In 2016, The Lapel Project successfully gained the investors’ approval on the popular television show Shark Tank, highlighting innovators and business people bringing game-changing goods and ideas to market.
After working for decades in the men’s formalwear sector, Sebastian Garcia, founder and CEO of The Lapel Project submitted the business’s concept to Shark Tank’s television show.
He has witnessed hundreds of guys spend a lot of money on tuxedos and suits, even if they might only wear them once.
Garcia pondered the following questions: What if you could immediately change a blazer you already own into a tuxedo? Why can’t a tuxedo stand out in space even if it’s a rental?
The Lapel Project is quickly becoming a major player in the menswear business. It is responsible for introducing the first fundamentally innovative item for men’s formalwear in over 300 years.
Because of the items’ attractive appearance, reasonable price point, and intuitive operation, any man may easily make himself look more current.
What Is The Lapel Project?
The Lapel Project offers an economical alternative to formal attire by converting your suit coat into a tuxedo with the addition of a custom lapel to your suit.
The Lapel Project manufactures stick-on labels that transform a regular dress coat into a tuxedo.
It is designed for people who may not have a tuxedo and do not wish to spend several hundred dollars on a one-night rental. The lapels are also customizable and can be used five to ten times.
You no longer need to pay for costly tuxedo rentals and may continue to wear your suit jacket. Choose from a variety of styles that complement your suit coat.
|Company Name||The Lapel Project|
|Product||Customized Lapels and Designs|
|Investment Asking For||$150,000 for 20% equity in The Lapel Project|
|Final Deal||$150,000 for 30% equity in The Lapel Project|
|Episode||Season 8 Episode 2|
|Business Status||In Business|
Who Is The Founder Of The Lapel Project?
The Lapel Project was founded by Sebastian Garcia, who aspired to challenge the status quo by using the lapel of a jacket as a canvas for self-expression and unique touch.
The eye-catching touch of a bespoke lapel instantly transforms drab, forgettable suits into works of art.
Lapels also provide an excellent means of communicating marketing messages or establishing group identity (clubs, teams, etc.).
It makes it possible to style the jacket differently for different occasions due to the removable lapels.
You require a tuxedo but do not wish to rent or purchase one. The Lapel Project offers goods that can transform a plain dinner jacket into a tuxedo.
The personalized lapel is installed by laying your jacket on a level surface and unfolding it.
Your new lapel should be adhered to your garment using light pressure after removing its plastic backing.
The zero-mess adhesive is simple to remove and will not harm delicate fabrics. Return the lapel to its normal position, and you’re ready to go.
The Lapel Project website allows you to design your lapel using the tools or select from several pre-designed options, including 007, Blue Velvet, Camo, The Red Devil, and The Peg Bundy.
The following lapel styles are available for custom lapels: shawl, peak, notch, and narrow.
The Lapel Project donates resources and time to charities like Ronald McDonald House.
The Lapel Project Before Shark Tank
My personality always seems to drag me backward through hedges, regardless of how much care I put into the way I look, which is probably why I admire sharks’ effortless sense of style.
Kevin O’Leary appears professional in the tank, even though he closely resembles an undertaker, and most successful people dress neatly.
Sebastian Garcia and Raul Bernal created the Lapel Project, two entrepreneurs with a background in the clothing industry who came up with an effective and significantly less expensive alternative to something almost every man has to deal with at some point: the high cost of renting a tuxedo.
It was a simple and inexpensive idea: a stick-on lapel that could be attached to any jacket and instantly transform it into various tuxedo styles, ranging from serious to funky.
Sebastian’s clothing store in Miami, Florida, was the only brick-and-mortar retail outlet.
Still, they made modest but noteworthy sales and sought out the help of a shark to expand their online operations.
How Was The Shark Tank Pitch Of The Lapel Project?
Sebastian and Raul, the founders of The Lapel Project, reached out to Shark Tank requesting an investment of $150,000 for 20% of The Lapel Project.
Daymond and Lori look like they want to make an offer, but Daymond leaves. Lori quickly comes after. Mark moves in to seal the deal.
Mark Cuban offered $150,000 for a 30% equity in The Lapel Project. The founders of The Lapel Project accepted happily.
Final Deal: Mark Cuban agreed to invest $150,000 for a 30% equity in The Lapel Project.
What Happened To The Lapel Project After Shark Tank?
Mark Cuban became Sebastian and Raul’s new partner immediately after the show aired, and since then, their new partnership has produced some spectacular results.
Robert Herjavec may have misjudged the Lapels as a novelty item. Still, Mark Cuban’s enthusiasm illustrates the subjective nature of fashion, as some people find the lapels tacky while others adore them.
Mark Cuban knows this, as evidenced by thelapelproject.com, where he’s transformed the company’s new web arm into almost painfully cool.
The company’s website showcases an automatic slide show that presents at least three high-resolution images of fascinating people doing interesting things in beautiful settings before finding where all the icons are located, all without overpowering.
The site has a professional, well-presented appearance that surpasses most company sites. The overall aesthetic exudes professionalism and coolness, but only if you think lapels are cool.
There is a terrific selection of items available, but I found only the skull motif lapel was sold out when I visited the site. I suspect that it is because Kevin O’Leary has been stockpiling them for a long time.
The pricing structure has been altered as well. There is a wide range of prices for lapels, bow ties, and other accessories, such as the super-comfy velvet loafers.
Mark Cuban’s influence is evident in the sale price reductions on The Lapel Project products, ensuring that their products reach as broad an audience as possible. Buy a complete set and bow tie for as little as $50, and purchase individual lapels for as little as $30.
Moreover, the company offers the option of design modification to meet branding or marketing objectives.
They have focused on group purchases in the past few years, offering a package for a large group. This suggests that they are ideally suited to low-cost services for bridal parties, celebrations, and galas.
The Lapel Project is one of the most serious startups in its founders and new shark partner, but Herjavec dismissed it as a joke.
The Lapel Project’s fame has not burst since the Shark Tank episode a year ago, but it has created a business model that works online.
Raul and Sebastien regularly post on Twitter and Facebook about their business and products and have been featured in The Washington Post and Forbes, among other publications.
Even though only half of the Sharks approved of the lapels, more than five million people watched the Shark Tank that night, yielding enormous growth for the company. Mark Cuban’s prudent risk-taking will be a defining characteristic of the Shark Tank, whether Robert Herjavec agrees.
The Lapel Project Shark Tank Update
After appearing on Shark Tank, Mark Cuban has assisted The Lapel Project in developing an internet presence, and the company is now selling bespoke lapels through its website.
In addition, it would appear that The Lapel Project has also established several collections, catering to customers who would want a bowtie and loafers to complement their lapel.
The Lapel Project’s sales increased by 1,000% within a year of its release. The Lapel Project is still in business as of June 2022.
Is The Lapel Project Still In Business?
The Lapel Project is still in business as of 2022.
Garcia said that Cuban’s crew assisted The Lapel Project in preparing for internet sales immediately following the episode’s production.
The Lapel Project brand has been promoted by Cuban since the first Shark Tank episode aired, even when the former NBA player was interviewed on a sports talk show.
As he explains in the video, the Lapel Project is one of his favorite deals.
What Is the Net Worth Of The Lapel Project?
The valuation of The Lapel Project was $750,000 when it appeared on Shark Tank. The net worth of The Lapel Project is $2 million as of 2022.