Basic Outfitters Shark Tank Updates 2022: What Happened To Basic Outfitters After Shark Tank Pitch?

basic outfitters shark tank

What Is Basic Outfitters?

Basic Outfitters is a firm that assists men in quickly restocking their wardrobes with essential apparel products. This amazing apparel line offers men’s clothing that is high-quality, personalized, and trendy. There are t-shirts, underwear, socks, jogging sweatpants, and other goods to choose from.

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Basic Outfitters was founded by Laura and Michael Dweck, a couple. Laura has a fashion design background. Michael Dweck, on the other hand, served as an operations manager for the chemotherapy and surgical units at Memorial Sloan Kettering.

Michael and Laura have quit their day jobs to operate the firm full-time from a midtown Manhattan shared office. Following a similar experience, Lauren and Michael Dweck decided to create their own company.

When Laura and her new husband started their new married life together, Laura decided that her new husband’s old, ratty underpants and socks had to go. He was having trouble locating fresh necessities that weren’t too expensive. By combining her fashion knowledge with his business ability, the two decided to start Basic Outfitters.

Quick Facts on Basic Outfitters:

Company Name Basic Outfitters
Entrepreneur Michael Dweck and Laura Dweck
Product Subscription service for underwear, socks, and undershirts
Investment Asking For $125,000 For 10% equity in Basic Outfitters
Final Deal No Deal
Shark No Shark
Episode Season 8 Episode 12
Business Status In Business

Who Is the Founder of Basic Outfitters?

basic outfitters shark tank

Basic Outfitters was created by Laura and Michael Dweck, a couple. Laura has a fashion design background. Michael Dweck, on the other hand, served as an operations manager for the chemotherapy and surgical units at Memorial Sloan Kettering.

When Laura and Michael married and moved into a tiny apartment in New York City in 2014, they observed Michael’s collection of basic clothes, such as socks and underwear, taking up important room in their already cramped apartment.

Laura adds that when they married, she compelled Michael to get rid of 90% of his necessities drawer, which was full of worn-out and holey clothing. He merely wanted a quick and easy way to restock his drawers without having to spend money. We designed a solution when he couldn’t locate anything that met his requirements.”

basic outfitters shark tank

Guys keep their underpants for an average of seven years, according to Laura! Its flagship Create a Drawer service costs $60 and allows men to start over with their whole sock and underwear drawer.

Three pairs of briefs, eight pairs of socks, three tee shirts, and a wild card item are included in each “drawer” from Basic Outfitters. Individual goods can also be purchased a la carte. A three-pack of underwear will set you back $30, a four-pack of socks will set you back $20, and a tee-shirt will set you back $12.

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Clearly, the Create a Drawer combo offers the best value. WRAP is a member of Basic Outfitters. WRAP (Worldwide Responsible Accredited Production) certification is given to all of their factories, assuring ethical, safe, legal, and compassionate production.

What Happened to The Basic Outfitters Proposal on Shark Tank?

In episode 12 of Season 8 of Basic Outfitter, Laura and Michael decided to pitch their idea to Shark Tank investors for funding to help them build and extend their inventory.

Laura and Michael are seeking $125,000 for a ten percent interest in their $1.25 million company. The Sharks are dissatisfied when they learn early in the presentation that they only own 25% of their company. The value of the sales is projected to reach $500,000.

Mark Cuban is out because he likes the concept but not the execution. Robert Herjavec is gone due to his inability to comprehend the equity divide. For the same reasons, Daymond John likes going out. Kevin O’ Leary is enthralled by the concept and gives $125,000 in exchange for a 25% ownership in the company, dependent on the proportion contributed by the other investors.

Kevin Greiner’s offer is accepted by Lori Greiner. After Laura and Michael reply with $125,000 for a 15% interest, Kevin O’Leary leaves. Lori Greiner offers $125,000 for 20% stock shares but then withdraws due to concerns about the other investors. Finally, the two brothers left the pitch without concluding an agreement.

What Happened to Basic Outfitters After Shark Tank?

Basic Outfitters skyrocketed following Shark Tank, with sales soaring 1000 percent to $5 million despite not winning a deal. They increased the size of their Amazon store, started doing pop-up stores, and cooperated with Jet Blue. Jet Blue’s Mint amenity kits include their products.

Both were named on Forbes’ 30 under 30 lists in 2018. In June of this year, the two quit the business. There is no more information about who purchased the business.

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However, their Facebook page has been silent since January 2020, their Amazon Store products are currently unavailable, and their website has no way to purchase merchandise, according to a 2021 update. This explains why the corporation has ceased operations.

Net Worth of Basic Outfitters:

During the pitch, the firm was valued at $1.25 million; however, as the company is no longer in operation, the company valuation is inaccessible.

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