|Industry:||Clothing & Apparel|
|Last Updated:||Sep 2018|
Mtailor is high-tech custom dress-shirt company. With your phone camera, you can get a custom made shirt with a perfect fit and size delivered to your doorstep, this process cuts out the middle man (the tailor) and allows Mtailor to be able to sell shirts between $55-$69 each lower than the usual cost of a custom made dress-shirts.
The founder Miles Penn claims that measurements for Mtailor shirts are 20% more accurate than the a professional tailor and there are over 10,000 unique shirt combinations that can be picked and chosen from the app. This company in form of an app digitizes the tailor or better still, cuts off the tailor and middleman.
The idea behind this app is amazing because most men always struggle with finding perfect fits, as a man you sometimes have to order close to fiver (5) shirts just to find one that fits.
In order to scale Mtailor, Miles Penn decided to head over to San Francisco to pitch the brand to Shark Tank investors, he asked for $2.5 Million dollars in exchange for 10% of the company, he didn’t get the investment because none of the Sharks presented a deal he felt confident in taking on behalf of the company.
Lets take a look at how Mtailor works and the current net worth of the company.
How Mtailor Started
Just like most great inventions, Mtailor started with a simple thought and frustration from the owner. Miles Penn was getting frustrated and tired of having to go to malls anytime he needed a new shirt, as a modern business and busy professional, that time could be used for something more valuable. Also, it’s not like the shirts in the malls were actually perfect fits anyways.
So, the idea of visiting malls and shops for a new shirt wasn’t cutting it for him. You might argue that being a tech guy, he could just simply order online but that’s another issue, in order to get a shirt that actually fits you, you might need to order up to 5 different shirts just to find one that is a perfect fit.
For someone who likes “perfect fit shirts” which are always custom made, you have to also look at the price, custom shirts ranges from $120 above depending on the brand and this can be quite expensive. All these factors and frustration was what led to the creation and launch of Mtailor.
How Mtailor Works.
With technology and startups like this, having investments and capital to work with to scale the brand is very key hence why Miles Penn went to Shark Tank to pitch his idea to them for a huge equity investment.
During his pitch, he took the judges through the process of ordering a shirt. He actually had his model order a shirt for himself right there and the steps are as follows:
Steps to order an Mtailor Shirt:
- Pick your fabric (lots of fabrics to pick from)
- Pick out your collar style
- Pick your cuff
- Select shirt length (Tucked or Un-tucked style)
- Get into a form fitting clothing (like a plain tshirt)
- Find a wall where you can lean your phone or device against
- The app then tells you which way to lean by showing you a GREEN line which means you can stand infront of the camera
- Then you do a 360 spin so the camera can take a picture
- Then you are done, your measurement will be taken when you click submit and you’ve been able to get a 20% much accurate measurement than a professional tailor in under 30 seconds.
There are so many raving reviews on Mtailor and the fit their shirts have and for the price of just $69 per shirt, its a no-brainer for gentle men in need of perfect fit shirts!
— Paul Thompson (@OUPaulThompson) August 28, 2017
Mtailor Custom Jeans Video
Mtailor Net Worth and Revenue
Mtailor is currently valued at about $15 Million and estimated annual revenue is $4.4 Million.
As a company being led by Miles who is a very hardworking developer and founder, Mtailor is set to gain more grounds and accumulate more success. With competitors like TruMaker, Proper Cloth and Knot Standard, Mtailor needs to continually find new grounds to innovate upon and keep the company at the fore-front of custom made and perfect fit apparels.
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