Pocket Square Shark Tank Updates 2022: What Happened to Pocket Square After $200k Daymond John Shark Tank Deal?

pocket square shark tank

What Are Best Wardrobe Solutions?

Men’s fashion accessory company Best Wardrobe Solutions. Best Wardrobe Solutions is a retailer of belts, shoes, ties, pocket squares, collar stays, and other attire accents. On his unique software, which teaches men how to properly knot a pocket square or round—that small kerchief that goes in a suit pocket—he puts everything together for gentlemen.

One of Best Wardrobe Solutions’ best-selling products is the Best Pocket Square Holder. It serves as a thin holder that keeps a folded pocket square in place in any blazer or jacket for both sexes.

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To match the pocket style, pocket square holders come in a range of editions. They retail for $19.99 on Amazon and come in a variety of hues and patterns to complement their ties.

Who Is the Founder of Best Wardrobe Solutions?

A 20-year successful career in corporate sales, management, and wardrobe advising has given Cedric Cobb, the creator of the Best Pocket Square Holder and President/CEO of Best Wardrobe Solutions, a remarkable understanding of business and fashion, earning him the distinction of fashion expert.

To make ordering the Best Pocket Square Holder simpler and faster, the business has released a mobile app. His mother, who ran her own business for more than 30 years while working as a professional seamstress, served as a major inspiration for Cedric to complete his schooling, work in corporate America, and become an entrepreneur.

Seeing the host’s pocket square out of place while watching the Steve Harvey talk show in 2015 gave Cedric the idea for the Best Pock Square Holder. He came up with the best solution, the Best Pocket Square Holder, after experiencing the same issue repeatedly and realizing that other guys shared his sentiments.

What Happened to Best Wardrobe Solutions at The Shark Tank Pitch?

On Shark Tank season 10 episode 21, Cedric makes an appearance in pursuit of $200,000 for a 15% ownership in his business. This amounts to a value of $1,333,333.33. He distributes samples and demonstrates how his recognizable pocket square holder functions.

Each of these carriers for pocket squares costs $19.99. At wholesale, they sell for $7.50 a unit. It now costs $3.40 per unit because all manufacturing takes place in the United States.

Over the duration of its existence, Best Wardrobe Solutions has sold 52,000 items, and the business owner projects $398,000 in sales by the end of the year (2019). The item can be purchased at church conferences, on the Best Wardrobe Solutions website, on Amazon, and on Etsy.

The business owner asserts that wholesale accounts for up to 70% of overall sales and the majority of revenues. In order to save manufacturing costs, Best Wardrobe Solutions is looking for capital to move all production on an assembly line.

Mark is honest when he says he doesn’t enjoy wholesale and doesn’t think it’s a good fit for him, and he leaves. Robert thinks the product is cool and would use it, but he rejects it because he believes it to be too specialized for him.

On the other hand, Kevin thinks he can really blow it up and make the product a massive thing by supporting it. However, as is typical of him, Mr. Wonderful is not keen on a straightforward equity arrangement. Instead, he pays a royalty of $1.50 per unit.

Kevin responds by looking at the businessman and saying, “How long are you going to be alive?” when Daymond asks how long he wants to keep the royalties. The royalty will be indefinite, which is the clear result.

Daymond wonders aloud whether and how he could be able to benefit Best Wardrobe Solutions and its offering. He says he doesn’t think he can help with sales and that the businessman already has Ray Lewis’ well-known support. Daymond decides to back out of the deal due to these factors.

The same goes for Lori, who claims she cannot see how she could be useful. She also withdraws on the grounds that Kevin’s deal isn’t too bad. When the businessman asks Kevin where he wants to help, Kevin replies, “With everything, everywhere.”

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Daymond enters the negotiation again and proposes a royalty of $1 per unit rather than Kevin’s $1.50 when the businessman asserts that he can reduce his production costs to $2.04 per unit with a larger investment. The entrepreneur agrees to Daymond’s suggestion.

Best Wardrobe Solutions After the Shark Tank Pitch

There is no evidence that this transaction was finished as of August 2019. NFL great Ray Lewis is Cobb’s brand ambassador, and he’s added fraternity pocket squares to his product lineup.

In addition to running a groomsmen shop, he also offers lapels, shoes, socks, and bow ties. He makes sales on both Amazon and his website. As of June 2021, the company is still in business and generates $3 million in revenue annually.

Best Wardrobe Solutions Net Worth

On Shark Tank season 10 episode 21, Cedric makes an appearance in pursuit of $200,000 for a 15% ownership in his business. This amounts to a value of $1,333,333.33. They accepted Daymond’s offer of $200,000 for an ongoing $1 per unit royalty, resulting in the same valuation.

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