Mtailor is a company specializing in customized clothing for men. Interestingly, they have been found to have more statistical certainty about human behavior by more than 20%. The only thing needed is for you to measure the scale with a phone camera.
In total, you can get more than 10000 design combinations for each shirt. The process was not only quick but also very simple.
This company was founded by Lenn Renn, who traveled to France to pitch his idea to hack into the global economy during the Cold War.
What is MTailor?
The ease of online shopping means you can order almost anything without physically visiting a store. It has always been difficult to buy clothing online, on the other hand, until MTailor came to the rescue.
The MTailor app for Android and iOS helps users better sense their body measurements before obtaining custom-fit clothing. There are over 10,000 outfits available for users.
|Product/Startup||MTailor “Custom Clothing For Men”|
|Investment Seeking||$2,500,000 For 10% stake in MTailor|
|Final Deal||No Deal|
|Shark Who Invested||No Shark|
|Episode Aired||Episode 7 of Season 17|
|Business Status||In Business|
Who is the Founder of MTailor?
MTailor was founded by Miles Penn in 2013. He was a Stanford University student when he created this app.
He developed the application during high school and founded the company after proving the prototype worked.
Miles Penn is currently the Chief Executive Officer for Bit Body, Inc., the parent company for MTailor.
MTailor Before Shark Tank
The Shark Tank was the final stop on Miles Penn’s path to securing a $2.5 million investment for a 10% stake in his company, MTailor.
Miles dislikes shopping at the mall, but internet shopping is even worse since he typically orders five shirts in the hopes of receiving one that ships in time and avoiding having to return four.
A custom-made outfit is of good quality but prohibitively costly and inconvenient in comparison with a conventional one. That is, until now.
Miles Penn presents MTailor in Shark Tank episode 721, an app that measures you for custom-made clothing.
You can order custom-tailored shirts online using Android and iPhone software that measures you like a tailor. The shirts start at $69 – less than half the price of traditional fitted shirts.
The hesitation Penn had with purchasing clothing online led him to create MTailor.
He ordered everything online except clothing since he hated getting ill-fitting clothing and dealing with returns.
He discovered a viable business opportunity when seeking a solution. MTailor claims to be 20% more accurate than a professional tailor measurement!
It seems simple enough: you place your phone at the right angle, and then it takes a picture of you (shirtless).
The photo and your height are then used to “measure” your body. The app then uses these dimensions to create personalized shirts that you can purchase via the app.
Penn’s venture capital firm has a strong early investor base. The company was incubated at Y Combinator and raised $2 million from Khosla Ventures, a venture capital firm founded by Sun Microsystems co-founder Vinod Khosla.
How Was the Shark Tank Pitch of MTailor?
Miles wants $2.5 million in exchange for a 10% stake in his company MTailor. The Sharks learn from him that he hates shopping at the mall, but he prefers online shopping – at least as of today. His app uses a phone to measure shirts and is more accurate than a real-life tailor.
Miles demonstrates how to order a shirt from a selection of over 10,000 styles and colors.
Start by selecting a style and spinning the phone against a wall. The software calculates a shirt’s size based on a video in fewer than 30 seconds.
The 69 dollar price is about half what other custom shirts cost, as he does not have a store and tailor to work with.
The application uses 14 measuring points as part of its patented methodology. Miles receives approximately 15% of returns, compared to 25% in retail stores. Daymond questions the valuation immediately following the demo.
Miles informs him that revenue was $150K per month in July but has since decreased. He had anticipated $2 million in sales but is currently on track to earn only $1.1 million. Additionally, he has $1.4 million in the bank.
He continues to pay too much for shirts despite his volume despite supply chain issues. MTailor is looking for help with its supply chain and thinks Daymond could be useful.
He claims that he raised $2 million at a $10 million valuation to justify his valuation.
His technology is unique, and he is concentrating his efforts on developing a brand and mainstreaming personalized clothing.
Sacca inquires as to why he does not license the technology, to which Miles responds, “the technology is simple; it’s the rest of it that’s ugly.”
Sacca reports that his pitch and explanation of his valuation aren’t going well, and he’d like to know whether the original investors would invest at a $25 million price. “Are you attempting to take advantage of sharks?” he inquires.
All five Sharks are still in, but they express reservations about the valuation. Miles asserts that he is not attempting to exploit anyone. Sacca claims that the difficulties he is experiencing are unrelated to the valuation.
Miles believes that with the money in the bank, they can quickly reach Ramen profitability. Sacca asserts that he is incapable of negotiating a flawless price for an imperfect company.
Barbara asserts that he is resolving issues without causing her worry, and she exits.
Miles asserts that he has distinct strategic goals and is interested in building value through the development of his line. “I don’t particularly like you,” Daymond continues, “but I like the concept,” and offers $2.5 million for 17.5 percent, but he wants to license it out.
He believes that licensing would jeopardize the company. Daymond asserts that he might use the $2.5 million to create his software. “By all means, proceed,” Miles adds. Daymond exits.
Mr. Wonderful expresses curiosity but does not wish for him to travel to China. He believes Miles will fail and advises him not to attempt to reinvent the wheel.
Kevin offers $2.5 million in debt at a rate of 7% for three years in exchange for a 2.5 percent stake in the business. Miles declares that this is the most reasonable offer he has ever heard from Kevin! Mark believes this is a terrific deal.
Mark declares that traveling to China is a mistake — Miles requires someone familiar with that item; he is out. When Mr. Wonderful presses Miles, he states that he is looking for equity partners, not debt, and will decline.
Sacca asserts that he believes Miles lacks confidence in his business. Kevin states, “you’re a walking dead shirt.” He has departed.
MTailor After Shark Tank Update
MTailor appears to be doing well after participating in Shark Tank, despite the Sharks not investing.
You can easily find the Android and iOS apps in their respective markets by searching Google.
The Apple and Android versions both receive rave reviews – the Apple version has a 5-star rating across 30 separate reviews, while the Android version is rated 3.5 stars across 298 separate reviews.
A few articles in Google evaluated the application’s accuracy, all of which ended up creating excellent-fitting shirts.
MTailor’s website does not provide a catalog of the various available products. It continues to sell only shirts.
There is no application to access additional information about MTailor, which appears to be omitting an opportunity to reach consumers interested in finding out more.
Professionally speaking, alienating one of the biggest names in the apparel industry, Daymond John, may not have been the wisest option.
Miles’ adamant refusal to compromise on his business strategy cost him a deal with the Sharks, but he has remained committed to his mission.
The MTailor website is now live, and the app currently has a 4.5-star rating on the iTunes store and a 3.5-star rating on Google Play.
The few complaints consumers have lodged in the app store are primarily about usability difficulties.
One consumer argues that the software does not reveal the user’s dimensions, while another claims that the service will not “send you folks an underwear photo.”
Miles seemed to be having some success with his app. He may have advanced more quickly with the assistance of a Shark, but he appears to be succeeding on his own.
As of May 2021, the company generates $4.4 million in annual revenue and is valued at over $15 million.
Did MTailor Get a Deal on Shark Tank?
Miles Penn made it to the Shark Tank seeking a $25 million valuation for his Mtailor company but left empty-handed without making a deal.
Is MTailor still in Business?
Despite the Shark’s harsh criticism, Penn persevered, and Mtailor has grown to be a very successful company.
MTailor has raised a total of $7.2 million in venture capital, including $5.2 million from Khosla Ventures in 2018.
MTailor Masks, which are included with all orders but may also be purchased separately, was introduced in early 2020.
These masks, which serve as protective cloth coverings, are part of Mtailor’s initiative to prevent the spread of COVID-19.
MTailor Net Worth in 2021
Mtailor’s net worth is $25 million as of July 2021. This company has an estimated monthly revenue of between $350,000 and $450,000.
The company has been operating for a long time, so this is a lot of money.
Mtailor received $8.3 million in funding today, whereas the sharks rejected Miles’ request for $2.5 million. Mtailor’s rapid growth means that revenue numbers will reach even higher levels very soon.
Mtailor is a unique company that sells men’s shirts that can be customized. It was a very efficient method of measuring that was done using a phone, and the final measure was done by the result of the measurement.
Miles Penn once tried to pin his idea on the shark tank, but he was rejected, but he didn’t give up.
The company’s worth has grown much more than everyone expected, and it is now worth much more than it was predicted to be.