|Legal Name:||MTailor, Bit Body, Inc.
|Headquarters Regions:||San Francisco Bay Area, West Coast, Western US|
|Founders:||Miles Penn, Rafi Witten|
|Number of Employees:||10+|
|Company Type:||For Profit|
|Area served:||United States of America|
|Products of Company:||Customized Shirts, Suits, Clothes for men|
|Revenue in Year 2019:||N/A|
|Net income in Year 2019:||N/A|
|Estimated Net Worth in 2020:||$25 Million|
MTailor is a company that specifically deals with customized shirts for men. All that is needed for you to get the measurement of your size with a phone camera. Amazingly, they have been found to be more accurate about human tailors by over 20%. The total combinations that you can get for each shirt are over 10000. The process is not only quick but also very simple.
This company was created by Miles Penn who traveled to San Francisco to pitch his idea to Shark Tank Team with the goal of securing enough funding for his company. Here is a quick summary of the valuation and net worth of MTailor in 2019.
A great man once said that some of the biggest ideas usually start with a simple thought. This is no different when it comes to MTailor Company. Miles had grown impatient with a visit to tailor each time he needed a new suit. He saw that as a waste of time which could have been used to fulfill other responsibilities. The idea of visiting a mall and trying out new clothes was also not working out for him.
You may be wondering, what about online shopping? Well, for him too, this did not work quite well. His reason was that to get a well-fitting shirt; he had to order more than one shirt to try them out. As we all know, custom clothes are usually a perfect fit. However, they tend to be expensive in the long run compared to regular shopping. It is from this that MTailor was created from.
In the beginning, he never had enough capital to kickstart this business. This is what led him to approach Shark Tank with a goal to secure enough funding to expand the business. He took the panel through the process of ordering a shirt that he was wearing then. The first step that a client is required to do is choosing the right fabric which you want. For him, he chose a heavy purple oxford. From here, you go to choosing the collar and cuffs.
He decided to go with one button round and later you select tucked or untucked options. The phone then gets your measurements, and this process is very simple and does not take more than thirty minutes. During the measurement, ensure that you are in a fitting cloth and you find a wall that you can lean on. Once the device turns green, you are ready, and you can step back.
Get to do a spin with the arms up. After you are done spinning, the camera is going to compare your measurements. Then you submit the measurements, and within a day or two, your shirt is ready. The business is doing well despite the panel never investing money in the business. They have an android app and Apple app from where customers can choose from.
Among the biggest achievements of the company includes have both the Apple and iPhone platforms from where users can purchase from. Also, they run a website that has attracted huge traffic increasing the net worth of the company.
MTailor Net Worth, Revenue & Earnings in 2020
MTailor has undergone huge growth regarding the revenue as well as its operations. Currently, MTailor generating monthly revenue between $350 Thousand to $400 Thousand. As of 2020, The exact information regarding the total valuation of the Company MTailor is not yet available but it is estimated to be over $25 million net worth, and still, the company is expanding. To date, MTailor has received around $7.2 Million as funding.
MTailor has enjoyed huge expansion in the last few years. Despite the owner never securing funding from this company, it has gone on to grow. The fact that the owner despite the hardships that are usually there whenever you are starting a business is a clear indication that one can achieve whatever they set their minds on.