John Daymond is best known as one of ABC’s Shark Tank investors. A true rags to riches story, John has become an inspiration to many people who dream of entrepreneurial success. From growing up in Queens, New York to owning a global clothing brand, John has shown that with the right attitude, focus and hard work anyone can be successful.
John now has a net worth of over $350 million. But have you ever wondered how Daymond John made his money? In this article, we will share the path John took to amass his wealth.
Background and upbringing
Born in Brooklyn, New York City, John grew up in the Hollis neighborhood of Queens. After his parents divorced, he started working at the age of 10. One of his jobs was to hand out flyers. This exposure to the real world will earn him about $2 an hour.
While in high school, John was able to participate in a program that allowed him to attend school while simultaneously working a full-time job. After graduating from high school, he started a commuter van service and waited tables at Red Lobster.
How did John Diamond get rich?
Daymond John made his money by turning his company FUBU into an international brand. FUBU has generated over $6 billion in sales. The brand continues to acquire other fashion brands and in 2020, Eye Candy Creations USA and FUBU announced their collaboration to design, manufacture, manufacture and sell FUBU FRAMES, a sunglasses and optical collection.
While working this full-time job in 1992, John decided to start a clothing company after noticing the popularity of wool ski hats. John thought the hat was overpriced. He started sewing hats at home with his next-door neighbor. They sell hats on street corners and earn $800 a day.
Seeing the potential, John and some friends started the FUBU clothing company. FUBU stands for “For Us By Us” John was able to make this outfit appear in 30 hip-hop videos and lend rappers hockey jerseys with the FUBU logo to wear. But FUBU’s biggest break came in 1997 when rapper LL Cool J wore a cap with the FUBU logo during a GAP commercial.
LL Cool J, a neighborhood friend of Daymond John’s, wore a cap emblazoned with the initials “FB” for FUBU while rapping over commercials. He even included the line “for us for us” in his rap verse. The commercial exposed FUBU to a wider audience but did not generate some controversy.
In an interview with Oprah Winfrey, LL Coole J explained Controversy about the commercial. He commented that as a partner of the company he wanted to support the brand. At the time, GAP executives were not aware that the ad contained a hidden ad for another clothing brand. Instead of pulling the commercial, GAP allowed the ad to continue airing. The move helped the GAP brand as they were seen as “cool” to allow an artist to promote an up-and-coming hip-hop brand.
FUBU is featured in the Smithsonian’s National Museum of African-American History and Culture. John still owns FUBU but has expanded his business portfolio. In the next section, we’ll look at some other ways that Diamond John can increase his wealth.
How he continues to make money
Diamond John’s Best Shark Tank Investment
Bubba’s-Q Boneless Ribs
One of John’s best investments was Bubba’s-Q Boneless Ribs. After Al “Bubba” Baker spent 13 seasons in the NFL as one of the league’s most feared pass-rushers, he sought a second career by founding Bubba Q’s Boneless Ribs. What makes the company truly unique is its patented boneless rib recipe.
John agrees to pay Baker $300,000 for a 30% equity stake in the company. During the episode, Daymond John said, “I still believe this will probably be my biggest deal.” Bubba Q’s is definitely becoming one of John’s best deals as the company went from $154,000 in sales to $16 million in 3 years of appearing on the show.
John also invested in a company called Bombus. Co-founders David Heath and Randy Goldberg met in 2007 while working at a media company. Although they had no passion for socks, they learned that socks were the number 1 most requested item of clothing for the homeless. The shelter worked on a business model that would sell premium socks as well as donate socks to those in need.
They entered Shark Tank asking $200,000 for 5% of their company. They gave up 17.5% but walked away with the shark they wanted. Daymond John’s experience with his clothing company FUBU has made a big difference. The bombas have arrived Over $100 million in revenue in 2018 and 40% year-over-year growth between 2019 and 2020. They have expanded their activities to include other clothing items.
Daymond also created a brand consulting firm called The Shark Group. Branding companies want to help companies expand and grow their reach. The Shark Group teaches the techniques used by John to turn FUBU into a global brand Consulting has helped some of the top Fortune 500 as well as some of the world’s most innovative, growing companies.
Daymond & Shark Group specializes in branding, licensing, social media, influencer integration, marketing strategy and holistic business consulting.
Talks, books, and more
In addition to his branding company and Shark Tank investments, John is also a New York Times bestselling author of several books. His first book, Display of Power was published in 2010. He has also written widely popular business books Rise and Grind: Outwork, outwork your way to a more successful and rewarding life. The book emphasizes how important hard work is to success.
His next book, Breakthrough Power: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Be Your Biggest Competitive Advantage Also became a best seller. This book explains how businesses without big budgets can have a competitive advantage.
John travels the world giving speaking presentations to entrepreneurs, business and world leaders.
Jon’s journey should be an inspiration to those who want to succeed in business. His vision, desire and work ethic showed that being successful is an act of will and determination.
Business Opportunities · Entrepreneurial Lifestyle · Money · Find Your Way · Grow Your Business · Leadership · Mindset · Success · Your Mindset
Entrepreneurial Lifestyle · Money · Find Your Way · Grow Your Business · Marketing · Your Mindset