Basic Outfitters Shark Tank Net Worth 2023 | Basic Outfitters Shark Tank Updates

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

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 Shark Tank Updates

Basic Outfitters is a New York-based apparel company that offers high-quality and affordable men’s essentials, including underwear, loungewear, and socks. The company’s “Create-a-Drawer” feature sends at least 17 different clothing pieces to men with free shipping.

Basic Outfitters has managed to break into the market where many long-established brands have monopolized the prices, offering basic men’s garments on a budget. The brand has kept its niche and remained focused on “basic” men’s apparel.

Basic Outfitters appeared on Shark Tank in 2016, where the founders, Laura and Michael Dweck, asked for $125,000 for 10% equity. However, they did not receive a deal from any of the sharks. Despite this setback, Basic Outfitters has continued to grow and develop its brand.

The company has remained true to its mission of providing high-quality basics at affordable prices.

As of April 2023, there is no recent news or updates on Basic Outfitters available online. However, the company’s website is still active and offering its “Create-a-Drawer” feature, indicating that the company is still in operation.

Basic Outfitters FAQs

What Is Basic Outfitters?

Basic Outfitters is an e-commerce men’s basics brand that offers high-quality underwear, loungewear, and socks. The brand was founded by a husband and wife team who aimed to modernize the sock and underwear drawer.

Basic Outfitters reports steady growth in sales at a rate of 25% month over month, with a product return rate of less than 1% . The brand has kept its niche and remained focused on basic men’s apparel, without turning into a luxury apparel option.

Basic Outfitters offers a “Create-a-Drawer” option, which allows customers to receive high-quality basics with free shipping.

The brand is targeted towards men who want to fix up their messy drawers with fresh pairs of socks and undergarments, and for those who hate to go shopping just for boxers, socks, sweatpants, and undershirts.

Basic Outfitters is a brand for a common man with a modest monthly income who can’t afford to splurge on branded underwear with a high price tag.

Overall, Basic Outfitters is a convenient and affordable option for men who want to refresh their basics without breaking the bank. The brand has gained popularity due to its focus on high-quality basics and its “Create-a-Drawer” option, which makes shopping for basics more convenient.

How Does Basic Outfitters Works?

Basic Outfitters is an online store that offers high-quality men’s basic garments such as underwear, loungewear, and socks. The company’s unique selling point is its “Create-a-Drawer” feature, which allows customers to create their own customized drawer of basics.

Customers can choose from a variety of styles, colors, and sizes to create their perfect drawer of basics.

Basic Outfitters was founded by a husband and wife team, Laura and Michael Dweck, who appeared on Shark Tank in 2017. The company has since grown and remained focused on providing affordable, high-quality basics for men.

The brand has managed to break into the market where many long-established brands have monopolized the prices where there is no way to buy quality underwear, undershirt, or a ….

Basic Outfitters is a brand for men who want to fix up their messy drawers with some fresh pairs of socks and undergarments. It is also for the common man with a modest monthly income who can’t afford to splurge on branded underwear with a high price tag.

The “Create-A-Drawer” option of Basic Outfitters is a godsend for all those who want to have a convenient way to shop for basics without having to go to a store just for boxers, socks, sweatpants, and undershirts.

What Happened To Basic Outfitters After Shark Tank?

Basic Outfitters is a New York-based apparel company that offers high-quality and affordable men’s essentials, including underwear, loungewear, socks, and t-shirts. During their pitch on Shark Tank Season 8, the founders, Laura and Michael Dweck, asked for $125,000 for 10% equity but did not receive a deal.

Despite not receiving a deal, Basic Outfitters’ sales increased 1000% to $5 million during Shark Tank. The Sharks were impressed by the quality of the apparel relative to the price, but Daymond John had reservations about the market for the product.

The entrepreneurs countered by saying that they expected to make $500,000 by the end of the year.

After Shark Tank, Basic Outfitters extended their Amazon shop, started selling in Urban Outfitters, and partnered with Nordstrom. They also launched a women’s line called OutfitHer. The company has remained true to its niche and has continued to offer basic men’s apparel at affordable prices.

The founders have stated that not receiving a deal on Shark Tank turned out to be a positive experience for them. They were able to tell their story to over 6 million viewers and received valuable feedback from the Sharks.

Basic Outfitters has bounced back from the setback and has continued to grow and expand its brand.

What Is The Current Valuation Of Basic Outfitters?

Basic Outfitters is an e-commerce men’s basics brand that sells high-quality men’s fashion staples such as socks and underwear. The company was founded by Laura and Michael Dweck, a husband and wife team, with the aim of modernizing the sock and underwear drawer.

Basic Outfitters reports steady growth in sales at a rate of 25% month over month, with a product return rate of less than 1% .

The brand has managed to break into the market where many long-established brands have monopolized the prices where there is no way to buy quality underwear, undershirt, or a … lingering around $50.

Basic Outfitters appeared on Shark Tank Season 8, where they asked for $125,000 for 10% equity, but they did not get a deal. Despite not getting a deal, Basic Outfitters experienced an exponential bump in its sales.

The brand has now turned into a successful niche apparel brand with a strong foothold in the market. Both Laura and Michael have been named Forbes 30 under 30 for the resounding success of Basic Outfitters.

There is no information available on the current valuation of Basic Outfitters. However, the brand has reported steady growth in sales and has been successful in the market, with a strong foothold and a loyal customer base.

Is Basic Outfitters Still In Business?

Based on the search results, it appears that Basic Outfitters is no longer in business. The company was offered for sale in 2019, and the founders withdrew from the business in June 2019.

The company’s Facebook page has been inactive since January 2020, and the Amazon store is “temporarily unavailable”. While the website is still functioning, the founders are no longer taking orders, and their social media accounts have been inactive.

Despite not receiving a deal on Shark Tank, Basic Outfitters experienced an exponential bump in sales after the show aired. However, the company faced tough competition in the market from businesses focusing on the same line of products.

It is unclear who acquired the company after the founders withdrew from the business.

In summary, Basic Outfitters appears to be no longer in business, with the founders withdrawing from the business in 2019 and the company’s social media accounts being inactive.

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.