Credit: Fox Business
Highlights
- Daymond John has been a part of Shark Tank ever since it hit the TV screens.
- His first fashion venture, FUBU, was supported by many celebrities during the 1990s.
- FUBU helped Daymond gain a reputation as a booming entrepreneur, and he has invested in a wide range of industries, from fashion and food to technology and fitness.
If you’re a dedicated Shark Tank viewer, you must have observed Daymond John’s inclination towards fashion related businesses. But do you know all the factors that have contributed to the illustrious Shark Tank Daymond John journey?
Keep on reading to find new insights about the intriguing life journey of the FUBU founder towards ultimately becoming a Shark.
Daymond John’s Early Life
Born in 1969, Daymond’s tumultuous childhood quite often showed signs of his potential success in the future. He struggled to read as a kid, which angered his father. As a result, he yelled at him to forget about reading and take up some work.
However, the school soon found out that Daymond was dyslexic. Unaffected by the problem, he started exploring his entrepreneurial bug by starting a ‘pencil business’ while he was still in the first standard.
After a short while, his parents divorced, and the urge to support his mother further pushed him towards taking up new jobs from time to time.
A Closer Look At Daymond’s Entrepreneurial Beginnings
The career beginnings of the 55-year-old business veteran can be traced back to 1979 when he was merely ten. Burdened by family responsibilities, he started distributing flyers in Hollis, New York City. The remuneration he received then was $2 on an hourly basis.
Daymond then went on a working spree and began selling different items, including pencils and refurbished autos. All these experiences collectively laid the foundation of his career graph towards becoming an entrepreneur.
During his high school years, Daymond enrolled in a business co-op program, which offered him the liberty to attend school on alternate weeks only. Additionally, he started working full-time at First Boston Investment Bank, Manhattan.
Daymond’s post-high school period cemented his profile as an entrepreneur. With zero capital, minimal prospects, and no connections, he learned the nitty-gritty of entrepreneurship through a series of working experiences. The most notable of them all was the one at ‘Red Lobster.’
As he didn’t have enough money that could land him in a decent college, Daymond started waiting tables at Red Lobster. But he knew he wasn’t going to settle for such a job anytime in the future. He thought of taking up the experience as learning more about business in general.
Daymond took an interest in knowing about Red Lobster’s quarterly reports so as to comprehend the insights into a business’s profitability. He also made an effort to learn more about its front-end business. These first-hand learnings took him a step further toward his entrepreneurial journey.
The Inception of FUBU
Motivated by his love for clothes, Daymond, along with this neighbor, stitched and sold multiple hats at different festivals and concerts. They earned over $800 from the venture.
Pumped up by the massive response, he decided to take it ahead as a full-fledged business venture. To assist him better, Daymond’s mother remortgaged her living space at $100K.
Daymond quit his waiter job at Red Lobster and offered his entire fortune towards the establishment of FUBU.
The FUBU acronym stands for ‘For Us, By Us.’ The range of products prepared particularly for a younger and urban customer base included t-shirts, hockey jerseys, and sweatshirts.
Taking the marketing game a step further, Daymond further collaborated with artists making big in the hip-hop world to make FUBU a sensation in minimum time. The idea worked; sales skyrocketed to an all-time high, and stores received bulk FUBU merchandise orders.
The Beginning of the Shark Tank Daymond John Journey
FUBU’s unparalleled success established Daymond’s name in the list of business people who understand the nuances of entrepreneurship. This is why he was invited by Shark Tank makers, who felt his inspirational journey was the perfect match for the Shark’s profile.
The decision to cast him did wonders for the makers as Daymond stood out amongst the other investors as a calm and balanced person who rarely loses temper. He often showed his vulnerable and emotional side to the viewers and earned the admiration of fans.
Over the years, he has invested in countless businesses in the show, including the supremely successful Bombas, One Sole, and Bubba’s-Q Boneless Ribs.
Bombas is even regarded to be one of the most successful deals in the history of the show.
Successes and Hurdles
Although FUBU was steadily making its place in the market, it witnessed an unprecedented hike in sales when LL Cool J, a famous US pop culture figure, endorsed the brand in one of his promotional videos. He did so because Daymond was one of his old acquaintances.
FUBU made it huge after this development and earned placement in more than 30 music videos. It also grabbed impressive deals from brands like Macy’s, Inc. As FUBU was still in its early stages, it was struggling to meet the financial requirements with regards to the production cost.
But with his determination and mother’s support, Daymond tackled the problem by getting his products advertised in the prestigious ‘The New York Times.’ This was followed by a deal with the renowned Samsung Textiles, which allowed FUBU to emerge as a distinguished name in the fashion arena.
FUBU’s 2024 sales stand at a massive $6 billion mark. Whereas, the net worth of Daymond is estimated at $350 million.
To Conclude
The Shark Tank Daymond John’s success is a result of years of hard work and perseverance of a young, dyslexic kid who was committed to his entrepreneurial dreams. From working as a waiter to fearlessly starting his fashion label, he has exemplified courage and creativity at multiple levels.
His humble beginnings have further contributed to his empathetic nature, which makes him a distinguished panelist on the Shark Tank’s judges list.
References
- Daymond John on hip-hop, his mom and making it big, CNN Money, Octavio Blanco
- Daymond John Net Worth, Celebrity Net Worth
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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