Daymond John is an American businessman, fashion designer, author and television personality.
As of 2019, his net worth is approximately $300 million. His resume includes a long and expansive list of investments that have caused rampant success throughout his life.
He began his fame and fortune by founding the brand ‘FUBU,’ which stands for “For Us By Us.” The brand became incredibly popular and successful in the 90s throughout the early 200s.
While the brand’s notoriety has waned in recent years, his success has not. He still manufactures FUBU products but he’s also ventured out into multiple fashion lines, television shows, publications, and other high-profile business investments.
Starting Out: Making $2/Hour in Queens
Daymond was born on February 23, 1969, in Brooklyn, New York City. However, he spent his childhood growing up in the Queens neighborhood of Hollis.
Daymond has always had the drive to find success. He began working full-time at the early age of 10. His parents divorced and his family was struggling at the time. He was able to find work that entailed handing out flyers for $2 per hour.
By the time Daymond had reached high school, he began participating in a program that allowed him to work a full-time job while also attending school on an alternating weekly basis. This allowed him to immerse himself within entrepreneurship. He credits this experience with instilling an entrepreneurial spirit within him.
After graduating high school, Daymond continued to work vigorously – still for low wages. But he also started his own businesses at the same time. As his first business venture, he began a commuter van service while also waiting tables at Red Lobster.
Making the Dream Happen
Daymond is widely known for his current role as a Shark on ABC’s Shark Tank, where contestants propose business ideas to a panel of investors. However, his fame began at a time where the internet and the entertainment industry were still adapting to modern technologies.
It was during this time that John started the clothing brand, FUBU, which stands for “By Us For Us.”
He began the clothing line while in his mother’s house out of Hollis, Queens. When Daymond first had the idea for his clothing company for young men, his mother taught him how to sew and was a major supporter of him to grow his business.
At the time, wool ski hats with their tips tied off with fishing line were popular in the fashion scene. Daymond, with his burning passion for entrepreneurialism, saw this as a great opportunity. The hats were being sold for $20, which he considered being extremely overpriced.
Daymond then teamed up with his next-door neighbor and sewed around 90 hats together. They sold those homemade hats for $10 and made $800 within a single day. Seeing the success of the hats, Daymond ventured into more clothing options. The duo began selling screen-printed T-shirts.
Daymond broke into the market by selling. On consignment and at large events around the entirety of the northeast United States.
While it sounds successful, real success was still far off. To continue to make ends meet, Daymond would work full-time at Red Lobster and worked FUBU business in-between his shifts.
FUBU Takes Off
Daymond’s mother was integral to his success. After seeing the continued and consistent success from Daymond’s clothing brand, his mother mortgaged their house for $100,000. This allowed them to generate start-up capital to help FUBU take off.
Using this money, Daymond recruited his long-time friends J. Alexander Martin and Keith Perrin into his business. They began sewing the FUBU logo on many different clothing items. This includes hockey jerseys, sweatshirts, as well as T-shirts.
The team at FUBU was creative and knew a great way to target their audience was to target the influencers that they looked up to. With this in mind, Daymond and the company managed to loan about 10 of the hockey jerseys out to rappers who were making music videos.
The results were remarkable and in 1993, he convinced LL Cool J, an old neighborhood friend of his, to wear a FUBU T-shirt during one of Cool J’s promotional campaigns.
The brand began to develop more when Cool J sported a FUBU hat in an advertising spot for The Gap. During this commercial, the “For Us By Us” line was incorporated into the artist’s rapping.
Following this success, John received approximately $300,000 in orders for his clothing. This also was accompanied by an offer for participating in Macy’s at a Las Vegas fashion trade show.
The financial burden was extreme as they had to take out a second mortgage on his mother’s home to fulfill the orders. They were turned down from a total of 27 banks for a loan. In a last-ditch effort, Daymond’s mother used the last of their money to take out an advertisement in the New York Times. As a result of the ad, they managed to make a deal with Samsung Textiles that allowed them to complete all their orders.
Daymond’s struggles were long and difficult. However, they proved to be extremely worth it. Since then, FUBU has earned over $6 billion in global sales. They were incredibly popular throughout the 90s and early 2000s. While the popularity of the brand has waned in recent history, this hasn’t proven to be a roadblock for Daymond. He continues his success through a multitude of ventures.
FUBU is also featured at the Smithsonian’s National Museum of African-American History and Culture.
By 2009, FUBU’s popularity had begun to heavily decline. However, Daymond continued his path of success after receiving a call from Mark Burnett asking him to join the cast of ABC’s newest reality business show, Shark Tank.
Shark Tank allows entrepreneurs to pitch business ideas to a panel of investors. These investors give them large sums of money to generate start-up capital. In return, investors are given a variety of options. This could include a portion of the sales, a stake within the company, and more.
Daymond being Daymond furthered his success by becoming a television celebrity and investor. The show is now in its 10th season and Daymond has invested more than $8.5 million of his own money into Shark Tank companies as of summer 2017.
He marks his favorite investments as Al “Bubba” Baker’s boneless ribs and Bombas socks.
Investing in Success
Daymond’s successes via the TV show have been great as well. In Season 5 of the show, his investment with Bubba’s boneless ribs helped grow the company from $154,000 in sales to an outstanding $16 million in just three short years. The BBQ ribs even managed to partner up with Carl’s Jr. in 2017 to create the limited-edition Baby Back Rib Burger.
During Season 6 of Shark Tank, Daymond shocked audiences with a deal that was unprecedented on the show. The entrepreneur was 15-year-old Moziah “Mo” Bridges, who is the owner of Mo’s Bows. Daymond decided to not invest in Mo’s Bows. However, he did decide to mentor the young, business-savvy kid. The time spent was well used as Mo’s Bows agreed to a seven-figure licensing partnership with the NBA to create bow ties that use the teams’ logos.
Bombas Socks was another incredibly successful venture. The first nine months of the company saw $450,000 in sales. After the investment, the sales rapidly increased to a total of $12 million. Bombas Socks is unique in that, for every pair of socks sold, they donate a pair to someone in need. As of August 2017, Bombas Socks have donated more than 4 million pairs of socks.
Another notable venture has been Daymond’s investment into Sun-Staches on Season 6 of the show. Sun-Staches have accomplished more than $4.2 million in sales.
The Shark Group
Daymond must have the drive to succeed that most men don’t possess as he continued innovating new companies and groups.
Daymond is also the CEO and founder of The Shark Group, a brand management and consulting firm. The Shark Group office is currently located in Manhattan, New York.
The group specializes in branding and designing, speaking, retail sales, sourcing and manufacturing, social media, and integrated marketing.
They’ve worked with Miller Lite, The Home Depot, Johnson & Johnson, Hasbro, Chase, Forbes, and more high profile clients including The White House.
If we’re being honest, the business was never going to be the only thing Daymond would be interested in. He’s also branched out into consulting, speaking, as well as becoming a published author of four books.
Daymond uses his public speaking to work with brands and celebrities to create additional streams of revenue and brand extensions. Some of his high profile clients include the pop star Pitbull and the Miss Universe Organization. He’s also a brand ambassador for the e-commerce company Shopify.
He’s spoken at events that include the California First Lady Maria Shriver’s 2010 Women’s Conference, AT&T’s History Makers Tour, Rutgers University, Creative LIAisons program at the annual London International Awards, and Babson College School of Entrepreneurship.
His three books include ‘Display of Power,’ ‘The Brand Within,’ and ‘The Power of Broke.’
Display of Power was written with Daniel Paisner, a New York Times best-selling author. The book tells a story of four ordinary guys from Queens, New York and how they went from street corners to corner offices and became the trendsetters of their generation.
The Brand Within takes a look at the loyalty relationships companies and celebrities want to seek to establish with their consumers and fans. It also identifies the marks that consumers carry when they buy into a lifestyle or a brand.
The Power of Broke was Daymond’s second-most recent publication. It was released in 2016 and features success stories from entrepreneurs. This includes Kevin Plank, Steve Aoki, and his apprentice Mo Bridges. It appeared in The Wall Street Journal and was put on the New York Times bestseller list. It also received an NAACP Image Award for Outstanding Instructional Literary Work.
Finally, Daymond released his latest piece of work in 2018 with his fourth book, Rise & Grind: Outperform, Outwork, and Outhustle Your Way to a More Successful and Rewarding Life. It also became a New York Times and Wall Street Journal best-seller.
Next Level Success
Daymond also co-founded Daymond John’s Success Formula. The program is designed to teach entrepreneurs and business owners the ins and outs of starting a business and growing it from the beginning. In September of 2019, he rebranded to the Formula to Next Level Success.
The program offers a $1,500 scholarship to two students a year and is given to inspire new entrepreneurs.
Overcoming All Odds
Daymond’s life wasn’t just filled with financial struggles, he also had several personal problems arise throughout his life.
He was born dyslexic. Normally, this disability would make even normal tasks difficult, let alone enduring the long road to becoming a successful millionaire. However, this never stopped Daymond.
In April of 2017, Daymond was diagnosed with stage II thyroid cancer. He was able to successfully undergo surgery to remove cancer from his body. It’s not surprising, given his incredible track record of overcoming all the odds that have been stacked against him in life.
He’s also the son of an immigrant as his father was from Trinidad and Tobago.
John Daymond’s Net Worth
Multiple accounts list Daymond’s net worth as valued at approximately $300 million.
His success is far and reaching and renowned by some of the most prominent leaders, businesses or not, in the country. His achievements have marked some of the most important cultural shifts in regards to African-Americans venturing into business and he’s recognized by the NAACP for it.
You can count on continuing to see John Daymond’s name pop up in your life. His continued success seems boundless and his net worth will likely continue to rise for the foreseeable future.
Daymond continues to be featured as an investor on Shark Tank, showcasing his entrepreneurial spirit and mind.
He’s frequently found in news headlines as he continues to speak around the country and freely give advice to entrepreneurs and those looking for success. He’s been known to speak on how to improve on investments, overcoming personal issues, and general entrepreneurial issues and current trends.