Finding clothes that fit well and don’t cost a fortune is a hassle. Enter MTailor, the mobile app and store that creates clothes based on your unique measurements. Miles Penn developed the technology and process out of necessity, and now he wants to help other men find their perfectly-tailored clothes. What will the sharks think of this ‘mobile tailor’ on
Shark Tank MTailor Update
- Entrepreneur: Miles Penn
- Business: Custom-tailored shirts using app technology
- Ask: $2.5 million for 10% equity
- Result: No deal
- Shark: None
During his pitch, Miles demonstrated how MTailor worked by showing the process – a simple picture that took 30 seconds and ultimately resulted in a $69 custom shirt. There were 10,000 options available on the website, allowing you to customize your perfect shirt.
The return rates on the shirts were about 15% lower than retail locations by far. Revenue per month hovered around $150,000 but has reduced over time. This was a red flag for the sharks. Miles explained the drop with supply chain issues, but this pointed to bigger problems in the business.
The sharks began to question the valuation. The problems the company was having, he said, didn’t add up with the amount Miles asked for. Guest shark Chris Sacca said he wouldn’t pay a high price for a company this imperfect.
Meanwhile, Miles’ lack of stress was upsetting to Barbara Corcoran. She went out because he didn’t seem bothered. Daymond John said he didn’t like Miles, but offered $2.5 million for 17.5% anyway with the ability to license the technology out. Miles said he had different strategic visions, which caused Daymond to go out.
Kevin O’Leary, on the other hand, said he didn’t want Miles to reinvent the wheel. He offered $2.5 million as debt at 7% interest for three years in exchange for 2.5% equity. Mark thought it was a good deal, and bowed out of the deal himself.
Miles told Kevin he was interested in equity partners, not debt. He declined the deal, which caused guest shark Chris Sacca to say that he didn’t feel like Miles had enough confidence in the business. He left without a deal. Find out where this left the company by finishing out our MTailor update.
Despite not receiving a deal from the sharks, Miles is making leaps and bounds on his own. A few rounds of backing from venture capitalists elevated the company quickly throughout 2018 and 2022. Research for our MTailer update revealed that the company is doing great! Near the end of 2022, the MTailer had done about $13 million in yearly sales, with a valuation that resembles what he asked for in the Tank.
You can find MTailer on the company website or on your mobile app store. The app received a 4.5-star rating on iTunes and a 4.6-star rating on the Android app store, with over 500,000 downloads on Android alone.
For more information on the other companies featured in Season 7 Episode 17, find our company updates below.
For more on companies and products, you can see our full list of updates on the Season 7 Products Page.