MTailor Shark Tank Update - MTailor Net Worth - Shark Tank Insights (2024)

Are you frustrated with struggling to find suits and blazers that fit your body perfectly? MTailor offers a three-step app solution to address this issue.

As a men’s clothing tailor, MTailor specializes in creating garments tailored to your specific build, shape, and size requirements.

Simply input your measurements via the app, customize your preferences, and have your customized clothing delivered straight to your doorstep.

It was an excellent idea pitched by Miles Penn in Season 7 of Shark Tank and he asked for $2.5 Million for 10% Equity. Did he get the deal or not? Let’s find out!

MTailor Net Worth

Mtailor’s net worth will be $25 million in November 2023, and they’re pulling in a whopping $13.2 million in annual revenue.

What happened to MTailor after Shark Tank?

MTailor continues to operate successfully, offering its app and services through its website, App Store, and Apple Store platforms. It currently has a team of 64 employees.

Did MTailor get a deal on Shark Tank?

The Sharks showed little interest in investing in MTailor, citing concerns about both the founder and the business plan. Although some offers were made, the founder rejected them all, ultimately choosing to walk away from the negotiation table without securing a deal.

MTailor Shark Tank Update

We’ve watched various pitches in Shark Tank; some were funny because of quirky pitches with jingles or costumes. Others stood out for introducing successful products that became popular. Then, there were pitches like MTailor, where tensions rose as the sharks asked tough questions and made the entrepreneur confused and angry.

In this episode, Miles Penn pitched his product MTailor, which offers customized clothing for men, and got some offers but didn’t finalize any deal and left empty-handed. Let’s learn why and how this happened to him.

Founders and BackStory

MTailor was established in 2012 by Miles Penn, a Stanford graduate with a background in computer science and technology. He invented MTailor, which is an innovative app designed to provide custom-tailored clothing by accurately measuring the user’s body, similar to a professional tailor.

Penn conceived the idea for MTailor after experiencing frustration with online clothes shopping due to ill-fitting garments and cumbersome return processes. Recognizing the opportunity for improvement, he developed the app to address these challenges.

The company MTailor has some strong early venture capital backers. They incubated at Y Combinator and received $2 million in funding from Khosla Ventures, which is a capital firm built in 2004 by Vinod Khosla, a co-founder of Microsystems.

Pitch and Offers

Miles Penn is seeking $2.5 Million for 10% equity. He started his pitch by telling Sharks how he hates wandering in the mall, looking for right-fit shirts. Online shopping also sucks as most of the time, you don’t get the accurate size. MTailor claims to be 20% more accurate than measurements taken by a human tailor, further enhancing its appeal and reliability.

Miles demonstrates how his app measures shirts using just a phone, boasting greater accuracy than a traditional tailor. With over 10,000 styles and color combinations available, customers can easily customize their shirts. The process is simple: select style options, then place the phone against a wall and make a single spin. In under 30 seconds, the app gathers measurements for a perfectly fitted shirt.

Due to the absence of store overhead and the need for a tailor, Miles is able to offer custom shirts for $69, almost half the price of other custom options on the market.

The return rates on the shirts were 15% lower than other retail locations and revenue was only $150,000. The sharks began to scrutinize the company’s valuation, expressing doubts about the amount Miles was seeking given the issues the company was facing. Guest shark Chris Sacca voiced his reluctance to invest in a company with such imperfections, stating he wouldn’t pay a premium for it.

Barbara Corcoran grew concerned about Miles’ apparent lack of stress, finding it unsettling. She decided to pass on the opportunity as Miles didn’t seem bothered by the challenges. Daymond John, despite expressing his dislike for Miles, still extended an offer of $2.5 million for 17.5% equity, along with the option to license the technology. However, Miles’ differing strategic vision led Daymond to retract his offer.

Kevin O’Leary proposed an alternative, offering $2.5 million as debt at 7% interest for three years in exchange for 2.5% equity. While Mark saw potential in the deal, he ultimately withdrew from consideration. Miles, preferring equity partners over debt, declined Kevin’s offer, prompting Chris Sacca to question Miles’ confidence in the business before departing without a deal.

With no agreement reached with the sharks, the company’s future remains uncertain as Miles continues his pursuit of equity partners aligned with his vision.

MTailor Availability

Available for both Android and iPhone, the app allows customers to conveniently purchase custom shirts or suits online. Starting at $69, Taylor’s shirts offer a cost-effective option compared to traditional tailored garments.

Conclusion

Miles Penn’s appearance on Shark Tank sparked a substantial surge in both national and international downloads for the company. Additionally, the company received a commendable 4.1-star review, contributing to its current success in the business arena.