Business savant and entrepreneur Daymond John is best known for his time as a television personality, and cast member of ABC’s hit show “Shark Tank.” But, long before he made his mark on national television, he was the founder of one of the most successful fashion brands in history – FUBU. John’s success has earned him iconic status in the business world.
Daymond John net worth is currently estimated at $350 million. He has made the money as a businessman, investor, motivational speaker, and author.
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Childhood and Early Life
Daymond Garfield John was born in Brooklyn, New York, and raised in Queens in the Hollis neighborhood. He is the son of an independent business owner Garfield John and his wife Margot John, from whom he learned early on the value of hard work. His parents divorced when he was 10 years old, and he shortly began working to help support the family. He developed an entrepreneurial spirit from a very young age He got his first full-time job passing out flyers for a meager $2 per hour. As a teen, John worked at Red Lobster to contribute to his family’s income. It was during this time that he developed a passion for entrepreneurship.
John attended Bayside High School, where he enrolled in a fashion program. It was there that his ideas for FUBU began to take shape. After high school, John chose not to attend college and instead decided to focus on his entrepreneurial pursuits. He later revealed he is dyslexic, making it difficult for him to pursue a traditional education.
John’s career began in 1989 when he started selling T-shirts out of the back of his car. He also ran a hat stand in Jamaica Avenue, Manhattan, heading out early and returning late at night with hundreds of dollars in profits. John had a knack for securing lucrative deals, including a contract to produce hats for L.L. Bean in 1991.
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The Birth And Success of FUBU
In 1992, John started the clothing company FUBU in his basement with a $40 investment. His goal was to create stylish urban apparel for young people who felt underrepresented by mainstream fashion. The acronym stands for “For Us By Us” and that became the mantra of the brand.
John used creative marketing tactics such as passing out free samples or selling at half the price at local shows and paying top hip-hop artists to wear FUBU clothing. He got a hundred thousand from a mortgage on his mother’s house.
He runs the business in partnership with his childhood friends Carlton Brown, Keith Perrin, and J. Alexander Martin. In the beginning, the partners crafted sweatshirts, hats, hockey jerseys, and T-shirts featuring the iconic FUBU logo. By lending some of their clothing items to prominent rappers for music videos, they were aiming to gain an endorsement – and ended up being featured in more than 30 songs!
LL Cool J, John’s friend, wore a FUBU T-shirt in 93 for the promotion campaign and was spotted wearing the iconic FUBU hat in an advertisement with The Gap. This immediate boost led to them receiving lots of orders. At one point required their last funds to be used to advertise their business in the New York Times. close to 30 banks denied them additional loans until they were finally connected with Samsung Textiles which saved this budding company from financial ruin.
In the next 6 years, it was already raking in over $350 million annually. Despite its dwindling success today, the brand has tallied a whopping total of more than $6 billion in sales across the globe!
To stay afloat FUBU usually works with other top brands like Puma, Eye Candy Creations USA, Urban Outfitters, and Pyer Moss to create new and innovative clothing designs. This partnership provides them with the necessary financial clout to compete in the market.
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Other Business Ventures
John used his success to build a number of other businesses and investments, including Daymond John Management Group, Shark Branding LLC, Blueprint + Co., the Daymond John Academy, and the investment firm The Shark Group. He has also appeared on multiple television shows such as ABC’s Shark Tank, Beyond the Tank, and The Profit in which he shares his knowledge with entrepreneurs from all walks of life.
John has authored several books including Display of Power, The Brand Within, The Power of Broke, and Rise & Grind: Outperform, Outwork, and Outhustle Your Way to a More Successful and Rewarding Life.
Personal Life
John is married to Heather Taras and they have a daughter, Minka Jagger. He also has two other daughters, Yasmeen and Destiny with his ex-wife Margot John.
In 2019, John was diagnosed with stage 2 thyroid cancer but soon after underwent surgery and recovered fully. He now shares his experience with others to inspire them to take action and fight against cancer.
Philanthropy
John’s ultimate goal is to help struggling entrepreneurs find success as he did. He always emphasizes that it doesn’t matter where you come from or what obstacles you face; if you are willing to work hard, anything is possible. Daymond John’s Success Formula, now referred to as Next Level Success, is a program designed to teach aspiring entrepreneurs how they can build their businesses. His online training program “Daymond on Demand” not only offers guidance and advice but also works in tandem with Network for Teaching Entrepreneurship which generously awards two $1,500 scholarships each year.
Additionally, in 2017, he donated $100,000 to support those affected by the Hurricane Harvey disaster in Houston.
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Daymond John Legacy
John is a true inspiration and continues to be an example of how hard work and dedication can lead anyone to success. His story is a testament that it is possible to pursue your dreams no matter what circumstances you may face! He truly embodies his motto: “Make your own dreams come true, or someone else will hire you to help make theirs.”
Daymond John’s net worth is an impressive $35 million, and his legacy continues to be one of inspiration and motivation for many entrepreneurs all over the world. From humble beginnings to international fame, John’s success story is one to remember!
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