What Are Tough Ties?
Tough Ties are ties that can withstand stains and are machine washable. It was started by Skylar Bennett and Kevin Shoemaker. As former commercial real estate agents, the two men met at work.
They had to seem professional because of their line of work, but when they both became fathers, they discovered a hard truth: babies can rip ties. Whether it was a tiny drop or full-on puke, the guys had a hard time keeping their ties clean. As a result, they made the decision to search for a solution.
They searched all over but were unable to locate any ties that could be machine washed. However, they did find an Arizona designer who helped them turn their concept of machine-washable ties into a reality.
In 2017, Tough Tie launched its online store. Since then, it has grown to include Tough Apparel. In addition to ties, they also sell belts, stockings, and, in keeping with the times, face masks. Stains are rare because the knots withstand liquid.
Continue tossing them in the washing machine if a stain appears. They also include a microfiber cleaning tip for your spectacles. Personalized ties (for a wedding or other special occasion) cost $50 plus a $20 setup fee in contrast to regular ties, which are $30.
Who Founded Tough Ties?
Tough Ties was founded by Kevin Shoemaker and Skylar Bennett.
What Happens to Tough Ties at The Shark Tank Pitch?
The boys have rapidly grown from ties to other things, and they want to grow even more. A Shark’s interest in their clothing and company plan is what they are aiming for. Kevin and Skylar go on Shark Tank looking for $100,000 in exchange for a 15% interest in their company, which is valued at $666,666.66.
They tell their story, promote their goods, and then hand out samples. They sold $208,000 worth of goods last year, and they expect to sell $400,000 this year. They owe $150,000 and put $43,000 of their own money into the business.
They seek a shark to assist them in escaping their current predicament. Only Robert, a Shark, has made a bid, which is $100,000 for a 35 percent stake in the company, valuing their enterprise at $285,714.29. Robert won’t bend, despite their attempts to come to an understanding on 33.3 percent. They ultimately come to an understanding with Robert.
Tough Ties After the Shark Tank Pitch:
Tough Ties and Apparels have ties in two lengths and four sizes, as well as a range of styles and colors. The company is very new and has created quite a stir in the industry after a successful time on Shark Tank.
Robert’s agreement was never fully fulfilled. In July 2021 $4 million is the company’s yearly revenue.
Tough Ties Net Worth:
They requested $100,000 during the pitch in exchange for a 15 percent stake, bringing the company’s valuation to $666,666.66. In exchange for a 35 percent ownership stake, they agreed to a contract worth $100,000, valuing their business at $258,714.29.
Tough Ties Competitors:
There are other rivals on the market, including Menswearhouse, My Stock Ties, and Knotted Ties
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