In 1992, young entrepreneur and designer Daymond John founded the brand FUBU, which stands for ‰ÛÏFor Us, By Us.” FUBU pioneered the urban apparel market space in the fashion industry. Born February 23, 1969 in Brooklyn, NY, Daymond John grew up in Hollis, Queens, NY the birthplace of hip-hop music. He was continually surrounded by influential people and ideas that, combined with his creativity and entrepreneurial spirit, sparked the young man to create and sell affordable products representative of the urban hip-hop culture. Daymond learned to dream and work hard from his mother, a single parent who served as a flight attendant for American Airlines among multiple other jobs. Daymond’s mother played a key role in the development of FUBU by teaching her son to sew, mortgaging her home to pay for FUBU’s initial expenses, and even using the home as a makeshift factory for FUBU apparel.
Continue Below For More Facts Including Net Worth, Salary & Income Info!
2. Income & Salary
Daymond’s success as an entrepreneur exploded once rapper LL Cool J, also from Hollis, sported a t-shirt with the FUBU logo during a promotional advertising campaign. Daymond rented a hotel room near a trade show in Las Vegas and returned to Hollis with over $300,000 in orders. Soon thereafter, FUBU had contracts with Macy’s, J.C. Penney, and the National Basketball Association. Daymond signed a distribution deal with the South Korean company Samsung. At its peak in 1998, FUBU’s annual sales reached $350 million. Since its inception, FUBU has had more than $6 billion in sales around the globe. In addition to his FUBU success, from 2009 on, Daymond John has been a regular host of the hit TV series “Shark Tank,” where he serves as an angel investor for businesses looking to go to the next level. Daymond also assists such entities and celebrities as Shopify, rapper Pitbull, and the Miss Universe Organization to increase their revenue and expand their brand. Additionally, Daymond has become an author and motivational speaker.
Continue Below For More Facts Including Net Worth Info!
3. Estimated Net Worth
With so much success, Daymond John’s estimated net worth is $300 million. Although FUBU sales have declined significantly in the United States, FUBU has had a “rebirth” of sorts with a surge of sales in South Korea.
How much is Daymond John’s Net Worth? $300 Million!
Video Transcript:Daymond Garfield John, co-founder of the FUBU clothing label, was born in Brooklyn on Feb. 23, 1969, and raised by his mother and grandfather in the Hollis neighborhood of Queens. He lives in New York. He is divorced and his daughters are named Yasmeen and Destiny.John attributes his success as an entrepreneur in part to the co-op program he had in high school that let him alternate between spending time in the classroom and working at a business. He is dyslexic. He started a commuter van service after he graduated from high school. He was on the edge of the early hip-hop music scene. When he made and sold $800 worth of tied-top wool hats that were similar to one in a music video, he was hooked on catering to an untapped youth market. He started the For Us By Us line with friends and his mother in 1992, and she mortgaged her home to raise the capital to buy sewing machines and supplies. FUBU gained nationwide exposure at a trade show in Las Vegas in 1994; it reported $350 million in revenue by 1998.Today, John is chief executive officer of FUBU and a venture capitalist who participates in the ABC show “Shark Tank.” He wrote two business books and does motivational speaking, as well. He has an estimated net worth of $250 million.Video Credit: AlphaLife.me on YouTubehttps://www.youtube.com/watch?v=yv-v7pK2s54