What Happened to The Lapel Project After the Shark Tank?
What is The Lapel Project?
The Lapel Project is a ground-breaking new fashion accessory that makes it simple to add lapels to a suit jacket. Around 30 distinct lapel designs are available for a variety of events and outfits.
The Lapel Project is the most cost-effective, convenient, and wiser method to look your best than buying or renting a tuxedo.
It also offers bespoke maple with a five-piece minimum purchase.
For application to the suit’s exterior, each lapel includes a high-quality industrial adhesive backing. You can also stitch lapels on for a more durable, long-lasting appearance.
Who is the Founder of The Lapel Project?
Sebastian Garcia and Raul Bernal, the brains behind The Lapel Project, are a pair of entrepreneurs with a background in the clothing industry who developed an effective and significantly less expensive alternative to something that most men face at some point in their lives: the high cost of tuxedo rental.
They devised a simple solution: stick-on lapels that could easily transform any jacket into a number of tuxedo styles.
Garcia started The Lapel Project in 2014.
The Miami-based company creates personalized lapels for any suit jacket or antique tuxedo.
A lapel is a folded piece of material positioned below the collar that gives formal suits and tuxedos their signature look.
What Happened to The Lapel Project at the Shark Tank Pitch?
Sebastian and Raul entered Shark Tank season 8 episode 2 in pursuit of $150,000 and a 20% share in their company. This translates to a $750,000 valuation
They provide their pitch and demonstrate how easy it is to use the things.
The Sharks are both surprised and impressed. They customise the Sharks’ lapels, including Lori’s, and they all enjoy their tasting.
Sebastian confirmed that the lapels could be removed and reapplied up to ten times with adequate care. Kevin asked if the lapels could be removed and reapplied.
They make them for $5–$8 and sell them for $50–$100, so profit margins are favourable.
Robert inquired about pricing. Sebastian claimed that the lapels were sold only at a single brick-and-mortar location in South Florida, with sales totalling $16,000 from the store he owned.
Sebastian confirmed the existence of a pending utility patent when Kevin questioned about patents.
Sebastian and Raul promptly disputed Robert Herjavec’s question about whether the lapels were purchased as a ‘gag’ gift.
They’re searching for a partner to assist them grow their online business.
Mark is quite interested. He tells them that he can help them “smash it” on Amazon and gives them $150,000 in exchange for a 30% stake in the company.
Daymond and Lori looked to be interested in making an offer, but Mark was so eager to clinch the transaction that he tried to put pressure on them, telling them that if they did, they would ‘Lose the deal.’
Daymond attributed Sebastian and Raul’s astounding $16,000 in sales to their salesmanship and their position in Miami, where they were well-established, well-known, trusted, and liked, and he left after applauding the pair’s sales style and wished them luck.
Lori was upset, and she hinted that the majority of women would not be impressed if a man wore the lapels. Lori was clearly in agreement with Robert Herjavec in regards to the lapels being a novelty item, and she, too, dropped out.
The sharks were relieved when Sebastian and Raul acted quickly and accepted Mark’s offer, and they all shook on the deal.
What Happened to The Lapel Project After the Shark Tank?
Following the broadcast, Daymond, Lori, and Robert all invested in the company. The company’s website was updated, and Mark’s team built a successful Amazon store.
Sales surged by 1,000% in the first year after its introduction. The business is open and doing well as of June 2021, especially during prom season.
What is the Net Worth of The Lapel Project?
Sebastian and Raul entered Shark Tank season 8 episode 2 in pursuit of $150,000 and a 20% share in their company. This translates to a $750,000 valuation.
They accepted a $150,000 offer from Mark Cuban for a 30% share, implying a $500,000 valuation.
Who are the Competitors of The Lapel Project?
The Lapel Project’s competitors include Boonie Patch and Bow & Square.
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The Lapel Project FAQS
How much will it cost to buy a lapel?
They make them for $5–$8 and sell them for $50–$100
When and where can they order one?
They can order their lapels at www.thelapelproject.com and on amazon.
What colour lapel will they get?
Sebastian and Raul are currently creating a wide range of colours and designs.
What is The Lapel Project?
The Lapel Project is a ground-breaking new fashion accessory that makes it simple to add lapels to a suit jacket. Around 30 distinct lapel designs are available for a variety of events and outfits.
The Lapel Project is the most cost-effective, convenient, and wiser method to look their best than buying or renting a tuxedo.
It also offers bespoke maple with a five-piece minimum purchase.
Who is the founder of The Lapel Project?
Sebastian Garcia and Raul Bernal, the brains behind The Lapel Project, are a pair of entrepreneurs with a background in the clothing industry who developed an effective and significantly less expensive alternative to something that most men face at some point in their lives: the high cost of tuxedo rental.
How much were they seeking in the Shark Tank?
They requested $150,000 and a 20% share in their company. This translates to a $750,000 valuation
Where are they located?
They’re based out of Miami, Florida.
Did The Lapel Project get a deal on the Shark Tank?
They were offered a $150,000 deal for a 30% share in exchange from Mark Cuban.
What happened to The Lapel Project after the Shark Tank?
Following the broadcast, Daymond, Lori, and Robert all invested in the company. The company is doing well after their appearance on the show.
Is The Lapel Project still in business?
The company’s website was updated, and Mark’s team built a successful Amazon store. Sales surged by 1,000% in the first year after its introduction. The business is open and doing well as of June 2021, especially during prom season.
What is their Company return policy?
They are ready to replace their goods for a similar one if it arrives damaged.
A form for exchange must be completed on the site, and authorization for exchange must be given within 24 hours after receipt. Each sale is final. There are no refunds.
