Basic Outfitters Shark Tank Net Worth
Basic Outfitters appeared on Shark Tank and had a net worth of around $1.25 million at the time. However, they did not receive a deal from the Sharks. As of 2022, their current net worth is unknown.
What is Basic Outfitters and Who is the founder of Basic Outfitters?
Basic Outfitters is a clothing brand that specializes in providing men with high-quality and fashionable basics, such as T-shirts, underwear, socks, and sweatpants, that can be customized to suit their needs.
The company was founded by Laura and Michael Dweck, a couple based in midtown Manhattan. Laura, who has a background in fashion design, noticed that her husband’s old and worn-out basics needed to be replaced when they got married.
Michael, who worked as an operations manager for chemotherapy and surgical units at Memorial Sloan Kettering, struggled to find affordable and stylish replacements for his old basics.
This inspired the couple to create Basic Outfitters, which allows men to restock their entire wardrobe with basic clothing items for as little as $60. The company is committed to ethical and responsible production and is a member of WRAP.
Basic Outfitters Shark Tank pitch
In an effort to acquire funding for expansion and inventory growth, Laura and Michael pitched their company, Basic Outfitters, to the investors on episode 12 of Season 8 of Shark Tank.
The couple requested $125,000 in exchange for a 10% stake in their company, which was valued at $1.25 million. They revealed that they only owned 25% of the company, which did not sit well with the investors. Their projected sales were valued at $500,000.
Mark Cuban appreciated the idea but was not fond of the execution, so he declined. Robert Herjavec declined due to confusion regarding the equity split. Daymond John also opted out for similar reasons.
Kevin O’Leary was fond of the idea and made an offer of $125,000 for a 25% stake in the company, subject to the other investors agreeing to the percentage.
Lori Greiner accepted Kevin’s proposal. After Laura and Michael countered with a $125,000 investment in exchange for a 15% stake, Kevin O’Leary withdrew. Lori Greiner initially countered with $125,000 in exchange for a 20% equity stake, but eventually backed out due to concerns about the other investors. As a result, the brothers walked away from the pitch without a deal.
Despite failing to secure a deal on Shark Tank, Basic Outfitters saw explosive growth, with sales increasing by 1000% to $5 million. They expanded their Amazon store, started doing pop-up stores, and partnered with Jet Blue. Their products were included in Jet Blue’s Mint amenity packages.
Both Laura and Michael were named to Forbes’ 30 under 30 list in 2018. The couple left the company in June of that year. No information is available about who purchased the company.
However, as of a 2021 update, Basic Outfitters’ Facebook page has been inactive since January 2020, their items on Amazon are currently unavailable, and their website does not provide a means of purchasing merchandise. This explains why the company is no longer in business.
Competitors of Basic Outfitters
Basic Outfitters’ main competitors are; Izola, Mitscoots Outfitters, Summersalt, and ABC Underwear.
Net Worth of Basic Outfitters
The company was valued at $1.25 million during the pitch; since the company is no longer in business hence the company valuation is unavailable.
Basic Outfitters FAQs
What is Basic Outfitters?
Basic Outfitters is a company that helps men restock their wardrobes with basic clothing items in the shortest amount of time possible.
Who is the founder?
The company was started by a couple, which was founded by Michael and Laura in 2014.
How much were they asking on Shark Tank?
They were seeking for $125,000 for 10% stake in their company, which is valued at $1.25 million.
Did they have the deal?
No, they did not.
Is Basic Outfitters still in business?
Basic Outfitters are no longer in business, as they haven’t posted any updates on social media since January of 2020.
What are their competitors?
They are competing with other companies such as Summersalt, Mitscoots Outfitters and ABC Underwear.
What is the website of Basic Outfitters?
Their website is https://www.basicoutfitters.com/ but since it has not been updated since January of 2020, there is no available method to purchase their merchandise and hence it cannot be commented on if they are still in business.
What is the net worth of Basic Outfitters?
The company was valued at $1.25 million during the pitch, since the company is no longer in business and hence the company valuation is unavailable.
What is Basic Outfitters Instagram?
Basic Outfitters Instagram Handle is @basicoutfittersnyc.
What are the products Basic Outfitters are selling?
Basic Outfitter sells underpants, socks, and tee shirts that guys need in everyday life.
What is the purpose of Basic Outfitters?
The business’s mission is to help men step up their game when it comes to undergarments.
Was Basic Outfitters a scam?
No, it is not a scam. The company was started by two entrepreneurs in 2014 and the business has been successful due to their concept and marketing savvy.
Is Basic Outfitters good investment?
Yes, it was a good investment. Socks, underwear and tee shirts are items that most men cannot do without.
If a person can develop a product or brand that can meet the needs of 50% of the population then there is no doubt that it will be successful in the market.
How many employees does Basic Outfitters have?
There 7 employees is listed on their website but the company is out of business.
Does Basic Outfitters accept credit cards?
Basic Outfitters accepts payments through Amazon, however they do not accept credit card.
What is the salary of Basic Outfitters?
They don’t mention anything about their salary on their website.
What is the Charity of Basic Outfitters?
The company has not mentioned anything about their charitable work.
What is the email address of Basic Outfitters?
Their email address is not mentioned on their website.
Is there a phone number for Basic Outfitters?
Basic Outfitter’s phone number is not available on the internet.
What is the net worth of Michael Dweck?
He has an estimated net worth of over $2.5 million.
What is the net worth of Laura Dweck?
She has an estimated net worth of over $500,000.
