Best Wardrobe Solutions Shark Tank Net Worth 2023
Best Wardrobe Solutions Shark Tank Net Worth
As of February 2023, there is no public information available about Best Wardrobe Solutions’ net worth.
Cedric Cobb, the founder of Best Wardrobe Solutions, appeared on Season 10 of Shark Tank in 2019 to pitch his men’s apparel business.
He asked for an investment of $200,000 in exchange for 15% equity. Daymond John offered him $1.00 for the same amount of equity and Cedric accepted.
Since then, Best Wardrobe Solutions has continued to grow and expand its product line. The company sells fashion accessories such as ties, pocket squares, collar stays, belts, shoes and more. Its signature product is the Best Pocket Square Holder which sells for $19.99 on Amazon.
Cedric has also teamed up with The Lapel Project founder Sebastian Garcia after Mark Cuban invested $150,000 in The Lapel Project during the show.
What is Best Wardrobe Solutions? Who is the Founder of Best Wardrobe Solutions?
Best Wardrobe Solutions is a company that specializes in men’s fashion accessories. They offer a range of products such as ties, pocket squares, collar stays, belts, shoes, and other fashion accessories.
Their one-of-a-kind mobile app helps men learn how to properly knot a pocket square, which is a kerchief that can be worn in a suit pocket.
One of the most popular items sold by Best Wardrobe Solutions is the Best Pocket Square Holder.
This lightweight holder is used to keep a pocket square neatly folded in place in any blazer or jacket. It comes in various designs and colors to match their ties and costs $19.99 on Amazon.
Cedric Cobb is the President/CEO of Best Wardrobe Solutions and the inventor of the Best Pocket Square Holder. He has a 20-year career in corporate sales, management, and wardrobe consulting, which has earned him the title of fashion expert.
Cedric was inspired to invent the Best Pocket Square Holder after watching the Steve Harvey talk program in 2015 and noticing that the host’s pocket square was out of place.
Knowing that many men faced the same problem, he came up with the Best Pocket Square Holder as the solution.
Cedric’s mother, who was a professional seamstress and entrepreneur for over 30 years, inspired him to pursue an education and a career in corporate America.
Best Wardrobe Solutions has recently released a mobile app that makes purchasing the Best Pocket Square Holder easier and faster.
Best Wardrobe Solutions Shark Tank Pitch
Cedric made an appearance on season 10 episode 21 of Shark Tank, seeking $200,000 in exchange for a 15% stake in his company, which valued his company at $1,333,333.33.
During his pitch, Cedric demonstrated how his pocket square holder worked and distributed samples. The cost of each holder was $19.99, and the wholesale price was $7.50 per unit.
However, due to all production taking place in the United States, the cost had increased to $3.40 per unit.
Despite the product being available for purchase on various platforms, including Best Wardrobe Solutions’ website, Amazon, Etsy, and church conferences, Cedric stated that wholesale accounted for up to 70% of total sales.
Cedric was seeking funding to reduce manufacturing costs by moving production to an assembly line. While Mark did not like the wholesale aspect of the business and withdrew from the deal, Robert thought the product was cool but too niche and also withdrew.
Kevin believed he could help the product succeed and offered a $1.50 royalty per unit, but Daymond came back into the negotiation and offered a $1 royalty per unit instead, which was ultimately accepted by Cedric.
As of August 2019, it is unclear if the deal was completed. Best Wardrobe Solutions has expanded its product line to include fraternity pocket squares, bow ties, shoes, socks, and lapels, as well as having a groomsmen store.
The company generates $3 million in yearly sales as of June 2021 and is available for purchase on the company website and Amazon.
Best Wardrobe Solutions Net Worth
Cedric appears on Shark Tank season 10 episode 21 in search of $200,000 for a 15% stake in his company.
This translates to a $1,333,333.33 valuation. They accepted an offer from Daymond for $200,000 for $1 per unit royalty in perpetuity thus the same valuation.
Best Wardrobe Solutions Competitors
There is no competitor identified for Best Wardrobe Solutions.
Best Wardrobe Solutions FAQS
What is Best Wardrobe Solutions?
Best Wardrobe Solutions is a men’s fashion accessory firm. Best Wardrobe Solutions sells ties, pocket squares, collar stays, belts, shoes, and other fashion accessories.
The Best Pocket Square Holder is one of Best Wardrobe Solutions’ best-selling items.
It is used as a lightweight holder that holds a pocket square folded in position in any blazer or jacket for both men and women.
Who is the founder of Best Wardrobe Solutions?
Cedric Cobb is the founder of Best Wardrobe Solutions. He is a fashion expert and entrepreneur, and he has created several other men’s fashion accessories, including bow ties and cuff links.
How much he seeking in the Shark Tank?
Cedric is seeking $200,000 for a 15% stake in his company. This translates to a $1,333,333.33 valuation.
Did he get the deal from the Sharks?
They accepted an offer from Daymond for $200,000 for $1 per unit royalty in perpetuity thus the same valuation.
How much does Pocket Square Holders cost?
These Pocket Square Holders retail for $19.99 each and Pocket Square Holders wholesale for $7.50 per unit.
What episode of Shark Tank was Pocket Square Holders aired?
They aired on Shark Tank season 10 episode 2.
What material is the product made of?
The Best Pocket Square Holder is manufactured of Industrial Grade Freckled Felt, which is incredibly sturdy and long-lasting.
The felt is black, and the colour consistency varies. This material is ideal for a sport coat’s breast pocket because, unlike card board, it does not slip or slide in the pocket lining.
It also has a clamping mechanism that may be used to open and secure the pocket square for one-time or permanent use.
When episode was Pocket Square Holders aired on Shark Tank?
They aired on Shark Tank season 10 episode 2.
Is best wardrobe solutions still in business?
His website and Amazon are where he makes his sales. The firm is still in operation and makes $3 million in yearly sales as of June 2021.
What is the pocket square?
A pocket square is a little rectangle of fabric that fits snugly in their jacket’s breast pocket, offering a tasteful touch of fabric peeking out to boost aesthetic attractiveness. Everyone’s attention is focused on that square.
How does a pocket square holder work?
The Best Pocket Square Holder is a lightweight, long-lasting tool that is meant to hold the fold of any pocket square or handkerchief permanently within the breast pocket of a suit, tuxedo, sport coat, or vest for work or a one-time event.
Simply choose their favourite pocket square or handkerchief from their collection.
What is the net worth of Cedric Cobb?
Cedric Cobb’s net worth is unavailable.
