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Shark Tank is back tonight and one of the products the sharks will see is called Collars & Co. The entrepreneur was looking for an investment of $300,000 from the sharks to help him get his products out into the world.
Here is a look at Collars & Co and where you can buy the products.
What is Collars & Co on Shark Tank
Justin Baer is the entrepreneur who came up with the idea for Collars & Co. He came in with his idea for the sharks, wanting $300,000 for 4% equity in his company. The idea is that Justin created a polo shirt with dress collars. This way a person could wear a comfortable stretchy polo under their sweater and it still looks like an expensive dress shirt.
In his first year selling the shirts, Justin sold more than 90,000 shirts and generated $5 million in gross revenue. The money came from the online sales direct-to-consumer and resulted in 20% overall profits. This was where he stood before approaching the sharks on Shark Tank.
The sharks were impressed, but the 4% was too low for them. Justin admitted it cost $20 to manufacture a shirt and they sold for up to $70. Daymond John didn’t like the shirt’s design and Lori Greiner never made an offer.
Kevin O’Leary offered $300,000 with a 10% equity, but Justin turned him down. This led to Mark Cuban and Peter Jones teaming up to jump on the deal. They also offered $300,000 with a 10% equity. However, the selling point was a $700,000 line of credit in addition to the $300,000 cash.
Where to buy Collars & Co from Shark Tank?
Collars & Co. claims it provides men and women with high-quality, innovative clothing that looks great and feels amazing. The company’s first product was The Dress Collar Polo, a polo shirt with a firm dress collar, giving it the look of a crisp dress shirt collar but still maintaining a comfortable stretch feel. The company now also sells women’s collared shirts as well.
Anyone who wants one of the shirts, or other Collars & Co. products, can purchase them through their website at collarsandco.com. You can also get 15% off your first order by giving them your email address for a coupon code. At this time, it does not appear that shoppers can find Collars & Co. products anywhere outside of the online website.
However, there is also an offer on their website for wholesale partners to contact them. It sounds like they are searching for stores to carry their products. They also have an affiliate program where advertisers can earn an additional 5% on products sold through their newsletters, websites, blogs, and emails.
What did you think of Collars & Co on Shark Tank? Would you buy any of their products? Let us know your thoughts in the comments below.