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Retailer Asked Daymond John to Remove Founders' Photos For Looking 'Gang'
“A large retailer did ask me to take the picture of myself and my three other partners off the hang tag, cause it said we look like a gang.”
Samsung agreed to finance FUBU if it reached $5M sales in 3 years
“And the deal with us was that they would finance the manufacture and manufacturing and distribution of our product, but we had to sell five million dollars worth of clothes in three years to keep the deal.”
FUBU generated $30 million in sales in three months after partnering with Samsung
“But I had known my customers so well because of all those things that I was doing that as we started to put the brand out there, we did about thirty million dollars in three months.”
John: FUBU booked $300,000 in orders without a trade show booth
“So it worked it out, and you know, we would write 300,000 dollars in orders, and that's when I would realize how much capital I really needed.”
Daymond John: FUBU restricted big retailers to preserve brand coolness
“We'd have to stop the retailers. We'd have to not allow them to purchase because some of the kids would look at some of these big retailers and say, well, now FUBU's not cool anymore because it's in these big retailers.”
Daymond John: A hot fashion brand typically lasts five to seven years
“It goes through cycles, you know, and a hot brand lasts five or maybe six years. Maybe seven years.”
FUBU generated $30 million in sales within three months of financing
“As we started to put the brand out there, we did about thirty million dollars in three months.”
FUBU generated $300,000 in orders pitching from a MAGIC hotel room
“It worked it out, and you know, we would write 300,000 dollars in orders, and that's when I would realize how much capital I really needed.”
Daymond John: A hot fashion brand typically lasts five to seven years
“You know, and a hot brand lasts five or maybe six years, maybe seven years.”
Daymond John's mother took out a $100,000 home equity loan for FUBU
“So she goes out and she gets a 100,000 dollar loan on our house.”
Daymond John Was Rejected by 27 Banks for Early FUBU Financing
“So, I went to all the banks I could, and I got turned down by 27 of them.”
Daymond John: 27 banks rejected FUBU loan applications
“So I went to all the banks I could, and I got turned down by 27 of them.”
John: FUBU fulfilled $75K in orders before reaching $500 bank balance
“I think we filled about 75,000 dollars worth of those orders until I turned around and I only had 500 dollars left in the bank, and I was about four months late on the mortgage.”
Daymond John made and sold out 80 handmade FUBU hats in hours
“So I made 80 of them. It took me probably about three hours. I made 80 of them, and I hit that street corner, and I sold all of them.”
John: FUBU founders racked up $50,000 in credit card debt
“So of course, you know, like many businesses, I leveraged my credit cards you know, up until I think my partners and I, all of us leveraged our credit cards up to about 50,000 dollars with a very high interest rate, which is not the smartest thing to do.”
FUBU Has Sold Over $6 Billion in Apparel to Date
“It's a brand that, to date, has sold over six billion dollars in apparel.”
Daymond John: FUBU closed three times between 1989 and 1992
“Through 89 and 92, I closed the business three times because I ran out of money.”
Daymond John: FUBU drastically reduced distribution and logos in 2003
“What we did was we reduced Most of the distribution of it. I mean, we still obviously kept our categories, but we would really narrow down to just a couple of stores just to test the product and see how it's going. Cause we felt that it just needed to cool dow…”
Guy Raz: Daymond John's Net Worth Is Estimated at $300 Million
“Since those early days selling FUBU shirts on street corners in Queens, he's grown his net worth to an estimated three hundred million dollars.”
Daymond John's mother took $100,000 home equity loan to fund FUBU
“So she goes out and she gets a 100,000 dollar loan on our house.”
FUBU seeded 20 oversized shirts to New York bouncers for visibility
“Right, so what we did was we just found a place that made four X, five X, six X shirts, and we made 20 of those shirts, because We made twain them because we knew that if we gave these guys these shirts, these guys were normally bodyguards.”
Jordache's FUBU license generated $100 million in ladies' apparel revenue
“Jordache was our first license and they came aboard and they started doing ladies clothes. So now we're doing a hundred, say, a hundred and fifty million in men's. They're doing a hundred million alone in ladies.”
Samsung required FUBU to sell $5 million in three years
“And the deal with us was that they would finance the manufacture and manufacturing and distribution of our product, but we had to sell five million dollars worth of clothes in three years to keep the deal.”
FUBU founders racked up $50,000 in high-interest credit card debt
“Like many businesses, I leveraged my credit cards you know, up until I think my partners and I, all of us leveraged our credit cards up to pay about 50,000 dollars with a very high interest rate, which is not the smartest thing to do.”
Daymond John says 27 banks rejected FUBU's early loan applications
“I went to all the banks I could, and I got turned down by 27 of them.”
Daymond John closed FUBU three times between 1989 and 1992
“And to say that, I also have to say that through 89 and 92, I closed the business three times because I ran out of money.”