Daymond John is widely recognized from an American business reality TV show Shark Tank. John is one those you sometime hear or see about the rags to riches stories–he came from a very humble beginning. Just within a span of six years Daymond John’s apparel company, FUBU started from a measly $40 to making over $350 million a year in revenue.
How Daymond John came up with the brand name FUBU (For Us By Us) was the time when Mike Tyson got incarcerated in the early 1990s, John screen-printed T-shirts which read ‘Free Mike Tyson,’ to sell them at events and streets corners. According Daymond John, he stated “It showed me something about the reason people buy clothes—that when there’s an emotional slogan or an emotional connection, products sell quicker.” Hence the born of FUBU.
Daymond John success set inspirations to African-American youth that hard-work and determination will pay off whatever that dream may be. In 2015, former president Barack Obama appointed John as an ambassador to promote underserved entrepreneurs. John’s incredible success is highly commendable. In recognition of this, FUBU is featured at the Smithsonian’s National Museum of African-American History and Culture in Washington D.C.
Throughout Daymond John’s career he received numerous accolades including 4 Emmy awards with the Shark Tank, Brandweek Marketer of the Year, Ernst & Young’s New York Entrepreneur of the Year Award, and more. Daymond John is also an author of several books listed in the New York Times and the Wall Street Journal bestsellers.
What is Daymond John’s Net Worth?
Daymond John’s net worth came from an accumulation of investments, sales of FUBU, book royalties, brand endorsement, public speaking, and business program. As of July 2020, Daymond John’s net worth is at a staggering US$350 million. At only 53, with ongoing investments into other business ventures, and running his own consulting firm in the world’s most financially powerful city, New York city — Daymond John’s net worth will undoubtedly continues to grow.
Who is Daymond John?
Daymond Garfield John is 53, bornin February 23, 1969 in Brooklyn, New York City. Daymond John is an American businessman, investor, fashion designer, TV personality and Author.
John mother name’s Margot John. Information about his biological father is still a mystery. His parents divorced when John was 10 years of age. Being the only male in the family he had to take on more responsibilities during early teenage years.
At just 10 years-old he started working; in one of John’s early jobs was handing our flyers for $2 an hour, or $7.42 today adjusting for inflation. John attended a Catholic school for seven years, and while in high school he worked at a full-time job every other week alternating between school. When John was 16 his mother had a boyfriend who is a Jewish attorney, John looked up to him as a stepfather and a mentor.
Daymond John is dyslexic since he was young which made education is even more challenging. Later in John’s adult life, John said being dyslexic was a blessing — it forced him to push himself harder and became more creative that led him to an entrepreneur he is today.
Early Career
John’s mother, Margot John was always supportive and willing to sacrifice financially in her son’s endeavor. When his mother learned that he had ideas for a clothing company gearing towards teenagers his mother taught him how sew, and allowed him to use their house to grow the business so his ideas can turn into reality.
During this period, John noticed wool ski hats with their tops tied off with fishing line were popular at that time among hip hop crowd and Queens’ community and were sold in-store at $20 each, John considered they were overpriced. With the sewing skills his mother taught him John knew he could handmade them and sell it at a much cheaper price. With the help if his next-door neighbor John manage to sew 90 hats. They sold their homemade hats for $10 each on the street and made $800 in a single day.
In 1992, John’s next business venture was selling screen-printed T-shirts. In order to succeed the young entrepreneur had to find a good distribution channel. He came up with a brilliant idea to reduce expenses by selling them on consignment and at large events in the Northeast of Queens.
To make ends meet Johan also had to work a full-time job at a seafood restaurant, and at the same time worked on his newly start-up apparel business FUBU between shifts.
Daymond is arguably an innate businessman, he envisaged a huge potential business opportunity in his apparel business. Top support John’s endeavor his mother put up their house for $100,000 as a collateral for John startup capital. Not wasting precious time, John recruited two longtime friends to help him sew the FUBU logo on hockey jerseys, sweatshirts and T-shirts.
To promote his apparels, John loaned out FUBU hockey jerseys to rappers for two years in return for 30 seconds of product placement in their music videos. It worked like wonder, people perceived FUBU as a big clothing brand, stores started to request for their products to be stocked in their stores despite it was actually a tiny startup company.
In 1993, John convinced his neighborhood friend a rapper LL Cool J to wear a FUBU hat for the brand’s promotional 30-second ad campaign for a giant retailer The Gap, LL Cool J incorporated the FUBU’s acronym in his rapping ‘For Us By Us’.
In 1992, a high-end department store chain, Macy requested $300,000 worth of orders of FUBU’s apparels. They had to take on a second loan to have any chance to fulfill the orders. He went bank to bank for loans but it was in vain. They got turned down by 27 banks. His mother gathered her last dimes and nickels on whatever they had left to put an ad on the New York Times newspaper that simply read “Million dollars in orders. Need financing.” A mere 6 words costed them $2,000 in ad cost. The risk paid off when Samsung Textiles was interested, but on the condition that FUBU could do $5 million worth of sales in 3 years. FUBU ended up making $30 million in sales in just three months.
Since the inception of FUBU the company had earned over US$6 billion in global sales.
Daymond John in the Limelight: Shark Tank
In 1999, John was invited to become one of the casts for a media giant ABC’s reality TV series, Shark Tank where aspired entrepreneurs pitch their business propositions in the hopes of obtaining funds from investors also known as the Sharks. During the entire course of the series, in 2017, Daymond John had invested over $8.5 million of his own money. There were two particular stand-out investments coming from John: Al “Bubba” Baker’s boneless ribs and Bombas socks in 2015.
Both yielded a massive return on investments, with Al “Bubba” Baker’s starting from $154,000 in sales to $16 million in three years. In 2007, the company partnered with Carl’s Jr. to create a limited-edition burger. And John’s investment in Bombas Socks saw their total sales in the first nine months reach $450,0000 and skyrocketed to $12 million.
Perhaps one of the most unique investments in the show — instead of financially investing in handcrafted bow ties called Mo’s Bow invented by a 15-year-old boy Moziah “Mo” Bridges, John opted to become the young entrepreneur mentor. In 1997, young Mo had a 7-figure deal licensing partnership with the NBA.
On Season 6 of Shark Tank, John was the Shark of a party glasses eyewear, Sun-Staches the company had made over $4.2 million in sales.
Other Ventures
Daymond John is the CEO and founder of of a private company, The Shark Group, a brand management and consulting firm. Its office is based in Manhattan, NYC, with average annual revenue of $7 million.
Being a well-known figure in the business world, an audio streaming and media services provider Spotify had John represent them as their brand ambassador. And in 2021, John signed a deal with Audible, an American online audiobook and podcast service.
As a public and motivational speaker, John attended many events including being the Keynote speaker at the annual London International Awards.
Daymond John has published four books for far in his career: Display of Power, The Brand Within, The Power of Broke, and Rise and Grind.
With The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage and Rise and Grind: Outperform, Outwork, and Outhustle Your Way to a More Successful and Rewarding Life both were on the New York Times and the Wall Street Journal bestseller lists.
Personal Life
Daymond John is a devout Catholic. Daymond has two daughters from his first marriage, Destiny, and Yasmeen. However, not much about his first wife is known.
John met his second wife, Heather Taras through their mutual friend. In June 2018 the couple tied the knot at a private wedding ceremony in Santorini, Greece with another daughter named Minka Jagger.
Daymond John FAQs
What is Daymond John Net Worth?
Daymond John net worth is currently $350 million USD.
How much money does Daymond John earn?
Daymond John earns $25 million per year from various sources.
How tall is Daymond John?
Daymond John is 5 ft 6 in (1.68 m)
How old is Daymond John?
Daymond John is currently 55 years old.
When is Daymond John birthday?
Daymond John birthday is on 23rd February.
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