Whatever Happened To The Lapel Project After Shark Tank?

When Sebastian Garcia and Raul Bernal appeared on "Shark Tank" to present their men's fashion accessory, The Lapel Project, many of the sharks poked fun at the product. But after managing to make a deal with Mark Cuban, it was the entrepreneurs who had the last laugh. 

Following their appearance on the show, Mark Cuban, along with future investors Lori Grenier, Daymond John, and Robert Herjavec, went to work helping the Florida-bound company expand. This included both updating the company's website and increasing their presence on Amazon. Their product line also widened to include bowties, loafers, special collections, and even options for customized lapels. As a result of the changes, sales increased 1000%, with the company's net worth being estimated to be around $2 million. 

Before their "Shark Tank" episode aired in October 2016, Cuban appeared on an episode of The Dan Patrick Show, where he did not hold back in praising the strides made by The Lapel Project, claiming that the product would change the men's fashion industry forever. "I'm being serious. I'm being very serious," he states. "I mean weddings and proms, they're expensive, they're hard for guys to come up with something new. We always end up putting on the same old monkey suit, with no fashion, no flair. That all changes tomorrow night on 'Shark Tank.' It's one of my all-time favorite deals." For someone with a reputation like Mark Cuban, that's some high praise. But after seeing the work put in by Garcia and Bernal, it's not hard to justify it. 

Sebastian Garcia and Raul Bernal realized that men burn through hundreds — if not thousands — of dollars when purchasing tuxedos for formal events, only for these outfits to sit in closets and collect dust. Their solution to this dilemma took shape in The Lapel Project, a piece of fashionable satin fabric that can be attached to a suit's lapel, immediately transforming it into an impressive tuxedo jacket. With proper care, the product can be reused up to ten times. 

The dynamic duo made their way onto "Shark Tank" Season 8 looking for an investment of $150,000 for 20% of their business. As their company is based solely in a single brick-and-mortar store in Southern Florida, they hope to use the money to bring their business into the online world. The sharks have a fun time trying on their custom-made lapels. And while the then-six month old business had only made $16,000 in sales up to that point, their margins still managed to impress, with the product being made for between $5 and $8 while selling for $50 to $100. 

Ultimately, many of the sharks saw it as a gag item, except for a zealous Mark Cuban, who offered $150,000 at 30% interest. When it became apparent that the other sharks won't make a deal, the two jumped at the opportunity to work with Cuban. Thankfully, going with their gut worked out at the end.