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Basic Outfitters Shark Tank Update

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Basic Outfitters was introduced as an online clothing company based in Manhattan, New York City, that deals in high-quality, customizable and a wide variety of trendy apparel and clothing items for men like t-shirts, underwear, socks, joggers, sweatpants, loungewear etc.

According to its official website, Basic Outfitters is the “most convenient way to shop for basics.” The “Create-a-Drawer” feature offered by it sends at least 17 different clothing pieces to men with free shipping. The offering of it includes three pairs of briefs, ten pairs of socks, three tees, and one jogger sweat pant, all these combined just for $60. This bundle undoubtedly provides the best value for money. In addition to these, the brand also sells all these items individually. Now, they also have a women’s collection. Basic Outfitters is a WRAP (Worldwide Responsible Accredited Production) subscriber. These certified facilities ensure that their products are produced ethically, safely, and with compassion.

Basic Outfitters at a glance

SeasonSeason-08, Episode-12.
Business IdeaHigh Quality and Affordable Men’s Essentials Wear Subscription Service.
FoundersLaura Dweck and Michael Dweck
Asked For$125,000 for 10% of Equity.
Accepted DealNo Deal.
SharksNone.
Business IdeaOut of Business.

Index:

Founder Story:

Basic Outfitters was founded and developed by a duo named, Laura Dweck and Michael Dweck. Laura had a background in fashion design and Michael had previously worked in the chemotherapy and surgical units at Memorial Sloan Kettering. One day when Michael ran out of socks and underwear and he had to face problems due to this.

Then he looked for an affordable way to get high-quality underwear and socks to refill his drawers without spending too much of his salary. When he couldn’t find anything that met his needs, the couple came up with the idea to start their own company. The idea behind its inception was to offer high-quality and stylish underwear, socks, tops, and bottoms for men for filling their basic garment drawer.

Did Basic Outfitters get a Deal on Shark Tank?

Basic Outfitters was featured on ABC’s famous reality show Shark Tank in Season 08 and Episode 12. The owners introduced their business to the Sharks as a company engaged in selling high-quality trendy clothing products, especially for men. The couple entered the seeking an investment of $125,000 in exchange for a 10% share of the equity of their company.

The couple started to explain their product and their company. Laura said to Sharks that guys keep their underwear on average for seven years! The “Create a Drawer” service offered by their company enables men to organize their socks and underwear drawers just for $60. The Sharks loved the concept of their business and the perfect balance between the price and quality of their offerings managed by them. However, when the couple told the Sharks that they had already sold a 75% share of the equity of their business to other investors, this initial excitement wore down quickly and the Sharks were discouraged. Because of this, Mark Cuban, followed by Robert Herjavec and Daymond, backed themselves and only Kevin O’Leary and Lori Greiner offered investment to the entrepreneurs.

Kevin offered them $125,000 for 25% equity in their company with the condition of recovering the percentage of other investors in the company. Lori Greiner also jumped in and made the same offer. The founders then attempted to counter the offers at 15%, which made Kevin back out as he understood that the entrepreneurs don’t own enough of the business anymore. Lori again tried to counter back at 20% before ultimately going out for the same reason as Kevin. But the owners were not able to crack the deal and thus the entrepreneurs walked away without getting a deal on the show.

What Happened to Basic Outfitters after Shark Tank?

After its episode was aired on the Shark Tank show, Basic Outfitters exploded despite of being not cracking the deal on the show and experienced a massive increase of 1,000% in its sales to $5 million, as the effect of the show. To further increase their sales, the founders started physical pop-up shops, revamped their Amazon store, and collaborated with Jet Blue. Jet Blue’s Mint amenity packs included their items. Both husband and wife were named to the Forbes 30 Under 30 list in 2018.

Competitors of Basic Outfitters

Basic Outfitters cannot exist in isolation as it has to survive in the market which is full of competition. Thus, it faces tough competition in the market from businesses focusing on the same line of products. Various competitors found for Basic Outfitters are:

  • Miscoot Outfitters;
  • ABC Underwear;
  • Yellow Berry;
  • Summer Salt; etc.

Net Worth of Basic Outfitters

At the time of appearing on the show, Basic Outfitters had sales figures of around $50,000 and a net worth of around $1.25 million as per the pitch given by its founders. However, it is nearly not possible to calculate the present value of Basic Outfitters as now it is out of business.

Is Basic Outfitters Still in Business?

No, Basic Outfitters is not continuing sss business operations as the business was offered for sale in the year 2019 and is considered to be purchased at the same time and there is no further information on who acquired the company. The couple withdrew from business in June 2019, Michael is now working as a Senior Vendor Manager at Amazon, and Laura is now identified as the president of Shore Magic, a firm dedicated to health and wellness.

However, a few clothing items of the brand can still be found on Amazon. Although its website is still working it is not accepting orders anymore as not showing an option to purchase, and its social media accounts have been inactive since early 2020.

Basic Outfitters Social Links:

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FAQs:

What is Basic Outfitters?

Basic Outfitters is one of the best ways to refresh the sock and underwear drawer of a person. Basic Outfitters have the ‘Create a Drawer’ service that costs $60. The service includes throwing away all the old and faulty underwear and socks and replacing all of them with new ones. People can also buy articles separately.

Who founded Basic Outfitters?

Laura and Michael Dweck are a married couple and the founders of Basic Outfitters. When they got married, Laura found out that Michael had numerous old and holy underwear in the drawer. She wanted to replace all of those.

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