When Laura and Michael Dweck pitch Basic Outfitters, their online sock and underwear business, in episode 813, they hope to strike a chord with a Shark.
When Michael ran out of socks and underwear, the couple came up with the idea for the company.
After their marriage, Laura “forcibly” threw away 90% of Michael’s essentials, filled with old and holey clothing.
The man wanted an easy and quick way to refill his drawers without burning through his salary. When he couldn’t discover anything that met those requirements, we developed one.”
Laura says guys keep their underwear on average for seven years! The company’s “Create a Drawer” service enables men to organize their socks and underwear drawers for $60.
Three pairs of briefs, eight pairs of socks, three tee shirts, and a “wild card” item are stored in the drawers from Basic Outfitters.
In addition to underwear and socks, the brand also sells cotton tees for $12 and three packs of underwear for $30. This bundle provides the best value without a doubt.
Basic Outfitters is a WRAP subscriber. WRAP (Worldwide Responsible Accredited Production) certified facilities ensure that their products are produced safely, ethically, and compassionate.
The Dwecks will almost certainly want a Shark’s funds to fund expansion and merchandise expansion. Are they going to form a partnership?
What Is Basic Outfitters?
Basic Outfitters specializes in helping men replenish their wardrobes quickly with basic clothes.
The extraordinary men’s clothing firm specializes in high-quality, customizable, and trendy apparel. They offer a wide range of clothing items, such as t-shirts, underwear, socks, and jogging sweatpants.
|Company Name||Basic Outfitters|
|Entrepreneur||Michael Dweck and Laura Dweck|
|Product||Subscription service for underwear, socks, and undershirts|
|Investment Asking For||$125,000 For 10% equity in Basic Outfitters|
|Final Deal||No Deal|
|Episode||Season 8 Episode 12|
|Business Status||In Business|
Who Is The Founder Of Basic Outfitters?
Laura and Michael Dweck started Basic Outfitters. Laura came from a fashion design background.
Michael Dweck, on the other hand, had previously worked in the chemotherapy and surgical units at Memorial Sloan Kettering.
Laura and Michael left their day jobs to operate the company full-time in midtown Manhattan in a shared office.
Basic Outfitters founders Laura and Michael Dweck tell the Sharks that men keep their underwear on average for seven years. Laura threw away Michael’s socks and underwear because she was annoyed by them.
Michel was looking for a way to get high-quality underwear and socks at an affordable price. The package includes 10 pairs of socks, 3 underwear, 3 undershirts, and jogger sweat pants combined for $60.
Basic Outfitters Before Shark Tank
The founders’ narrative goes as follows. Laura became concerned that Michael’s collection of basic clothes, such as socks and underwear, took up too much space in their New York City apartment after they were married and moved in.
Laura challenged Michael to discard everything he had worn in the previous 6 months. They were surprised that this was nearly everything.
He and his wife decided to start their own business due to the cost and effort involved with refreshing basic clothing.
Michael was a 2009 Rutgers graduate who developed a business strategy for Basic Outfitters. Laura’s design skills inspired their ideas.
Millennial guys between 18 and 34 can purchase high-quality and cheap necessities from the brand, launched in 2015. Forbes also recognized the brand for its retail and online presence.
Michael and Lauren Dweck decided to open a business after encountering a relevant situation.
The new bride decided to rid her husband of his old, ragged underwear and socks when she and her new husband began their married life together. He was struggling to find new clothes on a budget.
Basic Outfitters was created through their combined knowledge of fashion and business.
The choices they made along the way were ultimately terrible. Would the Sharks still be interested in investing?
How Was The Shark Tank Pitch Of Basic Outfitters?
Laura and Michael entered Shark Tank seeking an investment of $125,000 for a 10% stake in Basic Outfitters.
They reveal early in the pitch that they control only 25% of their company, which discourages the Sharks. The year’s sales are expected to be $500,000.
Mark approves of the concept but not of their execution, therefore withdrawing. Robert is no longer employed due to his inability to reconcile with the equity divide.
Daymond does the same thing. Kevin is impressed by the concept and will invest $125,000 for a 25% stake if the rest of the investors are willing to contribute the same amount. Lori makes a similar proposal.
Laura and Michael respond with 15%, and Kevin leaves.
Lori counters with 20% but goes out due to uncertainty between the other investors.
Final Deal: No deal between Sharks and Basic Outfitters.
What Happened To Basic Outfitters After Shark Tank?
Basic Outfitters appears to be thriving despite not receiving financing from the Sharks.
Heavy.com reports that they consider adding a drawer for ladies, but they don’t yet have a women’s section.
They just expanded their shipping territory to include Canada. Lauren and Michael were featured in People Magazine and included in Forbes’ list of the top 30 under 30 in the world.
Basic Outfitters Shark Tank Update
Basic Outfitters increased sales by 1,000% to $5 million following Shark Tank, despite not getting a deal.
They revamped their Amazon store, started physical pop-up shops, and collaborated with Jet Blue. Jet Blue’s Mint amenity packs include their items. The pair made Forbes’ 2018 list of 30 Under 30.
The couple “withdrew” from the business in June 2019. There is no further information on who acquired the company.
The company’s Facebook page has been inactive since January 2020, and the Amazon store is “temporarily unavailable.” The website does not include a purchasing option. This company is probably finished.
Are Basic Outfitters Still In Business?
It appears that Basic Outfitters is doing well at first glance; however, that is not the case in late 2021.
A few of the company’s clothing items are still available on Amazon. Although the website still works and has the creation narrative from Laura and Michael Dweck, it no longer accepts orders, and its social media accounts have been inactive since early 2020.
The business was sold in 2019 and is considered purchased at this time. The owner of the company and the reason they’re keeping the domain up nearly two years later continue to be a mystery.
Michael is now identified as a Senior Vendor Manager at Amazon. Laura is now the president of Shore Magic, a firm dedicated to health and wellness.
Miscoot Outfitters follows a similar name and business model focusing exclusively on the essentials.
Additionally, they sell loungewear, socks, and other articles of apparel that are generally reserved for use at home or as undergarments. They also have a women’s collection.