Root Suit Shark Tank Net Worth
The net worth of RootSuit is unknown as of 2023. The company was valued at $667,000 when it appeared on Shark Tank in 2022 and had generated gross revenue of $140,000 prior to the show.
What is Root Suit? Who was the Founder of Root Suit?
Root Suit is a type of spandex bodysuit that is suitable for different events, including sports events and parties.
Colin Grussing, who holds a degree in Mechanical Engineering from Yale University, founded Root Suit in 2008. Before starting this venture, Colin established the website begreenman.com, which sells full-body Spandex suits.
What Happened to Root Suit at the Shark Tank Pitch?
During episode 21 of a show, Colin Grussing presented his company Root Suit to potential investors, seeking a $100,000 investment for a 15% stake in his business. Instead of a traditional presentation, Grussing showcased the product by bringing a dance troupe wearing the Root Suit.
Although Grussing claimed to have invented the product, he acknowledged the presence of imitators in the market.
Robert Herjavec expressed concern about the competition, while Daymond John offered to invest $100,000 but only if he could receive 50% ownership, which Grussing rejected. Lori and Kevin O’Leary also declined to invest, and ultimately, Daymond John withdrew his offer, leaving Grussing without a deal.
However, despite not securing funding from the Sharks on Shark Tank, the company still managed to generate $140,000 in gross sales that year. The success of their product, Root Suit, led to an increase in sales, and the company sold around 10,000 units over its first two years, generating $525,000 in revenue.
Root Suit places a high emphasis on proper sizing, providing customers with a dedicated page on their website filled with information to help them determine the correct size for their needs.
The company offers a variety of solid-colored and patterned suits, with prices starting at $35 for solid suits and $40 for patterned designs, such as Green Camo and Zebra, which are sold at a discounted price of $35. All suits are made of 91% premium polyester and 9% high-quality spandex.
Root Suit Competitors
Root Suit is considered to be a significant rival to Exhilarations, which offers comparable garments through its catalog. Other companies in the same industry include L*Space, Moxzie, Body Wrappers, and Vested Interests.
Net Worth of Root Suit
Colin Grussing went on Shark Tank to pitch for a $100,000 investment in exchange for 15% equity in his company, Root Suit. This values the company at around $667,000.
Net Worth of Colin Grussing
In July 2015, Colin Grussing invested approximately $20 million in a Shark costume for his presentation, resulting in an estimated $3.9 million in sales. However, the company’s expected total earnings for that year were $20 million.
Root Suit Shark Tank FAQs
What exactly is a Root Suit?
RootSuit is the brand name for spandex bodysuits. Root Suit launched in 2008; however, the brand gained major popularity after legendary basketball player Shaquille O’Neal was photographed wearing one in a size 5XL.
Who is the owner of Root Suit?
Colin Grussing founded Root Suit in 2008. He was inspired to create the full-body Spandex suit after seeing a green bodysuit on television.
Colin Grussing earned a bachelor’s degree in Mechanical Engineering from Yale University in 2007 and launched the website begreenman.com, which offered full-body Spandex outfits a year later
What is Colin Grussing’s background?
Colin Grussing has been featured on ABC’s Shark Tank, Fox & Friends, and Fox Business News as an entrepreneurial genius.
Colin Grussing is the founder of a one-stop store for men and women’s full-body skin-tight rubber spandex costumes, unitards, zentai, and lycra suits.
How Shark Tank Presentation did went?
Colin enters the pitch with much panache, donning a spandex-lycra outfit beneath his normal attire.
He is looking to raise $100,000 in exchange for a 15% interest in his firm.
Kevin immediately shifts his attention to sales, inquiring whether he has made any money, to which Colin enthusiastically responds, ‘hell yeah.’
Kevin immediately shifts his attention to sales, inquiring whether he has made any money, to which Colin enthusiastically responds, ‘hell yeah.’
In the previous year, RootSuit sold slightly under 10,000 units, generating just under $520,000 in sales and $104,000 in gross revenue (profit).
How is the business model structured?
Kevin inquires about the sales approach, which Colin clarifies is exclusively e-commerce — there are no brick-and-mortar locations, which is also why he has come to the Shark Tank.
What are the reservations?
Robert Herjavek lauded the product but warned about competition suffocating progress.
What is the objective of Grussing’s Shark Tank appearance?
Colin Grussing appears on episode 420 in search of a $100,000 investment in exchange for a 15% stake in Root Suit.
How did he get involved with Shark Tank?
Without a deal from Shark Tank.
What was the problem?
Grussling is the kind of committed entrepreneur that the Sharks often admire, but his business lacked sufficient patent protection and his brand had a solid enough footing to fend off competition.
What contributed to Root Suit’s success?
Root Suit was already profitable and popular prior to appearing on Shark Tank.
Collin Grussing’s proposal was as follows: He sought $100,000 in return for 15% equity.
What was the agreement with Daymond John?
Grussing wished to proceed with the arrangement with Daymond John, but Daymond John said that he would contribute $100,000 in exchange for 50% equity.
What became of the Daymond John deal?
Daymond John canceled the offer when he realized he was taking too long to decide.
What is the price of a Root Suit?
Their prices vary according to category, but they often range between $35 and $40.
What is the business strategy?
Colin feels that being first to market is more important than pursuing a patent.
What exactly is RuitSuit?
Colin Grussing designed the RuitSuit, a fluorescent costume that completely covers your body in order to draw attention.
Is the Root Suit still in business?
The Root Suit does not appear to be running as of today. The company run out of business.
This business discontinued operations sometime around 2020.
What Happened to Root Suit at Shark Tank?
Colin Grussing appears on episode 21 in search of a $100,000 investment in exchange for 15% ownership in Root Suit.
What Happened to the Root Suit after Shark Tank?
Even though the deal did not succeed with Shark Tank Investors, the firm was still generated $140,000 in gross sales.
They had a lot of success with Root Suit, which led to an increase in sales. In its first two years, the firm sold roughly 10,000 pieces and generated $525,000.
What was the offer?
Daymond John offered Grussing $100,000 for 50% of the company.
What happened to Colin Grussing on Shark Tank Pitch?
Grussing did a great job on the pitch, not only did he make a great presentation but he amplified it with a dance troupe.
How successful is Root Suit?
Root Suit has placed a high value on its sizing homepage, which contains a wealth of knowledge on establishing the correct size for their business.
The company provides a selection of solid and patterned suits. With designs start at $35 and are made of 91 % premium polyester and 9% high quality spandex.
Is Root Suit still in business?
The firm presently has a website for sale, but the listing appears to be displaying a “coming soon” message.
What is the team of Root Suit?
The team consists of Colin Grussing and a number of administrative personnel. Indeed, at one time, Grussing had more than 14 employees.
Has Root Suit filed any patents?
No, The Company Root suit has not filed any patents nor has it applied for any.
What is Unit Price of Root Suit?
The unit price rate of the Root Suit is $35, although this varies depending on the type of suit being purchased by the customer.
How much can I save if I buy a Root Suit?
You can save up to 40% when you buy a Root Suit at Bored Panda.
Is Root Suit a scam or is it worth your money?
A concern about the safety of the product is one of the main reasons why the product was not a big hit with investors.
What are the testimonials of Root Suit?
The company claims that their product is approved by the FDA.
There are quite a few testimonials on their website, but none are recent.
Who is behind the firm?
Colin Grussing has been involved in other startups before Root Suit including Wetz Bags Inc., SpandexEggz Inc., Eggz Inc. and Body Wrappers Inc.
What is the business model of Root Suit?
The firm sells body suits in different sizes, color and fabrics.
How much profit has Root Suit made so far?
According to the documents submitted by the firm, it has made $140,000 in gross sales during its first two years of operations.
Where is Root Suit made?
The product was originally manufactured in the United States of America, but they have since moved their manufacturing to China.
Where do I buy Root Suit?
One can buy Root Suit directly from Amazon website.
