Most of us have heard one or two things about Mtailor, part of the Bit body Inc. company. It is a technically advanced company that provides customized shirts for men. The company is unique in that the client is measured with a camera phone and forwarded to the company. The company is known for its accuracy, which some even say is beyond a human tailor. As of 2023, MTailor Net Worth is approximately $25 Million.
The company was founded by Miles Penn in 2012, and in addition to offering custom shirts, they also have suits, shirts, blazers, jeans, shorts, chinos, and women’s jeans. The company is based in San Francisco, California, and is the CEO of Penn, while its co-founder, Rafi Whitten, serves as chief technology officer.
|Brand Name:||MTailor, Bit Body, Inc.|
|Headquarters Regions:||San Francisco Bay Area, West Coast, Western US|
|Founders:||Miles Penn, Rafi Witten|
|Number of Employees:||50+|
|Area served:||United States of America|
|Products of Company:||Customized Shirts, Suits, Clothes for men|
|Net Worth in 2023:||$25 Million|
The success story of the founder of the Mtailor company is enough, which proves that today’s greatest ideas have started as a thought. Over the course of a year, Penn was anxious to see a tailor buy a new shirt or suit, and he saw it as a great waste of his time.
The other option of visiting the stores was not so attractive as it also took time to try the clothes. The second option that was there was online shopping, and like the other two, he didn’t like it because there was a risk of not getting what was ordered.
It was at this point that Miles decided to take a shirt of his choice because it was easier and faster than a human tailor. This would be even more accurate, and the customer would have what he or she dreamed of. The customer will choose the fabric, cuffs, and collar, and also the design. The idea sounded great, and he started trying to make it a reality.
To get started, we need ideas, we need more than ideas, and this is where we get helpful help. Due to limited resources to start a business, Miles approached the shark on the shark tank for help.
He went there with the important goal of raising enough funds to grow his business plan as well as taking care of supply chain issues, which was a problem. To get home, he took the panel through the process of going to buy the shirt he was wearing.
Mail wants 2.5 million for a 10% stake in the company. Shark Tank turned down the offer and was asking for more shares in the equity, an offer that was suspended for miles. Miles’s commitment forced him to seek funding from other sources, and he continued the business despite the challenges.
The shark tank panel turned down Miles, but he did not give up. He moved forward with the help of his co-founder Rafi Witten and proved everyone wrong.
In a short time, they had an Apple app as well as an Android app, which enabled users to easily access their services. Since its inception, the company has been one of the leaders in fashion technology in recent times and has come up with a new concept in clothing shopping.
MTailor has yet to win an award, but one of its biggest achievements has been the Apple and iPhone platforms, which also make the company easily accessible. In addition, the company runs a website, and it has attracted a lot of traffic over the years, and this means that the company’s popularity is growing very fast.
MTailor Net Worth 2023
As of 2023, MTailor Net Worth is approximately $25 Million.