Tones of Melanin Shark Tank Update – Net Worth, Pitch & Deal

Representing the HBCUs, Historically Black Colleges, and Universities, Ashley Jones came into the Shark Tank with her own fashion line that would serve the HSBU community perfectly. The Young entrepreneur asked the judges for $300,000 for a 5% stake in the business.

Ashley has been working hard at it and developing some amazing products for the underrepresented minority of collegiate students. The fashion wear is targeted towards university and college kids in minority communities.

All the sharks were impressed by the passion of the young entrepreneur and her commitment. Her work ethic and future plans really left the sharks astounded and interested in the deal.  

With a fashionable design sense and the ability to craft high-quality products, will Ashley be able to win the hearts of the sharks and secure a deal?

Tones of Melanin Net Worth

Ashley asked for a $300k Investment in exchange for 5% equity in her company. This meant she valued her company at $6 million. She made a deal with Mark Cuban for $300k in exchange for 12% of her company. This new deal valued her company at $2.5 million.

After the show aired, Tones of Melanin saw a big increase in website traffic, sales, and social media attention. Ashley expanded her business beyond collegiate fashion wear to include Greek style, school wear, accessories, and all-season clothing. With an estimated yearly growth rate of 20%, the current net worth of Tones of Melanin is about $3 million.

What happened to Tones of Melanin after Shark Tank?

Ashley has now expanded her business to a variety of other fashion wear. Initially, she was solely focusing on collegiate fashion wear but now she has expanded to Greek style, school wear, accessories, and all season’s clothing.

If you look at the website of Tones of Melanin, Shark Tank, or Mark Cuban is not really mentioned. However, there is one link to ABC where the show airs. The prices of all the products have been kept the same, selling from $15 to $60. Most of the items have been sold out. However, when sold through retailers, they charge their own markup.

Did Tones of Melanin get a deal in Shark Tank?

Yes, Tones of Melanin was able to get a deal on Shark Tank based on the high net worth and scalability of the brand. Some sharks opted out quickly due to a lack of knowledge in this industry. However, Ashley had the attention of Mark Cuban from the beginning.

Lori and Barbara opted out due to the lack of information about the industry. Kevin O’Leary explained that his experience in the clothing industry has shown him that there are a lot of inventory management issues, so he also opted out.

Daymond opted out due to a conflict of interest as he already has other clothing businesses. Mark, however, made Ashley an offer of $300,000 for a 15% stake in the business. She countered with 12% and Mark immediately accepted.

Shark’s NameOffer & DemandCounter OfferAccepted?
Mark Cuban$300k for 15%$300k for 12%Yes ($300k for 12%)
Barbara CorcoranOutN/AN/A
Daymond JohnOutN/AN/A
Lori GreinerOutN/AN/A
Kevin O’LearyOutN/AN/A

Tones of Melanin Shark Tank Update

tones of melanin net worth

Back Story

Asley Jones comes from Virginia and has studied at Norfolk State University. She is the brain behind Tones of Melanin and is the owner of the business. Her background in graphic designing, made her realize that the college branded clothing was not fashionable enough for the youth to wear them. Hence, she developed her own brand, Tones of Melanin.

Her entrepreneurial mind comes from her grandparents who started the first African American beauty supplies business in her town. Hence, she grew up watching them. Later in life when Ashley’s mom lost her job, she went into hustle mode and started doing side hustles to be able to manage on her own.

Initial Pitch

Ashley Jones introduced herself as the owner of Tones of Melanin. Ashley asked for $300,000 for 5% equity in her business.

Ashely explained how for many years the HBCUs aka Historically Black Colleges and Universities have been underrepresented when it comes to fashion. To fill the void Ashley decided to start Tones of Melanin. Tones of Melanin combines streetwear and collegiate wear, making it its own genre of fashion.

When Ashley appeared on Shark Tank, she had 40 different HBCU licenses. Tones of Melanin has now become the hub for all things HBCUs and fashion wear, along with cool accessories.  

Queries about the Product

what happened to tones of melanin after shark tank

Barbara started the queries by asking how much it costs to make and how much it sells for. To which Ashley responded that the jacket Barbara made for $28, and it sells on the website for $110 and sells at the departmental store for $56. The reversible shorts she gets are made for $20 and sell to the departmental store for $48, and they sell for $100. All the reversible jackets are made for $30 and sell for $165.

Lori asked how she started to do this and what’s her background, to which Ashley responded that she designed clothes from early high school till college and that’s how it became a side hustle. She designed for every organization on the campus. There she saw a void in designs and found that her designs were much different from what the brands were making. That’s when she decided to start her own brand.

Daymond asked how many HBCUs are there? To which Ashley provided the figures of 100 or 102. Continuing Daymond stated that Ashley already has 40 licenses and then Ashley told him that most of the universities and colleges don’t even offer the licenses.

Kevin O’Leary then asked about the sales of the business. To which Ashley told them that till her arrival at Shark Tank, the business had sold more than $3.3 million sales.

Mark asked how much was sold in the last 12 months, Ashley responded that in the past 12 months, Tones of Melanin has sold $1.4 million.

Kevin O’Leary then asked if she could share the figures for profit for that year, which is 2022. Mark added by asking her to share the online and retail breakdown of the sales. In the calendar year of 2022, she made $1.1 million, 70% of which came from retail and the remaining from e-commerce.

The products are currently in Dicks Sporting Goods, Follett, 25 HBCUs bookstores, and Fanatics. Also got a purchase order from Follett for $973,000. Kevin asked if she made any profit this year to which Ashley responded with the fact that she had made 343,000 this year.

Barbara asked how she was financing. Ashley informed them about the manufacturer, who would allow them to pay after she gets her payment. This was much appreciated by Daymond. Daymond also asked what the money was going to be used for. Ashley told them that she desired to go into shipping/fulfillment and hire a TPL company.

Lori suggested hiring a 3TPL that only makes you pay when they ship out orders. Ashley also told them that she wanted to spend the money on marketing because she does not have her own spot in the stores.

Lori asked about her background and then Ashley told her that her grandparents had the first African American beauty supplies company in her town. When Ashley was 13 her mother lost her job and Ashley went into hustle mode. Mark and Lori were both curious if she was taking a salary and Ashley told them not yet. Currently, all the earnings are going back into the business.

Shark’s responses and final deal

did tones of melanin get a deal in shark tank

Daymond knows about the industry since he has a foot in more than 3 brands and advised her to hire one male and one female ambassador for the shops and that will skyrocket the sales. All the sharks were extremely impressed by the positive attitude of Ashley and her courage.

Mark saw potential in the company and decided to make an offer that was $300,000 for a 15% stake in the business. Ashley countered with a 12% stake in the business and Mark quickly accepted the offer.

Product Availability

The variety of products and accessories has been increased by a lot. Tones of Melanin is not only being sold on the website but also in many other places online and in retailers. As mentioned already, Fanatic, Follett, Dicks Sporting Goods, and 25 HBCUs.

However, now the portfolio for online sales has enlarged by a massive number; some of the places it is being sold at are eBay, The Market Place, Connecticut Post Mall, Instacart, Locally, and Belk were some that we found Tones of Melanin being sold.

Conclusion

Tones of Melanin’ owner Ashley Jones is a powerhouse and stole the show with her enthusiasm and her charisma. She also had the evaluation, and the numbers memorized meaning she came fully prepped. Along with that, she impressed the sharks and they all praised her.

The products were good quality and everyone was impressed by the financials, quality of products, and margins. This led to Ashley getting a deal at Shark Tank. Some of the sharks did not invest due to a lack of knowledge of the clothing market and some sharks had a conflict of interest or a bad experience. Mark, however, did not hesitate and made an offer which was countered by Ashley and Mark instantly accepted it.

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