How Is The Net Worth Of Daymond John $350 Million?
You likely know Daymond John from his role as a “shark” in ABC’s hit series, “Shark Tank.” But behind the constant entertainment the show provides, you might forget that as of June 2022, Daymond John’s net worth is a whopping $350 million.
Wow. I mean, we all knew Daymond John was rich, but $350M? So how did he do it? Well, we could give you the cliche answer. He worked relentlessly from a young age, never gave up, kept his eyes on the prize…
Blah, blah, blah.
Forget about the fluff. This week, we’re breaking down exactly how Daymond John built his empire. This article should serve as a blueprint for your entrepreneurial journey. With the right approach, you’ll realize that becoming an entrepreneur and building your brand isn’t impossible. It’s entirely achievable.
So, let’s start with Daymond John’s background.
Who is Daymond John?
Daymond John is an American businessman, fashion designer, author, and television personality. He grew up a proud member of the Holis community in Queens, New York. After his parents’ divorce at the age of ten, the Shark Tank mogul took the role of provider early on.So far, you wouldn’t think Daymond John’s net worth would end up anywhere near 300 million. But, stick with me; this story gets good.
As a provider for the family, John needed a job. So, he began handing out flyers for just $2 per hour. Thanks to a unique program through his school, Daymond John could attend school and work a full-time job on an alternating, weekly basis. He credits this program with instilling him with an entrepreneurial spirit. The amount of discipline it took for the future millionaire to develop his hustle mentality is unteachable.
Daymond John’s Net Worth After FUBU
Daymond John’s net worth
Daymond John’s net worth of $350 million didn’t happen by accident. After developing an entrepreneurial spirit through his full-time job in high school, he founded FUBU – a clothing company that would eventually generate $6 billion in revenue worldwide.
He didn’t have many resources or any experience heading into his venture. But what he did have was the support of his mother, who taught him to sew when he first came up with the idea for a clothing company for young men. Not only that, but John’s mother even allowed him to take over their entire house to grow the business.
What followed was a story of relentless hustle and course correction. Here’s how Daymond John got FUBU off of the ground.
An Opportunity For Disruption.
Daymond John first saw an opportunity to make some waves in the clothing industry in the early 90s. At the time, wool ski hats with fishing lines were all the rage. The only problem was that these hats typically sold for $20. John considered this to be overpriced and immediately saw this as an opportunity to attack.
From there, he got to work. With the help of his next-door neighbor, John sewed over ninety hats at a low price of only $10. In just one day, John and his neighbor made $800 by selling their homemade hats on the corner of Jamaica Avenue, a highly-populated area in Queens. With the rapid success of their hats, the duo then moved on to sell screen-printed tee-shirts.
But Daymond John needed to make ends meet, just like you or I. So, he worked full-time at a Red Lobster while hammering away at his work for FUBU on his breaks and off-time.
Noticing the rapid success of the business, the future Shark Tank mogul agreed with his mother to mortgage his childhood home to create startup capital. But the hustle didn’t stop there, either. Their next step was creating brand recognition.
How Daymond John Created Brand Recognition
The next step for John and his crew was to create brand recognition for FUBU. He knew he had the style, and now, the resources. Now, it was time to create the hype.
John did this by loaning free FUBU gear to local rappers in the area. Then, using their connections and being willing to sacrifice free apparel, the FUBU team secured product placement in over 30 music videos.Product placement, also known as embedded marketing, is a marketing technique where references to specific brands or products are incorporated into another work, such as a film or television program, with specific promotional intent. Product placement can create serious buzz for brands, especially clothing companies.
Using this marketing technique, The FUBU team created the “illusion” that they were a massive clothing company. When, in reality, they were still rather small. Thanks to this newfound coverage, the company started to receive requests from stores to sell their gear in retail.
The moral of the story for this section is networking. Daymond John and the FUBU team persistently used their connections to create hype around their brand. This culminated in John convincing his childhood friend, one LL Cool J, to wear some FUBU gear for a promotional campaign.If you know LL Cool J, then you know that he owned the 90s. Daymond John created a surreal amount of coverage for his brand by securing him as a walking ad.
Now that you’ve learned Daymond John’s story and exactly how he managed to turn FUBU into a household name, it’s time to dive into the techniques he’s used to creating premium brands.
Daymond John’s Net Worth Exploded With 3 Marketing Hacks
Following FUBU’s massive success, Daymond John’s net worth exploded. His amazing work with FUBU landed him the opportunity to be a “Shark” investor on Shark Tank. Since he joined the crew of “sharks” featuring Mark Cuban, Barbara Corcoran, Lori Greiner, and Kevin O’Leary, he’s invested over $8 million into Shark Tank businesses.
As he’s looked back on his financial success, John recently shared three marketing tips for small business owners like us to use in our journeys to create the next FUBU.
1. Using Connections
We mentioned Daymond John’s relentless pursuit of low and high-profile hip hop artists to rep the FUBU brand. He did this because he knew it would create the top-flight exposure necessary to turn FUBU into a worldwide brand.
But this doesn’t mean you should start trying to track down every celebrity you know. What John said is just as, if not more important than exposure is who or what is exposing your brand. In FUBU’s case, this meant hip-hop artists. No exceptions.You see, if you’re creating a clothing company for chefs, then you wouldn’t ask a celebrity race-car driver to rep your gear. Why? Because it doesn’t fit your target audience. If you’re going to use your connections for brand exposure, then do your best to make sure those representing your brand fit the audience you’re appealing to.
2. Social Media
The use of social media didn’t play a role in the early success of FUBU itself. In the late 80s, the brand was created far before smartphones had taken their place as the universal use of communication. But using social media is one of Daymond John’s top pieces of advice for small business owners.
With a consistent flow of relatable, high-quality content, he contends that anyone can become a social media influencer. If you don’t know how valuable it can be for your brand to be a social media influencer, check out the net worths of some of the most successful influencers in the business.
Daymond John Net Worth 2022
As of June 2022, Daymond John’s net worth is $350 million. His net worth has increased since 2020 by $50 million.
Recently, he founded co-working space Blueprint and Co and created “Daymond On-Demand,” a video training service. In 2016, Daymond John also served as Barack Obama’s presidential ambassador for global entrepreneurship. He traveled to Kenya and Cuba to help create opportunities for small businesses and to promote business empowerment.
As of 2022, Daymond John’s net worth is $350 million. But this didn’t happen overnight.
He spent time recognizing an opportunity to disrupt the clothing industry by creating underpriced wool hats for $10. This tactic resulted in FUBU – his clothing company that has generated over $6 billion in sales.