A Self-made Man | Daymond John's Net Worth
Daymond was born in Brooklyn in 1969 and grew up in Queens. His parents divorced when he was ten, at which point he started working. One of his first gigs was passing out flyers in his neighborhood for $2 an hour.
He took advantage of a high school program that allowed him to work and attend school on alternate weeks. Daymond credits this program for teaching him the value of entrepreneurial spirit. That led to his founding of FUBU clothing.
FUBU Started in His Mom's House
Daymond started waiting tables at Red Lobster after graduating from high school. He wanted to create a clothing company for young men, so he asked his mom to teach him how to sew. And to let him use her house for his new business. His first breakthrough came in 1992.
He saw wool ski hats tied off with fishing line selling for $20.00 each. He thought they were overpriced so he and his next- door neighbor sewed 90 hats and sold them on the street for $10.00 each. They sold out in one day. Daymond next moved to silk screened t-shirts. His mom mortgaged her house for operating funds and FUBU was born.
What Is Daymond John's Net Worth?
Daymond's is a true rags to riches story. His first big sale was the wool hats that made him $800.00. Since, FUBU has generated $6 billion in sales and Daymond has a fortune worth over $300 million. Daymond and his partners did it through brilliant marketing. At the beginning, FUBU sewed its logo onto hockey jerseys and loaned the jerseys to rappers to be worn in music videos.
This product placement made FUBU appear to be a bigger company than it was. Daymond then convinced LL Cool J to wear a FUBU t-shirt at a promotional event. LL Cool J also wore a FUBU hat in a commercial for the Gap. Orders began pouring in and Daymond's mom took out a second mortgage on her house. The rest is history. And each of the mortgages are long paid off.
Daymond John Shark Tank Deals
Daymond joined the cast of Shark Tank in 2009 at the request of the show's creator, Mark Burnett. Daymond has invested millions of his own dollars in dozens of ideas pitched on the show. His favorite deals on the show are Bubba's Q BBQ and Bombas socks.
Daymond's deal with Al "Bubba" Baker was a $300,000 investment in his boneless rib business. Baker was doing around $150,000 annually when he made the deal to sell Daymond 15% of the business. After negotiating a deal with CKE Restaurants (parent of Hardee's and Carl's Jr), Bubba's Q BBQ is averaging $16 million in business annually.
Daymond invested $200,000 in Bombas in exchange for a 17% stake in the company. Bombas, which donates one pair of socks to charity for each pair sold, was generating annual income of $450,000 at the time of this deal. That revenue increased to $12 million within the next nine months. Daymond clearly has the golden touch.
