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Daymond John Net Worth: $350M
Who Is Daymond John?
Daymond John is an American businessman, fashion designer and TV personality whose net worth stands at $350M.
Daymond orginally made his fortune as founder and CEO of urban clothing brand FUBU.
Now he stars on the American TV show Shark Tank as one of the investors who put their money into new exciting businesses.
The Early Years
Daymond John was born February 23, 1969, in Brooklyn, New York to parents Margot and Garfield John.
He was raised in Hollis, a neighborhood in Queens. When his parents divorced he was only 10 years old. It was at this time he started working to help support the family.
His first job was handing out flyers where he earned just $2 an hour.
At high school, he participated in a work program that allowed him to hold down a full-time job, and complete his schoolwork on an alternate schedule.
After graduation, he worked as a waiter at Red Lobster and founded a commuter van service.
John co-founded FUBU, an urban clothing company whose acronym stands for For Us By Us. The company was started at his mother’s house in Queens when he was just 20 years old.
The brand was geared towards young, male, urban customers, stemming from his love of both hip-hop and fashion.
He was taught how to sew by his mum and she let him take over the house to grow the business. In order to further grow the business, his mother re-mortgaged her house to raise $100,000 in additional capital.
When the business was just starting out, Daymond continued to work full time at Red Lobster so he could pay the bills.
His first major project was sewing knock-off woolly ski hats as he considered them to be overpriced at the time at $20.
Along with his next-door neighbor and future business partner, Carlton Brown, they sewed roughly 90 similar hats and sold them all for $10, making around $900 in a day.
Next, they screen-printed T-shirts which were sold on consignment at large events in their local area.
It was around this time that Daymond and Carlton brought their friends J. Alexander Martin and Keith Perrin into the business. They began to design hockey jerseys, sweatshirts, and T-shirts with the FUBU logo embezzled on them.
Their marketing plan was to loan some of the clothing to rappers for use in their music videos in the hope of endorsement. They managed to get product placement in over 30 videos.
By 1993, LL Cool J (a friend) wore a FUBU T-shirt for a promo campaign and a FUBU hat in a GAP commercial which significantly boosted their popularity.
The business was growing so rapidly that at one point they received $300,000 in orders and had to take out a second mortgage on his mother’s home to be able to fulfill them.
In their quest for extra capital they were turned down by 27 banks for a loan and spent the last of their capital advertising in the New York Times which got them a deal with Samsung Textiles.
After only six years since being founded, FUBU had a turnover of over $350M, and to date has generated more than $6B in worldwide sales.
The brand’s popularity has since declined. However, in 2018, the footwear brand Puma started an acquisition to create a number of shoes and later bought the company for $300M.
Since 2009, Daymond has been one of the investors on Shark Tank. To date, he has invested more than $8.5M of his own money.
He has also written a number of books, most notably, Display of Power, The Brand Within, The Power of Broke, and Rise & Grind: Outperform, Outwork, and Outhustle Your Way to a More Successful and Rewarding Life.
In 2015, he founded a program dedicated to teaching entrepreneurs how to grow their business from the ground up, called Daymond John’s Success Formula. Later he changed the name to Next Level Success.
Now the program works with the Network For Teaching Entrepreneurship and offers a $1500 scholarship to two up-and-coming entrepreneurs every year.
He also runs his own online training program for entrepreneurs called Daymond on Demand.
Daymond has received numerous awards throughout his career.
Some of the most notable are Brandweek Marketer of the Year, the NAACP Entrepreneurs of the Year Award, Crain’s New York Business Forty Under Forty Award, Ernst & Young‘s New York Entrepreneur of the Year Award, and the Brandeis University International Business School’s Asper Award For Excellence in Global Entrepreneurship.
In 2015, Daymond was appointed by President Obama as an ambassador to promote underserved entrepreneurs.
Top 5 Daymond John Quotes
“Don’t wait for the ‘perfect time’, you will wait forever. Always take advantage of the time that you’re given.” – Daymond John
“Every problem can be solved as long as they use common sense and apply the right research and techniques.” – Daymond John
“I look to work with businesses that know what they are doing but need larger distribution or exposure.” – Daymond John
“An entrepreneur must pitch a potential investor for what the company is worth as well as sell the dream on how much of a profit can be made.” – Daymond John
“Mentors, by far, are the most important aspects of businesses.” – Daymond John
Daymond John is an internationally renowned businessman, investor, and TV personality whose net worth is $350M.
He originally made his fortune co-founding the clothing brand FUBU and is now well known for his role on Shark Tank.
He has won numerous awards throughout his career and was also appointed by President Obama to be an ambassador for underserved entrepreneurs.
As of 2021, Daymond John’s net worth is $350M.
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