Although the clothing industry is cutthroat, Spergo is doing well. Spergo is a high-end, designer clothing brand with a strong message. Trey Brown, the company’s founder, is 15 years old and thinks that anyone can succeed. On Shark Tank, Daymond John made a deal with him thanks to his story. Spergo will be worth $2 million in 2023.
About The Founder
Trey Brown was raised in a rough neighbourhood in Philadelphia. However, he always tried to avoid trouble, and he wanted to help others do the same. His mother, Sherell Peterson, is his biggest supporter.
On Trey’s 12th birthday, he received $178 and used it to purchase 16 shirts, which he sold to family and friends. All the clothes sold out in a day and the young man reinvested the money to buy more t-shirts.
Founding The Company
Brown officially launched the Spergo clothing line in 2018. The day after his birthday, he sold 40 shirts to people in the local neighbourhood. By the end of the year, he earned $40,000.
When he turned 13, he helped his mother resign from her job, and she was instrumental in the growth of the startup as COO. In 2020, the business got so busy that Trey went to the hospital because of exhaustion.
After a short break he got connected with P. Diddy via the proprietor of a barbershop. He received mentoring from the wealthy rapper and $25,000 in investment for his firm. The funds were used to launch Spergo’s first physical location, and in 2020, the business generated a staggering $745,000.
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Appearance On Shark Tank
In 2021, the company saw a boom, but Trey and Sherell were unable to handle it alone. They applied to Shark Tank because they needed money to employ a qualified designer and increase their digital marketing. On episode 13 of The Tank, they requested $300,000 for 10% equity.
The Sharks were moved by the significance of the clothing line, but they were more awed by his grit. The investors were also taken aback by the clothing’s quality. Nobody was surprised to see Daymond John show the most enthusiasm.
Daymond John is the same as Trey in that he founded FUBU. The mother of Daymond was also very important in the early years of FUBU. The young entrepreneur eventually agreed on a deal for $300,000 in return for 20%. Cuban’s offer definitely helped Trey secure a better deal with Daymond.
After Shark Tank
Five days after the Shark Tank episode aired, Spergo received over 1000 online orders. A 2000% increase on the average number of sales they make online. The publicity he got from Shark Tank led to him appearing in Ellen and Fox Business.
He also received a lot of support from the NBA community, especially from the Philadelphia 76ers, who gave him a $200,000 grant. This helped Spergo expand its product collection, which is available in its stores and website, Spergo.com. The key driver of future growth will need to come from their ecommerce website.
The luxury brand has a strong social media presence and has over 100,000 followers on Instagram but engagement is low. Spergo made $2.5 in annual revenue for 2021 with a profit margin of around 15%. Currently, the business is worth an estimated $2 million.
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