MTailor is an online fabric shop offering high-quality fabrics tailored specifically to meet your needs; an app that creates clothes for men based on custom measurements. The measurements of each person vary greatly, from height and biceps to waist and hips.
The clothing here is designed to fit you well and enhance your appearance since wearing what you like makes you smile wide.
|Legal Name||MTailor, Bit Body, Inc.|
|Founders||Miles Penn, Rafi Witten|
|Number of Employees||50+|
|Headquarters Regions||San Francisco Bay Area, West Coast, Western US|
|Products of Company||Customized Shirts, Suits, Clothes for men|
|Mtailor Net Worth||$30 Million (Last Updated 2022)|
The app gives you all the luxuries right on your phone. As a bonus, there is an inbuilt measurement feature within the app that can take all your measurements automatically and in an instant without any manual input.
Mtailor Net Worth and Montly Income
Mtailor apps and website launch have led to wise business growth. MTailor generates monthly revenues of $250K to $500K. Exact figures are not yet available. Smart analysis indicates the net worth to be nearly $30 Million as of 2022.
MTailor has been fortunate to achieve a capitalization of nearly $7.2 million.
What is MTailor?
MTailor was founded by Miles Penn. He became restless, going to a tailor every time he wanted a new suit to give measurements. It seemed to him that this time would be much better spent doing something meaningful.
It did not seem like a good idea for him to wander malls and try out each clothing’s fit. He decided to shop online instead. Sadly, he was dissatisfied with the fit. It usually took several items for him to get the right fit.
He was inspired to start MTailor after realizing that while custom-fit clothing is superior, it is also more expensive, time-consuming, and tedious than ready-made clothing.
Later, he went to San Francisco to arrange financing for his idea. In 2016, he presented his idea to the Shark Tank team. They weren’t pleased with the valuation. Furthermore, they deemed him rather arrogant. The Sharks were critical of his attitude toward creating a $25 million company. Penn was left out of the deal by the sharks since they didn’t consider his opinion.
Creating a Successful Company
He had a plan in place but was unable to find funding from Shark Tank. Penn not only experienced financial difficulties but he was also subjected to cruel criticism by Sharks. However, he still pursued his ideas.
Khosla Ventures was the largest investor and contributed most of the funds. Investing $5.2Million in his idea in 2018 proves they trusted his concept. Then, he created a replica of his shirt to try out the panel. The first step is selecting the fabric, so he chose the heavy purple oxford he was wearing. The client must then choose the collar and cuffs. He chose one button round.
Afterward, you can choose either tucked or untucked. Measurement is the final step. As a general rule, it’s recommended that you wear well-fitting clothing when giving measurements. The client has to stand against a wall, spin around with their arms raised, and wait for the camera on the phone to capture all the measurements, and then finally submit the form.
It would take approximately two to three days to complete your stunning shirt. It has apps for both Android users as well as Apple users.
Despite this, the company claims that measurements are conducted fairly efficiently [about 20 percent] compared to manual tailoring.
MTailor distributed MTailor masks, bundled with protective cloth cover, free of charge with each order in 2020, taking into account the COVID situation. The masks are also available separately.
Both the companies’ “Apple” and “Android” platforms are their biggest achievements. A 4.1 rating has been awarded to the app in the Google Play store. Over 6,000 people have downloaded it so far. Moreover, the reviews are overwhelmingly positive.
Customers are able to place a wide variety of demands on the company’s website. This has led to a significant increase in revenues.
The company has had a successful expansion over the past couple of years. MTailor is a popular app in this category, primarily with people who like quality clothes but don’t like running from store to store.
During the process of creating it, the owner faced many hardships. The owner of MTailor set the best example for future generations by showing them that anything is possible if you put your mind to it; hard work and perseverance are all it takes to succeed.