Tones of Melanin is a fashion brand founded by Ashley Jones in 2017, with a mission to provide minority communities in colleges with stylish and unique collegiate wear. The brand primarily focuses on historically black colleges and universities (HBCUs) and aims to fix the underrepresentation of these institutions in the collegiate wear market. In this post, we’ll explore Tones of Melanin’s journey, including its appearance on Shark Tank, the impact of the show on the brand, and its current status.
The Tones of Melanin Pitch and Deal at Shark Tank
Ashley Jones, while still a student at Norfolk State University, launched Tones of Melanin in 2017. Her vision was to bridge the gap in collegiate wear for HBCUs, and she sought an investment of $300,000 for a 5% stake in her company. The jacket costs around $30 to make and sells for $165 online. The brand’s products, particularly the reversible jacket, had impressive margins and boasted over $3 million in gross revenue sales since 2017.
Jones’ pitch was successful. Mark Cuban, one of the Sharks, saw potential in the business and agreed to invest $300,000, however, for a larger stake of 12%. This deal marked a significant milestone for Tones of Melanin, setting the stage for its subsequent growth.
Is Tones of Melanin Still in Business?
Tones of Melanin has been a profitable venture since its inception. The brand has generated over $3 million in gross revenue since 2017, and its product line has expanded beyond the reversible jacket.
The company now offers a diverse range of products, all with similar profit margins. Tones of Melanin is still in business and continues to grow, diversifying its offerings and establishing licensing deals with all HBCUs, historically black fraternities, and sororities.
What Was Tones of Melanin’s Net Worth?
While specific details about Tones of Melanin’s net worth are not publicly available, the company’s reported gross revenue sales of over $3 million since 2017 provide some insight into its financial success. The brand’s substantial sales figures, coupled with the investment from Mark Cuban, suggest a robust financial standing for Tones of Melanin.
Impact of Shark Tank on Tones of Melanin
The appearance on Shark Tank significantly boosted Tones of Melanin’s online presence and sales. The brand experienced a surge in online orders following the episode’s airing, and the deal with Mark Cuban provided valuable resources and expertise to help the company scale.
The investment allowed Ashley to set up a third-party logistics company to prepare products for retail sales and invest in marketing efforts.
Where is Tones of Melanin Now?
Today, Tones of Melanin continues to expand its product line and reach new customers. The brand’s products are available on the company website and through various stores and bookstores associated with HBCUs. Tones of Melanin has also donated over $50,000 to HBCU causes, further cementing its commitment to the community.
Business Overview
Tones of Melanin began as a response to the lack of representation and style in collegiate wear for minority communities. Ashley Jones, while attending Norfolk State University, felt that the available college-branded clothing did not represent her style and decided to create her own. Through hard work and determination, she built a successful company that caters specifically to the needs of minority college students.
The brand’s licensing deals, product diversity, and strong financials paint a promising future for Tones of Melanin. With the support of Mark Cuban and the exposure from Shark Tank, the company is well-positioned to continue its growth and make a lasting impact in the collegiate wear market.
Conclusion
The success story of Tones of Melanin is a testament to the power of determination and the importance of representation in the fashion industry. This tones of melanin shark tank update highlights the brand’s significant achievements since its inception, its appearance on the popular TV show, and its current status as a thriving business.
With its unique products, licensing deals, and commitment to supporting minority communities, Tones of Melanin is poised for even greater success in the future.
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