Joseph Chay hopes to find a fit for Bello Verde, his custom tailored suit business, in Shark Tank episode 619. He’ll have some help from two celebrity clients: UFC Fighter Uriah Faber and “Superman” Dean Cain.
Chay is a bit of a Shark himself: in 2012 he left his job as COO of Astor and Black (a custom tailored suit maker), taking many clients with him, to found Bello Verde. In 2014 he acquired Astor and Black from bankruptcy – the Sharks ought to identify with that!
Bello Verde doesn’t have a traditional storefront. Instead, its “professional clothiers” and master tailors come to the customer. They measure in great detail and store each customer’s measurements for future purchases. Each suit is hand cut, sewn together according to strict quality standards and delivered in person. Prices for custom tailored suits range from $699 to $18,000 depending on fabric and style.
Mr. Chay is likely looking for cash to expand his business and exposure for his brand. Will he find the right fit in the Shark Tank?
Bello Verde Shark Tank Recap
Joseph enters seeking $360K for 6% of his business. He enthusiastically explains his business. He’s wearing a green suit with zebra lining. Uriah Faber and Dean Cain appear from behind a curtain and Joseph explains they’re both friends and customers.
Joseph explains his past relationship with Astor and Black and he explains how he bought Astor and Black out of bankruptcy. Daymond asks why Dean wears the clothes and he says he hates to shop. Joseph explains he wants to launch online sales for accessories and use sizing algorithms for customers. Joe has $2 million in sales with suits that sell for $1200-$2500.
Kevin says he uses Bello Verde’s competitor and he hates the valuation, he’s out. Lori says she shouldn’t be in the men’s custom suit business, she’s out. Robert thinks the market is saturated, he’s out. Mark says he bought $95K on custom suits he’s never worn. He likes Joe’s strategy, but hates the valuation, he’s out.
All eyes turn to Daymond and Daymond says he’s going to make an offer that’s so sweet, Joe will get a cavity. After a break, Daymond offers $360K for 33%. Joe says the number is so far off, it’s probably not worth having a conversation. Joe counters with $360K for 8%, Daymond goes to $360K for 25%, Joe doesn’t want to give away that much of the business, Joe declines, Daymond’s out. As Joe walks out, Daymond says “what an idiot.”
RESULT: NO DEAL
Bello Verde Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. In the immediate aftermath of the show, there was a lot of interest. He went from 2 or 3 appointment requests per day to 20-30 requests. They also stopped doing the custom fittings. Instead, Bello Verde began offering wholesale options for people who want to start their own clothing brands. The company is now Bello Verde Private Label. As of October, 2023, the company is still in business doing $3 million in annual revenue and Chay is now the president and CEO of Astor & Black.
Posts About Bello Verde on Shark Tank Blog
Bello Verde Company Information
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