Tones of Melanin is a HBCU apparel brand. This brand specially focuses on the HBCU Community to create stylish clothing. This company was founded by Ashley Jones in 2017. On May 19 2023, Ashley appeared in Shark Tank Season 14 Episode 22 and asked $300,000 from the sharks for 5% equity at $6 Million valuation.
Tones of Melanin is one of the most popular clothing brand of (Historically Black Colleges and Universities) HBCU Community.
Ashley has launched Tones of Melanin after completing her studies at Norfolk State University to fill the HBCU Clothes-line Gap in the Fashion Industry.
When She used to go to the college bookstore, she noticed that no one represented the clothing style of her HBCUs Community. She decided after college that she would make clotheslines for her HBCUs community.
Within months of the brand’s launch, appeared on Fanatics, Belk and Dick’s Sporting Goods. In 2021, the Lincoln University athletic department partnered with them. They donated $50,000 to the HBCU Education by June 2022.
The brand is available at approximately 18 HBCU Follett bookstores across the country.
What Is Tones of Melanin?
Tones of Melanin is a HBCU apparel brand. This is the first HBCU brand created by a women HBCU graduate. This brand sells bags, bottoms, outerwear, skirts and many more apparel products to male and female.
They specially design clothing by focusing on the HBCUs community, so that the people of that community can feel comfortable and Stylish.
The average cost of their products ranges from $20-$100. If you want to buy these products then you can buy from the official website.
They currently have 33 HBCU licenses and their goal is to bring awareness to HBCUs by creating clothes.
|Company Name||Tones of Melanin|
|Product||Apparel brand for HBCUs community|
|Asked For||$300k for 5% equity|
|Final Deal||$300k for 12% equity|
|Episode (Shark Tank USA)||S14 E22|
|Air Date||May 19, 2023|
|Business Status||In Business|
|Headquarters||Norfolk, Virginia, United States|
|Lifetime Worth (Sales)||$3.3M *estimated|
|Go To Amazon||Buy Now|
|Watch On||Amazon Prime|
Another Shark Tank Pitch
Who is The Founder of Tones of Melanin?
Ashley Jones is the founder and CEO of Tones of Melanin. She is a professional graphic designer and has worked as a designer for many years. At the age of 13, she started working as a graphic designer.
She started this business to spread awareness to her HBCUs community.
How Was The Shark Tank Pitch Of ‘Tones of Melanin’?
Ashley enters Shark Tank and asks sharks for $300k for 5% equity. Ashley explains their business to Shark. Shark liked the clothing items of this brand very much and also its material.
The landing cost of a jacket is approximately $28 and it is sold for a price of $56-$110, depending on the size of the jacket.
So to date they have made sales of $3.3 million. They did sales of $1.4 million in the last 12 months. This year(2022) they have made $1.1 million in sales. 75% of their sales comes from e-commerce.
This year they made a profit of $343,000. They have spent $50,000 in marketing so far. Mark Cuban made an offer of $300k for 15% equity. Ashley counters Mark’s 12% equity.
Finalize: Mark Cuban invests $300k in ‘Tones of Melanin’ for 12% equity.
What Happened To Tones of Melanin After Shark Tank?
In 2021, Ashley told that she is working in a 2,400 square feet warehouse in Virginia beach. Their plan is to make the business bigger after a few months.
Tones of Melanin Shark Tank Update
After entering the shark tank, Ashley explained her business to the sharks. She told the shark very well. There are many things talked about in Shark Tank like Revenue, Annual Sales and More.
We’re following Ashley Jones along with her company for further updates.
What is The Net Worth of Tones of Melanin?
Current Worth of Tones of Melanin is Estimated at $2.5 Million. This is the first HBCUs apparel brand owned by a black woman. The brand became very popular in the black community within a few months of its launch.
According to the Department of Education, in 2020 the HBCUs community spent $270.8 million in private gifts and contributions.
Is Tones of Melanin Still In Business?
This business started in 2017 by selling clothing in a bookstore. In recent times this brand is very popular in the form of HBCUs community.
This brand is gradually expanding by launching different clothing line products. Most of the African-American college and school students are liking these clothesline.
The current headquarter of this company is in Norfolk, Virginia, United States and it employs 2-10 employees as per their LinkedIn profile.
Yes, Tones of Melanin is still in business as of May 2023.