- Entertainment
ByMonica J. White
Some episodes of Shark Tank are memorable because the company pitch is hilarious. Sometimes they involve a jaunty little jingle, or a ridiculous costume. Others are memorable because it's a standout business and the product ends up becoming a household name. Then, there are those that pick up steam because once the pitch is made, and the sharks have had their chance to take a bite, there's blood in the water. Season seven's MTailor is one of those.
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In MTailor, there are no happy little tunes and no costumes, just menswear aimed to impress and a founder who dared to defy. While CEO and Founder Miles Penn came across confident and sure of his product, it all went downhill beyond the initial concept. To quote Shark Daymond John: "I don't really like you, but I like the concept." Not only did Penn walk away without a deal in place for MTailor, but he may have even made a few enemies along the way. Here's what happened to MTailor during and after Shark Tank.
What happened to MTailor on Shark Tank?
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The concept for MTailor is simple: It's a technological solution to a practical problem with clothes shopping. Aimed specifically at the men's formalwear demographic, MTailor uses a device's camera to measure seventeen points across the body. That allegedly results in a shirt fitted with 20% more accuracy than a legitimate tailor, and in just 30 seconds.
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All of that sounds great, and the Sharks didn't disagree. Penn wanted $2.5 million in exchange for 10% equity in the company, which made for a valuation of $25 million. He had a few nibbles after presenting those figures. That's where the agreements stopped, unfortunately. After questioning from two of the sharks, Penn was forced to disclose that a supply chain issue cost them almost half of their projected earnings for the year. This soured Shark Barbara Corcoran on the deal; she said that Penn was too confident for someone so new to the business. Mark Cuban, on the other hand, didn't like how the supply chain issue was being handled with and bowed out.
MTailor might have had a shot with Daymond John, but he wanted to make an offer that included licensing the technology. Penn was not on board with that, nor was he open to Kevin O'Leary's offer of a loan with 7% interest.Penn walked away with his strategic business plan and at least a couple of shreds of his dignity intact, but no investment money in his pocket.
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MTailor After Shark Tank
Missing out on Shark money doesn't seem to have kept MTailor underwater. After the episode aired in 2015, Penn started pursuing venture capitalist funds on his own. He seems to have made enough good deals, though even withinvestments,MTailor has only brought $13 million in sales. This is more than the company had back in 2015, but it still means that the firm took about seven years to reach the valuation that it presented to the Sharks back when the episode aired.
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Penn didn't think any of the deals offered by the Sharks were tailor-made for MTailor. Perhaps his confidence has paid off — after all, the business seems to be afloat. The media coverage has largely been positive, and with the sales numbers the way they are, MTailor appears to have found its niche. Still, who knows how far the company could have gone with Daymond John or Mr. Wonderful's money? That question will never be answered.
Is MTailor still in business?
As of 2023, MTailor is still thriving in the custom online menswear niche. Since the Shark Tank presentation, it has expanded its range from just men's button-up shirts to all kinds of clothing — and not just for men. In addition to the lineup of men's shirts, jeans, suits, tees, and chinos, the app will now measure women and match them up with perfectly fitted jeans.
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If you want to learn more about it, you can download the MTailor app for Apple or Android. The app achieved a respectable rating on Apple's app store, which is a good start. Users that test out MTailor and find it lacking can take advantage of the 90-day Perfect Fit Guarantee for a return or exchange. This is a good move in a business where you can't try before you buy. On the episode, Penn stated that the company only had a 15% — a pretty big accomplishment with such a lengthy return window.
What's next for MTailor?
It's hard to tell what's coming down the pipeline for MTailor, because its social media accounts have been dormant since 2021. The last Instagram post the company made featured an article on its custom polo range from The Modest Man website. MTailor is also on Facebook, but that account has been inactive for even longer. However, you'll be happy to hear that Miles Penn still stands by his product. He even got married in a custom MTailor suit last year! Penn is active on his personal Twitter, where he does his due diligence promoting his company with every interaction, where it fits.
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Of course, Penn does have reason to be proud. Many companies that test the water temperature on Shark Tank don't survive nearly as long as MTailor has. To date, MTailor has sold over 100,000 items of custom clothing. It still maintains a line of fabrics made of 100% cotton and its prices are now even lower than they were on Shark Tank. Custom-made clothes can be found for as low as $29. Could it start the next revolution in menswear? That remains to be seen.
