Monosuit Net Worth Shark Tank Update

Jumpsuits have become a popular choice for women and are often worn for various occasions like going to the gym, attending parties, or dining out at restaurants. However, one common issue with jumpsuits is the difficulty they pose when using the restroom. Typically, you have to remove the entire outfit just to take care of basic needs, which can be inconvenient. This challenge makes jumpsuits less practical, even though they’re stylish and versatile.

Mia Murr, the owner of Monosuit, has introduced perfect jumpsuits for women. The product is a cute monosuit that can be worn in the restroom without unzipping it as a whole. It has a zip at the waist which can be easily unzipped while using the toilet.

The owners came on Shark Tank to request $150K in exchange for 5% in her company. She presented her product in a lyrical form with the help of her models to impress the judges. Let’s explore her journey on the show.

Monosuit Net Worth Shark Tank Update

Mia was looking for an investment of $150K in exchange for 5% equity in the company. At the time of the episode, she valued her company at $3 million. Mia did not secure a deal with any of the sharks. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Monosuit in 2024 is around $7.5 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N\A	N\A
Mark Cuban	Out	N\A	N\A
Lori Greiner	Out	N\A	N\A
Barbara Corcoran	Out	N\A	N\A
Robert Herjavec	Out	N\A	N\A

The Owner’s Backstory

Mia grew up in a small village in the USSR and had always dreamed of becoming a fashion designer. However, she didn’t have the money to create new dresses from scratch. To follow her passion, she started upcycling old dresses, turning them into new designs. This creative approach eventually led her to launch Monosuit, a brand focused on sustainability. By recycling waste materials, including those from the ocean, Mia built her fashion business with an eco-friendly mission.

Initial Pitch

The owner came on the show to seek $150K for a 5% equity stake. The product is a monosuit that can be easily unzipped at the waist while using the washroom. It is also eco-friendly as it cleans plastic from the oceans and uses it to make the product. Additionally, their waist zip is also patented and their line of suits not only includes jumpsuits but also sneakers, gloves, and every accessory that comes with the suit.

Queries about the Product

Herjavec asked the first question regarding the price of her product. Mia replied that the average price of a suit is $250 in retail and the cost to make it is $60. They manufacture the product in North Italy and are made from recycled ocean waste, especially fish nets.

Kevin inquired about her sales from the last 12 months. The owner highlighted that last year her sales were $245K from no advertising.

Herjavec was curious to know if her company was a fashion brand or a jumpsuit line. She pointed out that her company is a sustainable fashion brand that uses technology to recycle waste into something designer.

Corcoran was curious to know the percentage of sales just from the monosuit. It was approximately 70%.

Herjavec also asked about the amount of money she raised for the business. She highlighted that a long time ago her company raised $2M from Angel Investors. She also added that she presented her business to them as a $12M valuation company in 2018.

Lori wanted to know where she spent the raised money. She highlighted that it was used to build the technology to recycle the waste into clothing lines. Furthermore, she wanted to sell her product and then expect customers to give it back after wearing it several times so that it can be again recycled into something new.

Shark’s Response and Final Decision

Mark Cuban was the first shark to step away from the deal, as he felt Mia’s business operates on three different levels: eco-friendly, tech-driven, and fashion-focused. He believed that managing all three aspects makes it very costly to run. In his opinion, the combination of sustainability, technology, and fashion is expensive to maintain and scale. As a result, he decided not to invest.

Kevin quickly followed Cuban in backing out, feeling that Mia wasn’t focusing on just one area. He believed she was trying to do too many things at once. This lack of focus led him to pass on the deal.

Herjavec and Corcoran were confused regarding her business just like the other sharks and left the deal too.

Finally, her last hope, Lori backed out as well because she considered the $150K investment is very low for her business.

Product’s Availability

Monosuit appears to be successful in practical life even though it didn’t secure a deal on Shark Tank. Mia has successfully collaborated with several high-profile celebrities who are now wearing her designs. Big names like Kylie Jenner, Paris Hilton, and Madonna have been spotted in her products, which has likely helped raise brand visibility. Monosuit offers a wide range of jumpsuits and accessories, all available for purchase on their website.

Conclusion

In a nutshell, despite not securing a deal on Shark Tank, Mia and her Monosuit brand have continued to grow. The exposure from the show, along with her collaboration with celebrities like Kylie Jenner and Madonna, has helped increase the brand’s visibility. Monosuit’s unique approach to combining fashion, sustainability, and technology has set it apart.

While the sharks felt her business was too complex and costly to maintain, Mia has stayed true to her vision. Her innovative designs, made from recycled ocean waste, continue to appeal to customers. Monosuit is growing steadily, with a variety of jumpsuits and accessories available for purchase online.