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Spergo Net Worth: What Happened To It After Shark Tank?
Today we talk about Spergo Net Worth. The clothing industry is highly competitive, but Spergo has been able to find success. The luxury brand Spergo sends a strong message via every piece of clothing they produce.
Trey Brown, the company’s 15-year-old founder, firmly believes everyone can achieve their goals. His story impressed Daymond John enough to offer him a deal on Shark Tank.
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About The Founder
Trey Brown lived in a dangerous part of Philadelphia as a kid. But he always sought methods to keep himself and others out of trouble. Sherell Peterson, who raised him, is his number-one fan.
Trey, who turned 12 and received $178 for his birthday, spent the money to buy 16 t-shirts that he later sold to his loved ones. The young man re-invested the proceeds from the first day’s sales into new t-shirts.
Spergo Net Worth
The high-end company has a large online following (over 100,000 Instagram followers), but few interact with the brand’s posts. In 2021, Spergo generated $2.5 million in annual revenue, resulting in a profit margin of about 15%. This company is currently valued at $2 million.
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Founding The Company
In 2018, Brown debuted his Spergo apparel line to the public. After celebrating his birthday with family and friends, he used that day to sell 40 shirts to his neighbors. Earning $40,000 by year’s end, he was satisfied with his performance.
At 13, he assisted his mother in quitting her job; she has since been an integral part of the firm’s success as chief operating officer. Trey went to the hospital in 2020 due to weariness from the business’s success.
A barbershop owner introduced him to P. Diddy after a short break. He received guidance and cash of $25,000 from the multimillionaire artist. The funds allowed Spergo to launch its first brick-and-mortar location, generating a remarkable $745,000 revenue for 2020.
Shark Tank Appearance
The company saw meteoric growth in 2021, but Trey and Sherell could not handle it independently. Their application to Shark Tank was motivated by a desire to increase funding for digital marketing and the hiring of a professional designer. In season 13, they went on Shark Tank and asked for $300,000 for 10% ownership.
Even though the inspiration moved the Sharks for his clothing line, they were most taken with his drive. The high standard of the garments also took aback the investors. Predictably, Daymond John showed the most enthusiasm.
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Daymond John, the creator of FUBU, has a similar backstory to Trey’s as he, too, started from the bottom. Daymond’s mother was instrumental in FUBU’s infancy, as well. The young businessman agreed to net him $300,000 for a 20% stake. With Cuban’s offer, Trey could negotiate a better agreement with Daymond.
What Happened To It After Shark Tank?
Over a thousand people bought Spergo online five days after the Shark Tank show. An increase of two thousand percent compared to their typical internet sales volume. Thanks to his exposure on Shark Tank, he was invited to appear on Ellen and Fox Business.
The NBA as a whole rallied behind him, but the Philadelphia 76ers were particularly generous, awarding him a $200,000 donation. Due to this, Spergo increased the variety of items sold in its stores and on its website. Eventually, their e-commerce platform will have to be the engine that drives expansion.
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