Collars and Co, an apparel line specializing in polo shirts, was founded by Justin Baer in March 2021. The brand gained widespread recognition after appearing on Season 14 of Shark Tank USA, where they secured a deal with investors Mark Cuban and Peter Jones. As of November 2023, Collars and Co. boasts a net worth of $1.2 million and an impressive $5 million in annual revenue.
Collars and Co. Net Worth Timeline
- Net Worth 2023: $1.2 million
- Net Worth 2022: $1.2 million
- Net Worth Valuation 2022 (Post-Shark Tank): $3 million
- Net Worth Valuation 2022 (Pre-Shark Tank): $7.5 million
Shark Tank Pitch Details
- Episode: Season 14 Episode 06
- Founder: Justin Baer
- Asked for: $300,000 for 4% equity
- Final Deal: $300,000 for 10% equity + $700k line of credit
- Sharks: Mark Cuban and Peter Jones
- Location: Bethesda, Maryland
Key Figures and Accomplishments
- Founder: Justin Baer (Net Worth: $21 million in 2023)
- Employees: 10 – 50
- Lifetime Sales: $14.2 million (2023)
Product Range
Collars and Co’s product range includes a variety of high-quality shirts, including polo shirts, dress shirts, sweaters, belts, blazers, outerwear, and underwear. They offer diverse collar styles and colors to cater to different preferences.
Financial Status
- Net Worth (2023): $1.2 million
- Founder’s Net Worth (2023): $21 million
- Annual Sales Revenue (2022): $5 million
- Profit Margin: Maintained at 20%
Marketing and Growth
- Shark Tank Exposure: Boosted brand awareness and secured investment
- TikTok Virality: A viral TikTok video contributed to increased brand visibility
- Brand Ambassadors: Strategic partnerships with brand ambassadors enhanced credibility
- Media Features: Recognition from publications like GQ, Forbes, Men’s Health, and Golf Digest added to brand prestige
Investment and Credit
- Shark Tank Deal: $300,000 for 10% equity + $700k line of credit with Mark Cuban and Peter Jones
- Valuation (Pre-Shark Tank): $7.5 million (based on $5 million gross revenue)
Conclusion
Collars and Co’s journey, marked by a successful appearance on Shark Tank, strategic marketing efforts, and a lucrative investment deal, showcases their ability to make a significant impact in the apparel industry. From a valuation of $7.5 million pre-Shark Tank to a thriving business with a net worth of $1.2 million in 2023, Collars and Co continues to be a testament to the power of innovation and effective entrepreneurship.