Tough Ties Shark Tank Net Worth 2023
Tough Ties Shark Tank Net Worth
Tough Ties, founded by Kevin Shoemaker and Skylar Bennett, appeared on Shark Tank in 2020. At the time of the show, they were valued at $285,000.
Robert Herjavec offered $100,000 for 35% of the company but the deal was never closed. Since then, Tough Ties has gained popularity and their estimated net worth is now more than $4 million as of 2023.
They have an annual revenue of $4 million per annum and have expanded their product line to include other items under the brand name Tough Apparel.
What is Tough Ties? Who Founded Tough Ties?
Tough Ties is a brand of ties that are resistant to stains and can be washed using a machine. It was established by Kevin Shoemaker and Skylar Bennett, who had previously worked together as commercial real estate agents.
As professionals who needed to dress elegantly, they struggled to keep their ties clean after becoming dads. They discovered that infants could easily damage ties with spills or vomit, and they searched for a solution.
Despite searching everywhere for machine-washable ties, they couldn’t find any. Fortunately, they met a designer from Arizona who helped them make their concept of machine-washable ties a reality.
Since 2017, Tough Tie has been selling products, and they have expanded their collection under the brand name Tough Apparel. In addition to ties, they now sell belts, stockings, and even face masks, reflecting the current times.
These ties are resistant to liquid, which means that stains are unlikely. If a stain does occur, however, you can simply throw them in the washing machine.
Tough Ties come with a microfiber tip for cleaning glasses, and a standard tie costs $30. A personalized tie, which is suitable for special occasions such as weddings, costs $50 plus a $20 setup fee.
Tough Ties Shark Tank Pitch
The guys behind Tough Ties and Apparels have been rapidly expanding from their original focus on ties and into other areas.
Their ambitious goal is to continue expanding, and they are hoping to attract the interest of a Shark investor who can help them achieve their vision.
To that end, Kevin and Skylar appeared on Shark Tank seeking a $100,000 investment in exchange for a 15% stake in their firm.
Their business was valued at $666,666.66, and they presented a compelling story and product, offering samples to the Sharks.
Their sales had grown significantly from the previous year, with $208,000 in revenue generated and a projection of $400,000 for the current year.
While they had invested $43,000 of their own money into the business, they were also in debt for $150,000 and needed the investment to help them get back on solid financial footing.
Robert was the only Shark who made an offer, proposing $100,000 for a 35% stake in the company, which valued Tough Ties and Apparels at $285,714.29.
Although they initially aimed for a 33.3% stake, Robert refused to budge, and they eventually reached an agreement on his terms.
Tough Ties and Apparels offered a range of products, including ties in two lengths and four sizes, available in a variety of colors and designs.
Their appearance on Shark Tank generated a lot of buzz, and the young company was poised for continued success.
Although they agreed to a deal with Robert, the contract was never completed. However, the company’s revenue has continued to grow, reaching an impressive $4 million annually as of July 2021.
Tough Ties Net Worth
During the pitch they were asking for $100,000 in exchange of 15% which brings the valuation of the company to be $666,666.66.
They accepted a deal of $100,000 for 35% ownership which values their company at $258,714.29.
Tough Ties Competitors
There are several competitors in the market, for example:
Knotted Ties, Menswearhouse, My Stock Ties
Tough Ties FAQS
What is the deal with washable ties?
Yes. You can really wash, like in a washing machine, Tough Ties. We have a patent-pending design and control all aspects of the supply chain to ensure the highest quality for you.
A Tough Tie is truly one of a kind, and not to be compare to imitators who claim ” washable” by being hand washable.
How are Tough Ties made?
We have a patent-pending design and control all aspects of the supply chain to ensure the highest quality for you.
How much are Tough Ties?
A regular tie is $30, a personalized tie is $50 plus a $20 setup charge.
What does your service include?
At Tough Apparel we customize each order with fully customizable design including name brand prints, logos, colours and more.
How long does it take to get my order?
Once your order is placed, we will ship within 1-2 business days. Once shipped, the order will arrive in 2-6 days, depending on the shipping option selected and on your location
What do you give a person who purchased a tie from your website?
We produce a unique design that is only available through our premium website.
Can I wash my tie?
No. We have a patent-pending design and control all aspects of the supply chain to ensure the highest quality for you.
Can I cancel my order?
Once your order is placed, we cannot cancel it. You can return your order after receiving it.
Please email us at [email protected] for any further assistance you may require.
Are you able to customize ties without customizing them?
No. We can only customize items made by us, which means that either of the designs on our site is custom made for you.
We can also sell inventory that we create for other brands that we represent, but they will come in the form of our original design.
Who are the founders of Tough Ties?
Skylar Bennett and Kevin Shoemaker are the founders of Tough Ties.
Where is Tough Ties located?
We are located in Mesa, Arizona, United States
Who Are the Two New Fathers?
These are Skylar Bennett and Kevin Shoemaker met in college and co-founded Tough Tie in 2017.
What further features are available?
The ties also include an alternative buttonhole on the tail that allows them to be tied to a button-up dress shirt, keeping the clothing close to the body.
What are the characteristics of a tie?
All of their ties are of high quality and have a microfiber patch at the back for wiping stains on the tie as well as glasses or phones.
What’s the deal with kids?
Kids aren’t great at drooling, which is why they frequently spit up on whoever is carrying them.
What Are the Competitors’ Names?
There are several competitors in the market, for example:
Knotted Ties, Menswearhouse, My Stock Ties.
What’s the deal at the Shark?
Robert is the only Shark who has made an offer: $100,000 for a 35% stake
What exactly is Tough Ties?
It is a unique design ties which allows it to be machine washable, stain and liquid repellant and contains five times the amount of stitching as standard ties.
It also includes microfiber tipping which allows consumers to clean their phone screens or glasses.
What exactly is Tough Apparel?
It is a creative lifestyle brand that allows customers to customize their order, choose designs and colours that are not available on the market.
What is the price of a face mask?
Face masks are now on sale for $12.
What exactly is Tough Apparel?
Soon after changing the name, they decided to go beyond ties and create durable, inventive, and fashionable men’s clothing.
