $250k in revenue within a week. With an estimated 28% monthly growth rate, the current net worth of Collars And Co is approximately $56.2 million.

Collars And Co Shark Tank Update

What Happened to Collars And Co After Shark Tank

Since the episode was aired, the sales have been boosted, and the online presence has increased up to 300%. After a week, the revenue generated was around $200,000 to $250,000. Moreover, Collars & Co has opened its stores in Chicago, Boca Raton, and King of Prussia. 

Did Collars And Co get a deal on Shark Tank?

Yes, Collars& Co. gets a deal with Mark and Peter for $300,000 in cash and $700,00 in line of credit in exchange for 10% equity.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Daymond John	Out	N/A	No
Lori Greiner	Out	N/A	No
Kevin O’Leary	$300,000 for 10% equity	N/A	No
Peter Jones	$300,000 for 10% equity	N/A	No
Peter Jones +Mark Cuban	#1: $700,000 as credit in line + $300,000 as cash for 10% equity	#1: $700,000 as credit in line + $300,000 as cash for 5% equity #2: $700,000 as credit in line + $300,000 as cash for 7% equity	Yes

Initial Pitch

Justin introduced himself. He demands for $300,000 for 4% equity. He explained the most casual era of any formal event and meeting –  Midtown Uniform. He hates it because it has a floppy collar and stuck sleeves under the sweater. So he designed his apparel brand – Collars & Co.

Collars & Co is an apparel company that designs for comfort. A collared Polo shirt with breathable fabric so any blazer and sweater don’t sweat you in your office time. Comfort and style come hand in hand. He explained more designs are on their way. He concluded the pitch by asking Sharks to join them. Samples of the product were presented to the Sharks to try.

Queries about the product

Lori likes the fabric. Peter appraised his idea and then inquired if the equity ratio was 4%. Justin confirmed that the equity ratio is 4%. Peter inquired about the lifetime sales. Justin replied that they started last year. They sold 92,000 shirts for 5.4 million dollars. Sharks were impressed. Mark inquired if was it direct-to-consumers. Justin replied they are online and direct-to-consumer.

Shark’s Responses & Final Deal

Peter inquired about the profit margin. Justin answered that the profit margin is 20% of the net sales. Daymond appreciated the shirt quality. He stated that doesn’t like the Midtown Uniform and the evaluation. So he stepped out. Kevin stated that there have been other apparel design companies before on the show but his company has the highest and exceptional sales figures in the shorter time. He inquired about the skills he possesses that make him more accomplished in sales.

Justin confirmed that the secret is in the marketing funnel. He further explained that he has 20 years of experience in Internet marketing, as he used to check applications for events. Lori jumped in to mention that she loves the product but to gift someone, but she wouldn’t invest it as she doesn’t consider it a good fit. So, she stepped out of the deal. 

Peter mentioned that he is quite shocked to see this quick progress in this industry. As he too has experience in the clothing industry, he mentioned that this type of clothes is famous most in Asia. He inquired about the cost of making them. Justin responded that the cost to make it is $15 and sell it for $65 to $75. Kevin exclaimed that he was shocked to see such a business in 14 years of the show. So he made an offer. 

Kevin offered $300,000 for 10% equity which is $3 million in evaluation. Justin rejected the offer immediately. He justified his reason for rejection as it’s growing pretty fast and generates 28% per month. Kevin mentioned this is the reason he is making an offer. Daymond inquired if he had any other investors. He responded with a no. 

Peter tried to persuade him but he mentioned that the correct evaluation is $20 million. Kevin then inquired about his EDITBA (Earnings before interest, tax, depreciation & amortization). Mark jumped in to inquire Justin what he needed. He answered that they need a team with inventory and marketing. Mark further inquired if he needed it to extend inventory. To this Justin replied that he needed credit in line.

Mark mentioned that he is looking for a mentor who can take his brand to the next level. Daymond replied take the 10% offer, and that’s my mentorship advice. Peter exclaimed it was brutal as he thought that this fashion would be outdated in 6 to 12 months. Justin didn’t agree with him. Daymond mentioned that he needs to believe that every fashion does go out of style. Peter mentioned that he is going to make an offer. 

Lori suggested Justin listen to him. Peter mentioned that he has a business model that can cut the cost but he has the same offer as Kevin’s. He offered $300,000 for 10% equity. He rejected the offer immediately. All Sharks wanted to persuade him to take the offer. Mark inquires him about the amount of capital he has in his mind. Justin replied that he needed $700,000 in line of credit. Mark asked Peter to join him in a deal.

Mark and Peter discussed a deal with some equity rate. But Justin begins to disagree at the same moment. Lori asked him to listen to their deal. While Daymond commented that he has a NO answer for every deal. Mark asked Justin if he was willing to give $700,000 in line of credit and $300,000 in cash and what equity rate is he willing to offer. Justin mentioned 5%. This frustrates the Sharks.

Kevin jumps in to advise Justin. He advised that if 10% is too much, he’s out. Peter suggested him listen carefully which is a good sign of an entrepreneur. Mark tried again to make him understand that taking two Sharks as a mentor would help him grow rapidly internationally. Lori stated that she had a feeling that he was not gonna make a deal today. The very next moment, Peter and Mark stepped out of the deal. 

Justin counter-offered for 7% equity. Mark restated his deal again. He offered $700,000 in line of credit with $300,000 with 10% equity. Justin asked Peter if he was still in for the deal. Peter mentioned yes he is. Justin agreed to the deal. After they shook hands, Justin left the stage. 

What Went Wrong with Collars & Co on Shark Tank

The pitch was good and sales were impressive. But the Sharks quit due to their lack of interest. Moreover, entrepreneur Justin Baer was rigid in negotiation which almost turned out all the Sharks till the end. However, Mark and Peter manage to secure a deal in the end with Justin.

Product Availability

Collars & Co shirt designs are amazingly appraised throughout the U.S.A. The physical stores are rushed with customers for better shirt designs and high-quality fabric. To keep both fashion and a formal look, the shirt has several collections to offer both online and in stores. They have a feminine collection too. You can check their website for their locations and new arrivals. 

Conclusion

Entrepreneur Justin Baer is on Shark Tank Season 14 with his stylish collared shirt company, Collars & Co. The shirt company designs shirt designs with top-notch breathable fabrics. He demands for $300,000 for 4% equity. Sales impressed Sharks but they stepped out due tot eh their lack of interest in it.

After turning down two offers, Sharks decided to help him understand the clothing industry. Justin was almost left out of all Shark till the end. But Mark and Peter advised him to listen and understand the deal, and they finally got the deal done.