MTailor Update | Shark Tank Season 7

Miles Penn always shopped online but avoided buying clothes because they never fit right, and returning them was a hassle. To fix this, he created MTailor, an app that uses a phone camera to take body measurements for custom-fit shirts and suits. It’s more accurate than a traditional tailor and costs less. Will the sharks see the potential? Let’s get into our MTailor update and pitch recap to find out.

If you’re short on time, here’s a quick overview of what happened to MTailor after Shark Tank.

Miles entered Shark Tank Season 7, seeking $2.5 million for 10% equity in MTailor. After his pitch, he did not secure a deal as the sharks were unimpressed and questioned whether his valuation was realistic.

In terms of a MTailor update, the company successfully raised $15.5 million in venture capital and expanded its product line beyond custom shirts, driving steady sales growth to $13 million annually.

Shark	Result
Kevin O’Leary	$2.5 million as a loan at 7% interest for 36 months for 2.5% equity.
Daymond John	$2.5 million for 17.5% equity
Chris sacca	No offer
Barbara Corcoran	No offer
Mark Cuban	No offer

Shark Tank MTailor Pitch

• Entrepreneur: Miles Penn
• Business: Custom-tailored shirts using app technology
• Ask: $2.5 million for 10% equity
• Result: No deal
• Sharks: None

Miles introduced MTailor to the sharks, a company that sells custom men’s shirts using a smartphone camera for measurements.

He claimed it was 20% more accurate than human tailors and offered over 10,000 unique shirt combinations.

Customers select fabric, collar, cuff, and style, then use their phone’s camera to take measurements in 30 seconds.

He demonstrated the process with a model, showing how the app scanned the body and produced precise measurements.

Moreover, since MTailor eliminates the expensive measuring process, a custom shirt costs $69 instead of $125.

Barbara Corcoran asked if the app measured biceps, and Miles confirmed it took 14 different measurements.

Kevin O’Leary wanted to know if the software was proprietary, and Miles said he developed it with a Stanford friend.

Kevin then asked about return rates, and Miles said 15%, which is lower than the industry’s 25-30%.

Daymond John confirmed that Miles was asking for $2.5 million for 10% equity, valuing MTailor at $25 million.

Guest shark Chris Sacca asked about revenue, and Miles said they were doing $150,000 per month but had supply chain issues, dropping them to $130,000.

Originally, they were on track for $2 million in annual sales, but now expect $1.1 million. He added that he had $1.4 million in the bank and was flying to China to fix supply issues.

Kevin noted that missing sales projections by 50% was a major problem. Miles admitted the supply chain hadn’t scaled, so he was renegotiating prices.

Daymond questioned the $25 million valuation, saying he could replicate the business for less.

Miles said they had previously raised money at a $10 million valuation, but Daymond still didn’t believe it was worth that.

Daymond asked if Miles planned to license the technology, but Miles said it was a mix of both. Chris suggested licensing to major apparel companies instead of running his own brand.

Chris asked if MTailor was even profitable, joking about whether it could afford ramen for employees. He dropped out, unwilling to invest at the valuation.

Barbara followed, saying Miles didn’t seem concerned enough about his supply chain problems.

Daymond acknowledged Miles’ attitude from the start but offered $2.5 million for 17.5% equity, insisting on licensing the technology.

Miles countered with $2.5 million for 11.11% equity, valuing the company at $22.5 million. They couldn’t agree, so Daymond dropped out.

Kevin, the last remaining shark, offered $2.5 million as a loan at 7% interest for 36 months, in exchange for 2.5% equity.

Miles declined all offers and left without a deal. Find out where this left the company by finishing out our MTailor update.

Shark Tank MTailor Update

Our MTailor update found that after the show, the company raised $7.2 million in venture capital in 2018.

In 2022, it secured another $8.3 million, bringing total funding to $15.5 million.

The company expanded its product line beyond custom shirts to include suits, blazers, dress pants, jeans, chinos, and shorts.

Sales grew steadily, reaching $13 million annually as of April 2024. The company’s valuation remains at $25 million, the same as during its Shark Tank pitch.

You can find MTailer on the company website or on your mobile app store.

We’re calling this MTailor update a success.

For more information on the other companies featured in Season 7 Episode 17, find our company updates below.

• SmartPlate Update
• Bee Free Honee Update
• Float Baby Update

For more on companies and products, you can see our full list of updates on the Season 7 Products Page.