Collars & Co is an apparel brand that manufactures polo shirts and dresses. Their luxurious linen polo and polo-type shirts come in 16 available colors.
In addition to shirts, Collars & Co offers a variety of collar styles, including Semi-Spread, English Spread, Button Down, and Cutaway Collars.
The brand also sells sweaters, underwear, belts, and other accessories. Recently, they introduced Long Sleeve Semi-Spread Collar Polo Shirts, priced at $72. Their shirts range in price from $64.99 to $74.
| Company Name | Collars & Co |
| Founder | Justin Baer |
| Founded | March 2021 |
| Product | Combination of the Dress Collar Polo |
| Asked For | $300K for a 4% Equity |
| Final Deal | $300K for a 10% equity + a $700k line of credit |
| Shark | Mark Cuban and Peter Jones |
| Episode (Shark Tank USA) | S14 E6 |
| Air Date | Nov 11, 2022 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Bethesda, Maryland, United States |
| Lifetime Worth (Sales) | $14.2M *estimated |
| Go To Amazon | Search on Amazon |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of Collars and Co?
Justin Baer is the founder and CEO of Collars & Co. He is also the founder of MemberText Company.
While studying for his Bachelor of Science in Marketing and Real Estate Finance at New York University, Justin started The Cure Card, LLC. In addition to Collars & Co. and MemberText, he has run five other companies, including CharityHappenings.org, Check In Easy, and TeachingProAcademy.com.
How Was The Shark Tank Pitch Of Collars and Co?
Justin Baer entered Shark Tank seeking $300,000 for a 4% equity stake in his company, Collars & Co. The sharks were surprised by his request, but Justin effectively shared the details of his clothing brand and convinced them to consider investing.
He started the company in 2021, and by November 2022, he had sold 92,000 shirts, generating $5.4 million in revenue through direct-to-consumer sales online. The profit margin for Collars & Co. is 20% net. Justin attributed the company’s success to his marketing expertise, having previously run more than five other businesses.
Lori Greiner acknowledged that Collars & Co. is a strong business but felt she wasn’t the right investor. However, she expressed interest in buying the clothes herself.
The production cost for each shirt is $15, with retail prices ranging from $65 to $75.
Kevin O’Leary expressed interest in the business and offered $300,000 for a 10% equity stake, valuing the company at $3 million. Justin declined this offer, stating that he did not have any other investors.
Peter Jones cautioned that the clothing might go out of fashion soon, but Justin disagreed. He also made a similar offer of $300,000 for 10% equity. Still, Justin stood firm on his original offer of 4% equity.
Mark Cuban and Peter Jones teamed up, proposing $300,000 along with a $700,000 line of credit, asking for 5% equity. However, Justin countered their offer with a request for $300,000 for 7% equity, which they declined.
In the end, Mark Cuban and Peter Jones made a final offer of $300,000 for a 10% equity stake and the $700,000 line of credit, which Justin accepted.
Finalize: Mark Cuban and Peter Jones invested $300K Cash + a $700k line of credit in the company “Collars and Co” in return for 10% equity.
Collars and Co Shark Tank Update
Justin Baer surprised the sharks on Shark Tank by revealing his company’s valuation and sharing impressive sales figures of $5.4 million for the past year. The negotiations were lengthy, as Justin was initially reluctant to give up 10% equity in his business.
Ultimately, he agreed to the terms, leading to Mark Cuban and Peter Jones becoming partners. Following the episode’s airing, the company’s sales surged by 100%.
Viewers on Twitter praised the shirts, with one user sharing their love for the three “Collars & Co” shirts they own.
The company recently launched a new outerwear collection, introduced by brand ambassador and New York Giants legend Tiki Barber, along with golf champion Sir Nick Faldo.
In December 2022, Mark Cuban wore a Collars & Co shirt during an interview with Complex, further promoting the brand. Justin effectively pitched his company and highlighted the virality of his TikTok videos, showcasing his experience as a seasoned businessman.
After the Shark Tank episode aired on May 5, 2023, Justin reported reaching $14.2 million in lifetime sales, with an additional $8.7 million sold since the episode’s airing.
As the company grew, they relocated to a 20,000 sq. ft warehouse and launched a women’s clothing line, which quickly sold out in just one week due to high demand.
This year, their goal is to open physical stores in Virginia’s Tyson’s Corner Center malls, Georgetown, and Bethesda Row. They have also partnered with Hire Heroes USA to provide job opportunities for military members, veterans, and military spouses.
We will continue to follow Justin Baer and Collars & Co. for further updates.
What Is Collars and Co Net Worth?
The start of Collars & Co. was promising; however, like many businesses during the pandemic, it faced challenges. After the pandemic, Justin worked hard to grow his business. We believe that Collars & Co. is now worth around $10 million.
Yes, Collars and Co. are still in business as of April 2024.
