Collars & Co caught the eyes of America when founder Justin Baer appeared on Shark Tank in 2022.
But what is the story behind Collars & Co and what is the company’s net worth?
Who is Collars & Co founder Justin Baer?
Justin Baer was born in the US in 1983.
A serial entrepreneur, Baer has set up multiple businesses over the years. His first, The Cure Card, was set up in 2003 while he was still at college studying Marketing & RE Finance at New York University.
The idea was to create a retail loyalty card that could be used for multiple brands, to help reduce the number of cards customers had to carry.
Baer says he sold $5 million worth of the cards after convincing a number of retailers to get on board.
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He also set up four other companies (CharityHappenings.org, Check In Easy, TeachingProAcademy.com, MemberText) before coming up with his latest invention: Collars & Co.
What is Collars & Co?
Collars & Co was set up by Justin Baer in 2021 via TikTok.
The clothing brand aimed to combine style and comfort to offer a new form of shirt. It sought to give customers the look of a dress collar, but with the comfort of a polo shirt.
Just one year after launch Collars & Co’s TikTok videos had gone viral with one million views and over 80,000 likes.
Collars & Co on Shark Tank
Justin Baer went on the US investment pitching show Shark Tank in 2022, with the hope of securing a $300,000 investment in return for a four per cent share in his business.
The Sharks on the show were initially impressed by the pitch made by Baer. They were surprised when he told them he was making a 20 per cent profit and that he had managed to secure so many sales in just one year of operating.
However, the investors believed the four per cent stake on offer was far too low for the money being offered.
Kevin O’Leary offered the full funds being sought by Baer but wanted a 10 per cent stake in return. The entrepreneur rejected the offer saying he was unwilling to give up so much of his company.
The same offer was then made by Guest Shark Peter Jones who said that his previous investment in fashion companies meant he had the knowledge and infrastructure to help Collars & Co grow.
Baer again refused the offer, causing exasperation from the Sharks.
In a final offer, Mark Cuban said he would be willing to partner up with Jones to offer the £300,000 investment, plus a $700,000 line of credit that Baer had suggested would be enough to reach his goals.
Jones attempted to outline why he thought such an offer was worth taking, but kept being interrupted by Baer, who was still unwilling to give up 10 per cent of his company.
Frustrated at Baer’s lack of compromise, Cuban said: “If [Jones and I] don’t do this deal, our lives aren’t going to change. We’re still going to be f—ing rich.”
Baer eventually agreed to the offer on the table.
What is Collars & Co’s net worth?
When Collars & Co appeared on Shark Tank in the latter half of 2022, the company was given a net worth of $7.5 million.
The valuation was based on a gross revenue of $5 million in the lead-up to the TV appearance. But since the Shark Tank episode aired, Baer says that there has been a surge in purchases. Lifetime sales revenue has since reached $14.2 million.
Collars & Co is now thought to have a valuation of $9 million.