Sebastian Garcia and Raul Bernal had a problem: renting tuxedos is expensive and not very convenient. They wanted an easier and cheaper way for men to look good at formal events. So they created The Lapel Project. This product allows you to transform any suit into a tuxedo with stylish and affordable lapels that can be easily attached to a regular jacket.
The lapels come in various styles giving you a tuxedo look without breaking the bank. They went on Shark Tank seeking $150,000 for 20% of their company hoping to find a deal that would help them grow and reach more customers. Will the entrepreneur get a deal on Shark Tank? Check out The Lapel Project update to find out!
The Lapel Project Net Worth Shark Tank Update 2025
Sebastian Garcia and Raul Bernal asked for a $150k investment in exchange for 20% equity in their company, The Lapel Project. This meant they valued their company at $750,000. They made a deal with Mark Cuban for $150k in exchange for 30% of their company. This new deal valued their company at $500,000. After the show aired, The Lapel Project saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of The Lapel Project is about $1.34 million.
Following its appearance on Shark Tank The Lapel Project saw significant growth. The business owners struck a deal with Mark Cuban for $150,000 in return for 30% ownership in the company. Thanks to his investment the company grew swiftly. Mark Cuban’s team assisted them in enhancing their website and boosting their sales on Amazon.
In the initial year, the business experienced a 1000% rise in sales. They further broadened their product range by incorporating new offerings such as personalized lapels bowties and footwear. By 2024 The Lapel Project achieved approximately $2 million in total sales. The business remains operational and is flourishing due to Mark Cuban’s leadership.
Yes The Lapel Project secured a deal on Shark Tank. The business owners sought $150,000 in exchange for 20% ownership. Nonetheless, Mark Cuban proposed $150,000 in exchange for 30% ownership. They agreed to this proposal. This agreement enabled them to rapidly expand their business and boost their sales. Mark Cuban’s participation assisted them in enhancing their online visibility and product selections. The agreement with Mark Cuban was instrumental in the company’s success.
| Shark(s) name | Offer & Demand | Counter Offer | Accepted? |
| Barbara Corcoran | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | $150,000 for 30% equity | N/A | Yes |
The Lapel Project Shark Tank pitch
Sebastian Garcia and Raul Bernal were the minds behind The Lapel Project. They came up with the idea after noticing the high costs of renting tuxedos for special events. They wanted to provide a solution that made formal wear affordable. They knew men needed a stylish and easy way to upgrade their suits without spending a lot of money. The Lapel Project was their way of offering a more affordable option.
They worked hard to develop a product that was both affordable and stylish. The lapels are made of high-quality materials and can be easily attached to any suit jacket. They wanted to make sure the product was easy to use and did not damage the clothing. One of the challenges they faced early on was finding a way to make the lapels stick securely without damaging the fabric.
They also had to create a product that could be applied easily and looked professional. It took a lot of trial and error to get the product right, but they succeeded.
Sebastian and Raul entered Shark Tank with a specific objective in mind. They aimed to obtain $150,000 in exchange for 20% equity in their company The Lapel Project. They demonstrated their product by illustrating to the sharks how simple it was to connect the lapels to a suit jacket. They described how the lapels could quickly transform a suit into a tuxedo. The lapels were crafted from premium materials and could be affixed with a unique adhesive that was safe for textiles.
The entrepreneurs highlighted that their lapels were both reusable and long-lasting. They thought their product would attract those who wished to appear fashionable at formal occasions without spending much on a tuxedo. The business owners further detailed their business model. They produced the lapels at a cost of $5 to $8 each and marketed them for $50 to $100.
They had generated $16,000 in sales from lapels in their store and were seeking an investment to expand their business. Their aim was to enhance their online visibility and boost sales on platforms such as Amazon.
The sharks asked the entrepreneurs many questions about their lapels. They wanted to know how the product worked and its growth potential along with costs and sales numbers. Robert Herjavec was skeptical and questioned whether the product would succeed thinking it might be just a novelty. Sebastian and Raul assured the sharks that the lapels were high-quality and great for formal occasions.
They highlighted that the lapels were easy to apply and remove making them convenient for occasional tuxedo wearers. Daymond John and Lori Greiner showed interest but ultimately chose not to invest as did Kevin O’Leary, Barbara Corcoran, and Robert Herjavec. The entrepreneurs were anxious about leaving without a deal but Mark Cuban remained interested.
Mark Cuban asked the entrepreneurs about their sales and their plans to grow their business. He showed a real interest in The Lapel Project’s potential. He offered to help them improve their online presence and reach more customers. He suggested selling their product on Amazon and other platforms. Mark Cuban offered $150,000 for 30% equity in the company.
The entrepreneurs were excited about the offer. They recognized that Mark Cuban’s support would help them grow their business quickly. They accepted the deal and the sharks shook hands to seal it. This was a significant moment for The Lapel Project as they now had the support they needed to expand their business.
What Went Wrong With The Lapel Project On Shark Tank?
Despite the deal with Mark Cuban, some sharks did not see the potential of The Lapel Project. Robert Herjavec did not believe the product was unique enough to succeed in the long run. He thought it might just be a gimmick. Daymond John and Lori Greiner also did not see enough growth potential in the product. They did not think it could become a successful business.
However, Mark Cuban was able to see the opportunity in The Lapel Project. He believed that with the right marketing and online presence, the product could reach a large audience. Mark Cuban’s offer of $150,000 for 30% equity was exactly what the entrepreneurs needed to grow their businesses.
Product Availability
The Lapel Project is available for purchase on the company’s website and on platforms like Amazon. The lapels are available in a variety of styles and can be easily attached to any suit jacket. The product is designed to be durable, reusable, and easy to apply. The company has also expanded its product line to include other formal wear accessories like bowties and shoes. The lapels are priced between $50 and $100 making them a more affordable alternative to renting or buying a tuxedo. The Lapel Project has a strong online presence and continues to grow with the help of Mark Cuban’s investment and guidance.
Conclusion
The Lapel Project did well on Shark Tank. While some judges weren’t interested Mark Cuban saw its potential and invested. This support helped the company grow rapidly leading to a huge 1000% increase in sales. They expanded their products and now have about $2 million in total sales. The Lapel Project is doing great offering stylish and affordable options for men who want to upgrade their suits. This success shows how important the right investor and product can be. Thanks to Mark Cuban The Lapel Project has become a thriving business.
Hey there, I’m Fatima Muhammad, an International Relations student, with a focus on the strategic dynamics of global relations, One of my favorite shows is Shark Tank. I love it because it showcases the creativity, determination, and strategic thinking of entrepreneurs, which I find inspiring. The show also teaches valuable lessons about innovation, business dynamics, and the importance of perseverance in the face of challenges. Read more About me.
