What Happened to Best Wardrobe Solutions after the Shark Tank?
What is Best Wardrobe Solutions?
Best Wardrobe Solutions is a company that sells men’s fashion accessories.
Best Wardrobe Solutions specializes in the sale of ties, pocket squares, collar stays, belts, shoes, and other fashion accessories.
He assembles everything for men on his one-of-a-kind app, which teaches men how to properly knot a pocket square or round – that’s the small kerchief that goes in a suit pocket.
Best Wardrobe Solutions’ best-selling item is the Best Pocket Square Holder. It is a lightweight device that keeps a folded pocket square in any blazer or jacket for both men and women.
Pocket square holders are available in a range of versions to suit your pocket’s aesthetic.
They are $19.99 on Amazon and come in a variety of colours and styles to match their ties.
Who is Best Wardrobe Solutions’ Founder?
Cedric Cobb, the developer of the Best Pocket Square Holder and President/CEO of Best Wardrobe Solutions, has a 20-year successful career in corporate sales, management, and wardrobe counselling, earning him the distinction of fashion expert.
The company just launched a mobile app to make buying the Best Pocket Square Holder easier and faster.
Cedric’s mother, who worked as a professional seamstress and entrepreneur for over 30 years, was a major inspiration for him to get an education, work in corporate America, and become an entrepreneur.
In 2015, Cedric was inspired to create the Best Pock Square Holder after seeing the host’s pocket square was out of place while watching the Steve Harvey talk show.
Having had the same issue several times and knowing that other males felt the same way, he invented the best solution, the Best Pocket Square Holder.
What Happened to Best Wardrobe Solutions on Shark Tank?
Cedric entered on Shark Tank season 10 episode 21 looking for $200,000 in exchange for a 15% share in his firm. This is equivalent to a $1,333,333.33 valuation.
He demonstrates the use of his innovative pocket square holder and distributes samples.
Each pocket square holder costs $19.99. At wholesale, they cost $7.50 a unit.
Because all manufacturing is now done in the United States, each unit now costs $3.40.
Best Wardrobe Solutions has sold 52,000 pieces throughout the course of its existence, and the entrepreneur expects to make $398,000 by the end of the year (2019).
The product is available for purchase on the Best Wardrobe Solutions website, as well as on Amazon and Etsy, as well as at church conferences.
The entrepreneur, on the other hand, maintains that wholesale accounts for the majority of income, accounting for up to 70% of total sales.
Best Wardrobe Solutions is looking for funds to help cut manufacturing costs by moving all production to an assembly line.
Mark states unequivocally that he dislikes wholesale and does not feel it is a good fit for him, and he withdraws.
While Robert believes it’s a nice product that he’d use, he sees it as too niche for him, so he’s out.
Kevin, on the other hand, feels that by becoming involved, he will be able to really blow it up and make the product a tremendous success. But, as is his wont, Mr. Wonderful isn’t interested in a straightforward equity structure. Instead, he charges a royalty of $1.50 per unit.
When Daymond asks how long he intends to keep the royalties, Kevin responds by looking at the entrepreneur and asking, “How long are you going to be alive?” The obvious result will be that the royalty will be indefinite.
Daymond ponders if and how he can provide value to Best Wardrobe Solutions and its offering.
He adds that he does not feel he can help with sales and that the business already has a well-known endorser in the form of Ray Lewis. Daymond withdraws from the purchase as a result of these reasons.
Lori, too, says she doesn’t see how she can provide value. She also argues that Kevin’s deal isn’t all that bad, so she withdraws as well.
When asked where Kevin envisions himself aiding, Kevin says, “with everything, everywhere.”
When the entrepreneur argues that with greater investment, he can reduce his manufacturing costs to $2.04 per unit, Daymond enters the fray and offers a royalty of $1 per unit instead of Kevin’s $1.50. The entrepreneur accepts Daymond’s proposal.
What Happened to Best Wardrobe Solutions Following the Shark Tank Pitch?
There is no evidence that this transaction was executed as of August 2019. Ray Lewis, an NFL player, is Cobb’s ambassador, and he’s expanded his product range to include fraternity pocket squares.
He also has a groomsmen business and provides bow ties, shoes, socks, and lapels.
His sales are made through his website and Amazon. The company is still in business and has an annual revenue of $3 million as of June 2021.
What is the Best Wardrobe Solutions Net Worth?
Cedric comes on Shark Tank season 10 episode 21 looking for $200,000 in exchange for a 15% share in his firm. This is equivalent to a $1,333,333.33 valuation. They accepted Daymond’s offer of $200,000 for 15% stake plus $1 per unit royalty in perpetuity, resulting in the same valuation.
Who are the Best Wardrobe Solutions’s Competitors?
Best Wardrobe Solutions does not have a competition.
What Happened to Bev Buckle after the Shark Tank pitch?
What Happened to Better Life Cleaning Products After the Shark Tank Pitch?
Best Wardrobe Solutions FAQS
1. Are there any Shipping Fees?
There are no shipping fees, and all orders are free shipping to the United States
2. How does their product work?
The product works by clipping the pocket square to its holder. The pocket square is then rolled down during meetings and events.
3. What is the Best Wardrobe Solutions Business Model?
The company creates customized accessories for men. It uses social media to market its products.
4. Who are the founders of Best Wardrobe Solutions?
Cedric Cobb, the founder of the Best Pocket Square Holder and President/CEO of Best Wardrobe Solutions
5. How much was Cedric Cobb seeking in the Tank?
Cedric Cobb was asking for $200,000 for a 15% stake in the company
6. Did he the deal from the Sharks?
He eventually signed an agreement with Daymond John
7. How much money did he walk away with?
Daymond offered him $200,000 for a 15% stake in the company plus $1 per unit royalty in perpetuity.
8. What happened to Best Wardrobe Solutions after the Tank?
There is no evidence that this transaction was executed as of August 2019. Ray Lewis, an NFL player, is Cobb’s ambassador, and he’s expanded his product range to include fraternity pocket squares.
9. Is Best Wardrobe Solutions still in business?
It’s in business as of June 2021. The company makes an annual revenue of $3 million.
10. How much does a pocket square holder cost to buy?
The company sells pocket square holders for $19.99 comes in a variety of colors.
