Daymond John Case Study
Daymond John is best known for his work on "Shark Tank". He is a businessman, consultant, motivational speaker, investor, author, and a spokesman for other businesses. His net worth is $250 million. How he made it FUBU John founded FUBU in 1992 when he was 23. In 1994, it was recognized after an exhibition at a trade show. He signed a contract with Macy’s. He later signed contracts with J.C. Penney and the NBA. He also signed a distribution deal with Samsung. By 1998, the company had $350 million in revenue. The company has made over $6 million in revenue to date. The business became successful as it rode on the popularity of hip-hop fashion trends. Its main product lines are urban fashion and sportswear. Daymond is the CEO and president. …show more content…
The latter is an autobiography based on his early business career and early life. Humble beginnings Daymond Garfield John expressed interest in the apparel business when he was very young. He asked his mother to teach him how to use a sewing machine. He began to make his own tie-top hats and sell them after identifying a gap in clothes for inner city kids. With the help of a Carl Brown, his neighbor, they began to brand them. They also branded sweatshirts, hockey jerseys and T-shirts with the FUBU (For Us By Us) logo. His home was the factory and office space. They sold each hat at $10. To get capital for the production of the hats, Daymond convinced his mom to mortgage their house for $100,000. He also worked full time at Red Lobster and worked on FUBU between shifts to make ends meet. Building FUBU was not without challenges. Between 1989 and 1992, they had to close down 3 times as the company ran out of money. In 1992, they made a huge order of hats and sold them on the streets, making $800. When he was still in high school, he participated in a program that cemented the entrepreneurial spirit in him. He would work a full time job and attend school on an alternating weekly basis. He had also started a commuter van service after he graduated from high
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