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Shark Tank Spotlight
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Tones of Melanin is an apparel brand founded by Ashley Jones in 2017, aiming to celebrate and represent the culture of Historically Black Colleges and Universities (HBCUs) through fashion. While attending Norfolk State University, Jones identified a gap in the market for trendy HBCU apparel and decided to fill it herself. The brand offers a diverse range of products, including bags, bottoms, outerwear, and skirts, designed for both men and women. With a focus on the HBCU community, Tones of Melanin aims to provide clothing that allows individuals to feel both comfortable and stylish. The average price of their products ranges from $20 to $100, and customers can purchase items directly from the official website. Currently, the brand holds licenses for 33 HBCUs and is committed to raising awareness about these institutions through its unique clothing line.
For more information on the product, check out: Tones of Melanin Shark Tank
In Season 14 of Shark Tank, Ashley Jones presented Tones of Melanin to the panel, seeking a $300,000 investment for a 5% equity stake in her company. During her pitch, she highlighted the brand’s impressive sales figures and its mission to promote HBCU culture through fashion.
Entrepreneurs |
Ashley Jones |
Product |
The brand offers a range of apparel, including jackets, hoodies, and hats, combining streetwear and collegiate fashion to represent HBCU culture. |
Investment Sought |
$300,000 |
Equity Offered |
5% |
Valuation |
$6 million |
Initial Sales |
Achieved lifetime sales of $3.3 million, with $1.4 million in sales over the past 12 months. |
Retail Plans |
Secured licensing agreements with over 40 HBCUs and had products available in major retailers such as Fanatics, Belk department stores, Dick’s Sporting Goods, and 18 HBCU bookstores. Notably, just two days before the pitch, the company received a purchase order for $973,000 from Follett. |
Mark Cuban |
$300,000 for 15% equity |
Kevin O’Leary |
No offer made. |
Lori Greiner |
No offer made. |
Daymond John |
No offer made. |
Barbara Corcoran |
Did not make an offer. |
After negotiation, Mark Cuban and Ashley agreed on $300,000 for 12% equity.
At the time of the Shark Tank appearance, Tones of Melanin had achieved cumulative sales of over $3.3 million. In the 12 months leading up to the show, the company reported sales of $1.4 million, with $1.1 million of that occurring in the calendar year 2022. The brand’s products are available through various channels, including major retailers like Dick’s Sporting Goods, Follett, and Fanatics, as well as 25 HBCU bookstores. Notably, Tones of Melanin secured a significant purchase order from Follett valued at $973,000.
In terms of profitability, the company reported a profit of $343,000 in 2022. The cost to produce a reversible jacket is approximately $30, which retails for $165, indicating a strong profit margin on these items.
Impressed by the brand’s performance and Ashley’s vision, Mark Cuban offered $300,000 for a 15% equity stake. After negotiations, they agreed on $300,000 for 12% equity. This partnership aimed to leverage Mark’s expertise to further scale the business and enhance its market presence.
Following the Shark Tank episode, Tones of Melanin experienced a significant boost in brand recognition and sales. The exposure led to increased demand for their products, prompting the company to focus on scaling operations to meet this new level of interest. The partnership with Mark Cuban has been instrumental in navigating this growth phase, providing strategic guidance and resources to manage the expanded operations.
With the momentum gained from the Shark Tank appearance and the subsequent partnership with Mark Cuban, Tones of Melanin is well-positioned for continued growth. The brand plans to expand its product line and increase its presence in retail outlets, all while staying true to its mission of celebrating and promoting HBCU culture through fashion.
In summary, Tones of Melanin’s journey post-Shark Tank exemplifies how strategic investment and exposure can accelerate a company’s growth, especially when it fills a unique niche in the market.
