Bethesda-based clothing line Collars & Co. was featured on the November 11 episode of Shark Tank on ABC. Many may have seen the clothing company’s signature item, the “Dress Collar Polo”, a buttery soft polo with a standard English spread collar that is said to be more comfortable than a normal collared shirt. Collar & Co went on Shark Tank seeking $300K for 4% equity at a $7.5 Million valuation from the sharks and ended up striking a deal. The business will return on the May 5th edition of Shark Tank for a business update. More below on how their initial Shark Tank appearance went:
According to its website, Collars & Co.’s mission is to “provide men and women with extremely high quality clothing that not only looks great, but feels amazing as well.” The business sells shirts, sweaters, underwear, and accessories. Bethesda resident Justin Baer presented his product, asking for $300K for a 4% equity (valuation of $7.5M). The business launched in 2021 and went viral on TikTok, leading to 500 orders off the bat and $40K in revenue the first month after the video’s release.
Due to supply chain issues, Baer decided he needed a shark to continue Collar & Co.’s success, which had garnered nearly 70k followers on TikTok last month and an additional 7k since the show aired. In the year since his company opened, Baer has sold 92,000 shirts for $5.4 million and has netted 20% profit. The shirts cost $15 to make and sell for $65-$75.
“Mr. Wonderful” Kevin O’Leary offered $300K for 10% equity, which was quickly rejected by Baer. British businessman Peter Jones states that he is worried the clothing will go out of style, but still offers $300K for 10% equity (like Mr. Wonderful). Baer maintains that he wants $300K for 4% until Mark Cuban joins Jones on the deal. Baer, Jones, and Cuban end up agreeing on a deal of $300K for 10% equity with a $700k line of credit.
Multiple businesses with strong Montgomery County connections have been featured on Shark Tank in the last half year. LavaBox was featured on Shark Tank in March, Collars & Co. was featured in November, OoogieBear was featured in September, and ShredSkinz was featured in December.