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Mtailor’s net worth: The clothing brand has gone from strength to strength

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Did you see the episode of Shark tank with Mtailor? Well, it was one of the best episodes of Shark Tank so far. Have you ever wondered about Mtailor net worth? Men’s fashion is something essential but not very successful in the textile industry. To put an end to this problem, Mtailor has entered the market.

First of all, Mtailor is a clothing brand that produces the best personalized clothing for men. Also, the idea focuses on eliminating the measuring scale and introducing a phone camera for this purpose. In addition, the collection includes about 10,000 models of different cuts. In addition, the clothes made are nothing ordinary, they are enriched with technology. Let us dig deeper into the brand and find the net worth of Mtailor.

What is Mtailor?

The sizes used in the online shopping industry have created a problem for many people. The clothes purchased are rarely the size and fit you want. The most amazing fact about the brand is that the app is about 20% more accurate than the tailors. Why do we need tailors when we have Mtailor? The idea for this extraordinary brand came from Miles Penn and Rafi Witten, who are great entrepreneurs but couldn’t make do with the size of online stores. Mtailor has made it very obvious that there is nothing that machine learning and artificial intelligence cannot do. The brand came into the limelight after appearing on the Shark tank show.

tailor

Also Read: Kelsea Ballerinis Net Worth: How Rich Is The Star?

How was MTailor’s Shark Tank Pitch?

The offer that Miles posted on the show was getting $2.5 million in exchange for a 10% stake in his company MTailor. Miles shared his story of shopping malls and online shopping with sharks and how online shopping has always disappointed him. Plus, in the salon, Miles showed how to order the perfect shirt from over 10,000 styles and colors. Additionally, Miles brought the cost factor into the show.

An average shirt on the app costs around $69, about half of what tailors charge. Other commercial interiors provided were for yields. Digging deeper into this, Miles found that retail stores had around 25% returns, but MTailor only had 15%. Isn’t that outrageously amazing? The Five Sharks were initially for the deal, but later questioned his technology and refused to make a deal.

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What happened after Shark Tank?

Well, Mtailor didn’t get a dime on the show, but that didn’t stop the brand from growing. In 2018, Mtailor raised approximately $5.2 million from Khosla Ventures. In total, MTailor has raised approximately $7.2 million in venture capital. Also, the creative minds of the makers didn’t let COVID-19 affect the brand, in fact, they started a new business called MTailor Masks, where a mask was included with all shirts.

Tailor’s net worth

Regardless of how things went on the show, Mtailor has an estimated net worth of $25 million today. Additionally, MTailor generates monthly revenue of around $500,000.

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