|Legal Name:||MTailor, Bit Body, Inc.
|Headquarters Regions:||San Francisco Bay Area, West Coast, Western US|
|Founders:||Miles Penn, Rafi Witten|
|Number of Employees:||10+|
|Area served:||United States of America|
|Products of Company:||Customized Shirts, Suits, Clothes for men|
|Net Worth in 2020:||$25 Million|
Most of us must have heard a thing or two about Mtailor, which is a part of the Bit Body Inc. Company. This is a technologically advanced company that provides customized shirts for men. The company is unique in that the client’s measurements are taken with a camera phone and forwarded to the company. The company is known for accuracy, which some even say it surpasses that of a human tailor.
The company was founded by Miles Penn in 2012, and apart from offering customized shirts, they also have suits, shirts, blazers, jeans, shorts, chinos, and women jeans. The company is based in San Francisco, California, and Penn is the CEO, while her co-founder Rafi Witten serves as the chief technology officer.
The success story of the founder of Mtailor Company is enough, proving that some of the biggest ideas today started just as a thought. Penn had over the year grown impatient with visiting the tailor every time he needed to buy a new shirt or a suit, and he saw this as a big waste of his time. The other option of visiting the stores also seemed not so appealing as trying out clothes also was time consuming to him. The other option that was there was online shopping, and just like the other two, he did not like it as there were risks of not getting what was exactly ordered.
It was at this juncture that Miles thought of getting a customized shirt as it was much easier and faster than the human tailor. It also would be more accurate, and the customer would have whatever he dreamt of. The customer would choose the fabric, Cuffs, and Collar, and also select the design. The idea seemed great, and he started putting efforts towards making it real.
To start something, we need more than ideas, and this is where Miles seeks a helping hand. Due to limited resources to start the business, Miles approached the sharks on the Shark Tank for assistance. He went there with the major goal of securing enough funding to expand his business venture as well as take care of the supply-chain issues that were a problem. To drive the point home, he took the panel through the process he had gone through to buy the shirt that he was wearing.
Miles wanted $2.5 million for 10% of the shares at the company. The sharks declined the offer, and they were asking for a higher stake in equity, an offer that miles turned down. The determination that Miles had driven him to getting funds from other sources, and he continued with the business despite the challenges.
The shark tank panel turned Miles down, but that did not stop him. He went ahead with the assistance of his co-founder Rafi Witten and proved everyone wrong. Within a short time, they had an Apple app as well as an Android app, which enables the customers to access their services easily. Since its inception, the company is one of the leaders in fashion technology in recent times, and it has brought a new concept in shopping for clothes.
Awards & Achievements
Mtailor has not won an award yet, but one of their biggest achievements is having Apple and iPhone platforms, which makes the company even easily accessible. In addition, the company runs a website, and it has attracted enormous traffic over the years, and this means that the company’s popularity is growing very fast.
Net Worth of Mtailor in 2020
As of November 2020, the net worth of Mtailor is $25 million. The estimated monthly revenue of the company is between $350,000 and $450,000. This is a lot of money, considering the time the company has been operational. The sharks declined Miles’s request for $2.5 million, and interestingly, as of today, Mtailor has received more than $7.2 million in funding. With the speed that Mtailor is expanding, the numbers in the revenue will get to even higher levels very soon.
Mtailor is one of a kind company that sells customized men’s shirts. The process of taking measurements is very effective because it is done using an app on the phone, and the results have been more than 20% of those of a human tailor. The founder Miles Penn once pinned his idea on the shark tank, but he was turned down, but this did not stop him. The company has experienced huge growth, and its worth much more than what everyone expected. We hope in the future the company will start customizing more than just shirts.