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Tough Ties Shark Tank Update

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Tough ties are a solution to the stain problem of ties. A tough tie is a tie that is machine washable. The product is sold under the business moniker Tough Apparel. Along with the ties, socks, belts, and face masks are sold as well. The ties are liquid repellent so the stains are almost zero. To clean the glasses, there is a micro-fiber tip too.

The cost of a standard tie is $30 and a custom tie is $50 with a set-up cost of $20. Tough Ties is easily washable, can be washed in a washing machine, and also controls all aspects of the supply chain with high-quality maintenance. It usually takes 8- 10 days for delivery.

Tough Ties at a Glance:-

Ideacustomizable stain-repellent, machine-washable, stylish line of ties and accessories
FoundersSkylar Bennett and Kevin Shoemaker
Asked For$100,000 for 15%
Accepted Deal$100,000 for 35%
SharksRobert Herjavec
Business statusIn Business
Episode No.Season 11, Episode 22
WebsiteTough Ties

Index:

Who are the founders of Tough Ties?

Tough ties were founded by Kevin Shoemaker and Skylar Bennett, who both work as real estate brokers and their professionals strictly state them to wear a nice tie. When they both became parents, they were not able to get their ties in a proper condition as their respective kids made children full of wrinkles, vomited on them, or painted on them.

This made Skylar and Kevin in a dilemma, as kids are kids, so they thought of finding a solution to this problem. They did a lot of research and findings but didn’t find any useful machines, especially for ties, and this is how they thought of Tough Ties and launched it on the market in 2017.

Did Tough Ties get a deal on Shark Tank?

Founders of Tough Ties came on the Shark Tank in search of an investment of $100,000 in exchange for 15% of the company. They shared their story and handed a few samples into the sharks’ hands. They shared their sales figures, which were $208000 in sales last year in 2018 and forecasted to touch $400,000 in 2019. Kevin and Skylar had invested $43,000 at the initial stage of the business and we’re in a debt of $150,000 and wanted investment to get rid of it.

See also  AnyTongs Shark Tank Update

No sharks were interested in making an offer as they didn’t find it investable and scalable. Robert Herjavec was the only shark to give an offer of $100,000 for 35% of the company. Tough Ties gave a counter offer for $100,000 at 33.3% exchange rates. Robert Herjavec didn’t bend down as he wanted to grab this opportunity completely. Kevin and Skylar didn’t have any choice and took the deal of Robert and their check from him.

What happened to Tough Ties after Shark Tank?

After the show, Tough Ties gained huge popularity and the addition of customers to its website. The Tough Ties deal made on the shark tank with Shark ( Robert Herjavec) was never closed. After the airing of the show, they renamed their business name Tough Apparel in July 2021.

They have also added other products to their business like dresses, Casual Shirts, Ratchets belts, and socks manufactured by their firm.

Tough Ties, the cost of a regular unit is $30, personalized ties cost $50 and $20 is setup charges. During the pitch, they asked for a valuation of $666,666.66 and the deal was finalized at the valuation of $285,714.19. As per 2022 reports, they have annual revenue of $4 million per annum.

Competitors of Tough Ties

  • Knotted Ties
  • Men wear house
  • My stock ties

What is the net worth of Tough Ties?

At the time of the show, they were valued at $285,000. The current estimated net worth of Tough Ties is more than $ 4 million. As per 2022 reports, they have annual revenue of $4 million per annum.

Is Tough Ties still in business?

Tough Ties deal made on the show was never closed. As of July 2021, they renamed their brand Tough Apparel and added a few other products. Soon after changing their brand name, they decided to go beyond ties and started a durable and inventive clothing market.

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FAQs:

What is Tough Ties?

Tough ties are a solution to the stain problem of ties. A tough tie is a tie that is machine washable. The product is sold under the business moniker Tough Apparel. Along with the ties, socks, belts, and face masks are sold as well.

Who founded Tough Ties?

Tough ties were founded by Kevin Shoemaker and Skylar Bennett, who both work as real estate brokers and their professionals strictly state them to wear a nice tie. When they both became parents, they were not able to get their ties in a proper condition as their respective kids made children full of wrinkles, vomited on them, or painted on them.

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