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 how insanely rich he is.
So how much is Daymond John worth? As of September 2022, his net worth is a whopping $350 million.
This article will 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.
Daymond Garfield 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 way to make his own money. 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 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 of $350 million didn’t happen by accident.
After developing an entrepreneurial spirit through his full-time job in high school, he founded the urban clothing brand, FUBU, with J. Alexander Martin and Carlton Brown – a New York business and 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 he did have 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 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, hockey jerseys and 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
John and his crew’s next step was creating 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.
Using Product Placement
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 create 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.
- Shane Dawson – YouTube celebrity: $12 million
- Charlie D’Amelio – TikTok Dancer: $4 million
- David Dobrik – YouTube celebrity, Instagram influencer – $7 million
There you have it, guys. It’s time to start putting out consistent, high-quality content on social media to skyrocket your brand recognition.
Here’s what Daymond John suggests to use as content to build your social media recognition.
“If you’re a chef, you could talk about healthy meals every day at 12 o’clock, where you can get the best cuts of meat or where you can get the best food, what is organic or not organic. Every day, you post that, and you say, ‘Hey when you go home today, try these things.’ Then when you have a restaurant you’re opening, a food delivery service that’s online or a book you’re selling, you already have built a community.”
3. Working With Other Small Businesses
Daymond John’s third piece of marketing advice is to work together with small businesses. By doing this, you can create organic brand recognition for your business.
“You want to make it a win-win for everybody. That’s how you build a community.”
John gives an example of how to work with other small businesses with a jewelry store. Let’s say you own one.
A great way to create that win-win situation is to partner with another local jewelry or clothing store for an event and sell your products at a discounted price.
What’s the win-win here? The clothing store benefits by bringing more potential customers into its shop while receiving free brand recognition.
According to John, when you take on this method of thinking, there’s no limit to the coverage you can create for your brand.
Daymond John Net Worth 2022
As of September 2022, Daymond John’s net worth is $350 million. His net worth has increased since 2020 by $50 million. As a New York entrepreneur, he’s lived a rewarding life and made his peers from the East Coast proud.
Recently, he founded co-working space Blueprint and Co and created “Daymond On-Demand,” a video training service.
The Shark Group
The Shark Group, his holding company, has also made some large investments. He’s a stakeholder in companies like Appear Here and CAA-GBG, a global brand management joint venture.
Through the company, he also partnered with the Annual London International Awards to create a limited content series on advertising and innovation.
With a solid business portfolio and many more years left to Shark, it’s safe to say that John’s net worth will only continue to grow.
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.
Frequently Asked Questions (FAQ) About Daymond John
How much is FUBU worth today?
FUBU, the clothing company he founded, is worth an estimated $6 million today.
Who is the richest “Shark” on Shark Tank?
The richest Shark Tank member is Mark Cuban, with a net worth of $4.3 billion.
Where did Daymond John make his money?
John made his money from Shark Tank, FUBU, and his many other business ventures.
Does Daymond still own FUBU?
No, Daymond John no longer owns FUBU. He sold the company in 1998 for $6 million.
Daymond John’s Famous Quotes
“Five days a week, I read my goals before I go to sleep and when I wake up. There are 10 goals around health, family, and business with expiration dates, and I update them every six months.“
“My parents always taught me that my day job would never make me rich; it’d be my homework.“
“I like to look at things that have been developed and re-developed over the course of time, so I know the bugs are worked out of it. And in the business itself, I like to look at sales, by far. I want to see that there is a vetted track record of sales to show the price point has worked.”
“I believe the last thing I read at night will likely manifest when I’m sleeping. You become what you think about the most.“
“Every problem can be solved as long as they use common sense and apply the right research and techniques.“
Quotes via BrainyQuote
As of September 2022, Daymond John’s net worth is $350 million. But this didn’t happen overnight.
He recognized 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.
Then, he utilized his connections by having local hip-hop artists wear his gear.
This created free brand recognition that made the company seem like a worldwide brand, even while John was still operating the business out of his mother’s house.
Now, looking back on his success, his advice to small business owners is to use their connections, social media and to work with other small businesses.
If you enjoyed this article, you’d love our series of net worth articles of the rest of the Shark Tank cast!