Net Worth Ranker
What Is Daymond John’s Net Worth?
Daymond John, a prominent figure in American business, fashion, and television, has accumulated a net worth of $350 million. This wealth is primarily derived from his entrepreneurial ventures, most notably as the founder, former CEO, and president of the urban clothing brand FUBU, as well as his investments and role as a television personality on “Shark Tank.”
Early Life and Career Beginnings
Daymond Garfield John was born on February 23, 1969, in Brooklyn, New York, to parents Margot and Garfield John. Growing up in the Hollis neighborhood of Queens, his parents’ divorce at age ten led him to start working early to support his family. His initial job involved distributing flyers, earning $2 per hour. During high school, Daymond participated in a work program that allowed him to balance a full-time job with his schoolwork. Following graduation, he worked as a waiter at Red Lobster and also initiated a commuter van service, showcasing his early entrepreneurial spirit.
FUBU: Building a Fashion Empire
At the age of 20, Daymond John launched FUBU, an acronym for “For Us By Us,” from his mother’s house in Queens. The brand was envisioned to cater to young, male, urban customers, blending hip-hop culture with fashion. His mother, who taught him how to sew, allowed him to utilize their home to grow the business. Notably, Daymond’s mother mortgaged their house to raise $100,000 in startup capital, a significant investment that underscored her belief in his potential. While developing FUBU, John maintained his full-time job at Red Lobster to sustain his livelihood. His first venture was creating knock-off wool ski hats, which he deemed overpriced at $20 each. He and his neighbor, who later became his business partner Carlton Brown, sewed approximately 90 hats, selling them for $10 each and generating $800 in a single day. Their next project involved screen-printed T-shirts, which they sold on consignment at local events. John and Brown later recruited their friends J. Alexander Martin and Keith Perrin, and the group began designing hockey jerseys, sweatshirts, and T-shirts featuring the FUBU logo. The partners strategically loaned clothing items to rappers for their music videos, resulting in product placement in over 30 videos.
In 1993, LL Cool J, a friend from the neighborhood, wore a FUBU t-shirt for a promotional campaign and a FUBU hat in a commercial for The Gap, providing a massive boost to the brand’s popularity and recognition. In the early 1990s, John received $300,000 in orders and took a second mortgage on his mother’s house to fulfill them. After being rejected by 27 banks for an additional loan, they invested their remaining funds into advertising in the “New York Times,” leading to a deal with Samsung Textiles. Within six years of its inception, FUBU was generating over $350 million in annual revenue. Although the brand’s popularity has decreased since then, FUBU has generated over $6 billion in worldwide sales to date. Daymond John’s strategic vision and relentless dedication to FUBU has clearly led to a massive net worth.
Shark Tank and Investment Ventures
Daymond John gained further recognition as an investor on the television series “Shark Tank,” starting in 2009. He has invested over $8.5 million of his personal funds in businesses featured on the show. His investment strategy often focuses on identifying brands with strong potential for growth and scalability, leveraging his extensive experience in branding and marketing. Some notable investments include Bombas, a sock company with a give-back model, and Bubba’s Q Boneless Ribs, a food product that has expanded into retail and restaurant markets.
Authored Books and Educational Programs
Daymond John is also an accomplished author, having penned several books, including “Display of Power,” “The Brand Within,” “The Power of Broke,” “Rise & Grind: Outperform, Outwork, and Outhustle Your Way to a More Successful and Rewarding Life,” and “Little Daymond Learns to Earn.” “The Power of Broke” received an NAACP Image Award for Outstanding Instructional Literary Work, highlighting its impact and influence on readers. In 2015, he co-founded Daymond John’s Success Formula, later renamed Next Level Success in September 2019, a program designed to educate entrepreneurs on business growth. This program partners with the Network for Teaching Entrepreneurship, offering a $1,500 scholarship to two aspiring entrepreneurs annually. Additionally, he runs an online training program, “Daymond on Demand,” catering to entrepreneurs seeking guidance and resources. The books and programs are designed to educate future entrepreneurs on how to achieve success.
The Shark Group and Brand Ambassadorships
Daymond John founded and serves as CEO of The Shark Group, a consulting and brand management firm. The firm offers expertise in areas such as brand development, marketing, and licensing. He is a brand ambassador for Shopify, collaborating with the e-commerce platform to support entrepreneurs and small businesses. Through The Shark Group, Daymond John helps businesses navigate the complexities of the modern marketplace.
Accolades and Recognition
In 2015, President Obama appointed John as an ambassador to promote underserved entrepreneurs, demonstrating his commitment to fostering entrepreneurship across diverse communities. His books have achieved “New York Times” and “Wall Street Journal” bestseller status, attesting to their widespread appeal and relevance. FUBU’s legacy is honored at the Smithsonian’s National Museum of African-American History and Culture. John has received numerous awards, including being named an NAACP Entrepreneur of the Year and Ernst & Young’s New York Entrepreneur of the Year. He has also twice received the Congressional Achievement Award for Entrepreneurship. For “Shark Tank,” John won the Primetime Emmy Award for Outstanding Structured Reality Program in 2014, 2015, 2016, and 2017, solidifying his influence in television and business.
Personal Life
John has two daughters, Destiny and Yasmeen, from his first marriage. He married Heather Taras, his second wife, in 2018, and they have a daughter together, Minka Jagger. He was diagnosed with stage II thyroid cancer in April 2017, but underwent successful surgery to remove the tumor. Daymond John’s personal life is a testament to his resilience and dedication to family.
