What Happened To MTailor After Shark Tank? (2022 Updated)

 

MTailor is a firm that specializes in custom-made men’s apparel. The fascinating fact is that they have been proved to be 20 percent more accurate when it comes to predicting human behavior statistically. All that is required is to use your phone camera to measure the scale.

Each shirt may have over 10000 design options in total. The procedure was not just rapid but also straightforward.

Company Overview in Shark Tank

Company Name MTailor
Website / Social Media         https://www.mtailor.com/
Episode          Episode 7 of Season 17
Product Offering       Men’s customized clothing
Founded 2013
Founder Miles Penn
Required Investment $2,500,000 For 10% stake in the company
Closing Deal No Deal Close
Offered Sharks          No Shark Offered
Current Business Status In Business

What is MTailor?

Because of the convenience of internet shopping, you can purchase practically anything without physically visiting a store. On the contrary, it had always been impossible to purchase clothing online until MTailor emerged.

The MTailor app that can be used for both Android and iOS assists customers in better understanding their body dimensions before ordering custom-fit apparel. To ensure that your clothing is designed to fit you perfectly, we use cutting-edge technology that measures you straight from our smartphone. No measuring tape is required.

How Does MTailor Work?

MTailor’s one-of-a-kind measuring software takes 16 measures over your overall body to guarantee that each apparel item fits perfectly. All clothing fits 20 percent better than a skilled tailor.

Furthermore, the software records a short video and converts it into a comprehensive set of specific metrics. We’ve developed technology that can collect your measurements with a single 360-degree rotation. There are other extra functions available in the app, including:

  • Capture Your Video: Place your phone down, take a 6-foot step back, and spin around once. It just takes approximately 15 seconds.
  • Capture Your 3D Point Cloud: The technology collects your 3D Point Cloud to precisely size your garments.
  • Finalized 3D Scan & Measurements: The device may then compute up to 16 measures to guarantee that your garments fit precisely.

Who Founded MTailor? Founder Backgrounds

Miles Penn started MTailor in 2013. When he developed this program, he was a student at Stanford University.

During high school, he created the application and launched the firm after showing the prototype worked.

Bit Body, Inc, the MTailor’s parent business, is where Miles Penn is currently working as the Chief Executive Officer. Moreover, MTailor’s net worth is estimated to be $25 million in July 2021. According to industry estimates, the monthly income of this firm is between $350,000 to $450,000.

MTailor Business Before Shark Tank

Miles Penn flew all the way from San Francisco, California, to the Shark Tank to seek a $2.5 million investment in return for a 10% stake in his firm, MTailor.

As a male, Miles despises going to the shopping mall and putting on clothing, but internet shopping is much worse, as he will purchase five shirts to receive one that ships and avoid four separate returns.

Custom-made clothing is ideal, but it’s more time-consuming and costly than conventional shopping. Until now, that is still the case.

MTailor During Shark Tank Pitch

MTailor offers men’s personalized shirts by taking measurements using the camera on your phone, and they are up to 20% more precise than human tailors.

There are almost 10,000 different shirt combinations, yet ordering is straightforward. Miles will lead the Sharks through the process of purchasing the jersey he is currently wearing.

Simply begin by selecting a robust purple oxford fabric. Next, choose a collar, including a button-down shirt, for your outfit. The cuff comes next, and the one-button round is always a safe bet. Following that comes MTailor’s specialty, which is the untucked or tucked style.

Daymond’s apparel line, Fubu shirts, does not provide tucked or untucked alternatives.

Because MTailor eliminates the costly measuring and tailoring procedure, a personalized shirt that would ordinarily cost $125 costs just $69 with MTailor.

David had gone behind the protest wall for a change, and now he comes out wearing an outstanding custom-fitted shirt. Of course, Barbara remarks on David’s body and appearance since he seems to be quite elegant and professional.

MTailor has already debuted and is prospering on both Android and IOS. Therefore it’s time to quit dressing up as someone else.

Online apparel shops typically offer a 25 to 30 percent return rate. Daymond then mentioned the $2.5 million along with a 10% stake in the company requested by Miles is worth $25 million in value.

Miles claims he will surely cover assessment; however, visiting Guest Shark Chris Sacca (investment in Twitter, LinkedIn, and other businesses) inquires about revenue. Aside from the $150,000 a month in sales as of July, they’ve also run into supply chain challenges.

They accomplished $130,000 in the last month, but they were on course to reach $2 million when problems arose. MTailor’s revenues this year are expected to be about $1.1 million.

Kevin and Miles are unconcerned because they have $1.4 million in savings in the bank. Mark inquires about the supply chain concerns, and Miles says that when the prices were fixed at a specific price during the first implementation, they were just able to sell two shirts per day.

Now that they can sell a lot of shirts, the supply chain continues to sell them for the same price.

Daymond then inquires as to how Miles arrived at the $25 million value, given that Daymond could reduce that figure to $5 million and produce 19 factories that accomplish the same thing.

Miles claims that he may see Daymond as a great asset that could help the company expand, but Daymond is skeptical. Why is Daymond valued at $25 million if he is such a valuable asset who might greatly assist Miles?

Miles reveals that they sought funds based on a $10 million value, but Daymond claims that MTailor is not worth $10 million.

Miles argues that he owns it in a totally different sense than he did when it was worth $10 million.

After much deliberation, every shark doubts MTailor’s high price. Miles said he is not attempting to take benefit of anybody.

On the other hand, he also believes the $25 million valuations is quite high for the company to undergo a fundraising “Round A”.

MTailor Closing Deal in Shark Tank

Chris discovers that Miles has evaluated his firm at a great price. However, Chris is not interested in paying him an excellent price. Hence, the first Shark to go was Chris. There were zero traces of guilt or shame under Miles, says Barbara, and it seems to be “party banter.”

Because Barbara was concerned about Miles’ supply chain, she has opted out of the agreement, stating that he could not satisfy everyone.

While Daymond does not care for Miles because of his attitude (a jab at Fubu), Daymond does make a deal of offering $2.5 million for 17.5 percent of the firm in return for the company’s stock. However, Daymond wants to license the technology, while Miles still wants to increase manufacturing.

Miles counters with a $2.5 million offer for an 11.11 percent share, valuing MTailor at $22.5 million. However, Miles is more concerned with the short term than the long term and believes that licensing will destroy the firm.

Daymond claims that he can use his $2.5 million investment to locate software that accomplishes what Miles does, and Miles claims that he can do the same. Daymond then walks away from the agreement. Kevin then comes out, stating that although he loves Miles, he opposes the idea of going to China.

Kevin prefers that Miles concentrate on technology rather than the clothes business. Kevin presents a deal offering a $2.5 million loan with a 7% interest for 36 months in exchange for 2.5 percent ownership.

After considerable wrangling, Miles cannot locate a contract or venture loan. There is bitterness in the mouths of every one of the Sharks after Miles’ presentation to them.

MTailor After Shark Tank

It looks like MTailor’s business has been doing well since it was on Shark Tank, even though the Sharks didn’t want to invest in it. The iTunes and Android apps are easily found with a fast Google search, and each one has received positive reviews in its own market.

There are 30 reviews of the Apple version with a 5-star star rating. There are 298 reviews of the Android version with an overall 3.5-star rating.

Google also brings up a few articles about people who have tried the app and found it works well. All of them got great-fitting shirts.

Current Update: Is MTailor Still In Business?

Because MTailor doesn’t have an online catalog of all the different products they sell, you can’t see what they have to offer.

To learn further about MTailor, you need to download and then use the app. This seems like a mistake in getting new customers to be interested in learning more about them.