The Lapel Project Shark Tank Net Worth 2023
Sebastian and Raul appeared on Shark Tank season 8 episode 2 in search of $150,000 in exchange for a 20% stake in their firm, which equates to a $750,000 valuation.
After careful deliberation, they accepted an offer from Mark Cuban that provided them with the startup capital but required them to give up 30% equity instead. This implied a valuation of $500,000 for their company The Lapel Project.
Fast forward to 2023, and the company has been doing extremely well since its launch – especially during prom season! As of 2022, the net worth of The Lapel Project was estimated at a cool $2 million.
What is The Lapel Project? Who Is The Lapel Project’s Founder?
The Lapel Project introduces a groundbreaking fashion accessory that simplifies the process of attaching lapels to your suit jacket. The company offers a diverse selection of approximately 30 lapel designs to match various occasions and fashion preferences.
Instead of spending a considerable sum on purchasing or renting a tuxedo, The Lapel Project is an affordable, convenient, and smarter alternative to enhance your appearance. Moreover, customers can request customized lapels with a minimum order of five pieces.
Each lapel comes with a premium adhesive backing for effortless application onto the exterior of the suit. Alternatively, for a more durable and permanent effect, customers may choose to sew on the lapels.
Sebastian Garcia and Raul Bernal, both entrepreneurs with experience in the clothing industry, have devised an economical alternative for men who have faced the high costs of renting a tuxedo.
Their solution is straightforward: they have invented lapels that can be stuck onto any jacket, transforming it into various tuxedo designs.
In 2014, Garcia founded The Lapel Project, a company based in Miami that specializes in creating customized lapels that can be easily attached to any suit jacket or vintage tuxedo.
Lapels are the folded pieces of fabric situated beneath the collar that provide formal suits and tuxedos with their distinctive appearance.
What happen to The Lapel Project at the Shark Tank Pitch?
Sebastian and Raul made an appearance on the second episode of the eighth season of Shark Tank with the hope of securing $150,000 for a 20% stake in their business, which was valued at $750,000.
During their presentation, they demonstrated how easy their product was to use and surprised the Sharks, including Lori, by giving them personalized lapels to try out. The Sharks enjoyed trying them on, and Kevin asked if they were reusable, to which Sebastian confirmed that they could be used up to ten times with proper care.
The profit margins for their product were favorable, with manufacturing costs ranging from $5 to $8 and selling prices ranging from $50 to $100.
When Robert asked about their sales, Sebastian revealed that they were only being sold at one physical location in South Florida and had generated $16,000 in revenue so far. Kevin asked about patents, and Sebastian confirmed that a utility patent was pending.
Robert questioned whether their product was just a gag gift, but Sebastian and Raul denied this and said they were looking for investment to expand their online business.
Mark was very interested and offered them $150,000 in exchange for 30% of their business, with the promise of helping them expand their sales on Amazon. Daymond and Lori were also interested in making an offer, but Mark was eager to close the deal and warned them that they would lose the opportunity if they didn’t act fast.
Daymond praised Sebastian and Raul’s salesmanship and location in Miami, which he believed were the key factors behind their impressive sales, and wished them luck before leaving. Lori, on the other hand, did not think their product would appeal to women and viewed it as a novelty item, so she also dropped out.
In the end, Sebastian and Raul accepted Mark’s offer, and all the Sharks shook hands on the deal.
The Lapel Project after the Shark Tank
Daymond, Lori, and Robert all invested in this business following the broadcast. Mark’s team redesigned the company’s website and developed a strong Amazon Store.
Within a year after its release, sales increased by 1,000%. As of June 2021, the business is open and doing well, particularly around prom season.
The Lapel Project Net Worth
Sebastian and Raul appear on Shark Tank season 8 episode 2 in search of $150,000 in exchange for a 20% stake in their firm. This equates to a $750,000 valuation.
They accepted an offer from Mark Cuban $150,000 for 30% stake thus implying a $500,000 valuation.
The Lapel Project Competitors
Boonie Patch and Bow & Square are some of the competitors for The Lapel Project.
The Lapel Project FAQS
What is The Lapel Project?
The Lapel Project is a revolutionary new fashion item that enables you to easily affix lapels to a suit jacket
Who owns The Lapel Project?
The company is owned by Sebastian Garcia and Raul Bernal.
How much was they seeking in the Shark Tank?
The Lapel Project were seeking $150,000 for a 20% stake.
Did they get the deal from the Sharks?
The Lapel Project appeared on Shark Tank and secured a deal with Mark Cuban.
How much was the deal?
The Lapel Project secured a deal with Mark Cuban who invested $150,000 for 30% stake and got the other three Sharks involved in the venture after the Show.
What are The Lapel Project’s customers like?
They have clients from all over the world looking to rent or purchase lapels for their costume needs.
Where is The Lapel Project located?
The company is located in Florida, USA.
How does one purchase The Lapel Project?
The lapel project can be purchased at their website and amazon.
What happened to the Lapel Project after Shark Tank?
Mark’s team redesigned the company’s website and developed a strong Amazon Store.
Within a year after its release, sales increased by 1,000%. As of June 2021, the business is open and doing well, particularly around prom season.
Can they convert a suit to a tuxedo?
The Lapel Project enables them to instantly transform any suit jacket into a tuxedo.
As an economical way for men to enhance or transform their suit, the lapel project offers an infinite variety of fabrics and styles to pick from.
Are lapels harmful to a suit or garment?
No, they use a fabric adhesive designed particularly for clothes. However, not all suits are built identically.
Apply the lapels and allow them to be used at their discretion.
How many times can they use lapels?
Sewn-on lapels can endure the life of the garment. If the glue is utilized, it can be reused numerous times depending on how the lapels are cared for.
They want to ensure that the fabric adhesive does not come into touch with the cloth itself or with extraneous matter.
Can the lapels be sewn or stitched on?
They always prefer that their customers sew lapels on. The adhesive is designed for on-the-go clientele.
Can they acquire extra adhesive strips to extend the life of their lapel if the fabric adhesive wears out?
Yes, adhesive strips are available online and may be readily attached to the lapel’s rear side.
How do they clean their customs lapels?
They recommend cleaning the lapel with a lint roller or a moist cloth, depending on what falls upon it.
Can they wash or dry clean their lapel?
No, because to the adhesive backing on the lapel, the fabric adhesive does not react well to moisture or heat.
Before sending their suit to the dry cleaner, please remove their bespoke lapels.
Do the lapels fit any suit?
Suit jackets feature three distinct lapel designs. Lapels with notches, shawl lapels, and peak lapels.
At the moment, they only offer the Notch Lapel. Peak Lapel, Slim Peak Lapel, and Shawl Lapel are under development and will be available in the future.
Is the Lapel Project currently offering custom orders?
Yes, bespoke orders are available for their brand, event, company logo, charity, or fundraising.
What is their return policy?
They are ready to replace their goods for a similar one if it arrives damaged.
A form for exchange must be completed on the site, and authorization for exchange must be given within 24 hours after receipt. Each sale is final. There are no refunds.
Do the lapels come in different sizes?
Lapels are now available in a single standard size. They frequently discover that the notch lapel of their short coats runs over the button hole.
They propose that they adjust the lapel by cutting a slit at the end of the lapel, leaving enough room for the button to pass through the jacket.
What is net worth of Sebastian Garcia?
Sebastian Garcia’s net worth is unavailable.
