Let's take a look at some information related to Detroit Denim as well as what kind of deal was made on the show.
News and Links Related To The Company:
- Here is the Detroit Denim website and Facebook Page.
- Here are some preview videos of the episode from the CNBC website - Video 1, Video 2
- The website says that Eric started the company in 2010. In 2012, Brenna Lane answered a Craigslist ad for an industrial sewer and now serves as partner and director of production and operations. In 2014 Steve Wisinski came to Detroit Denim as a customer to buy a pair of jeans, and now he is a Detroit Denim partner and director of finance. (Link)
- In an August 2016 Bloomsberg article, it said Detroit Denim planned on a women's line to launch around Thanksgiving of 2016. I guess that never happened.
- Detroit Denim is having a viewing party for their episode of The Profit at a local brewery. (Link)
- There are five types of jeans for sale on the website, each of which retails for $250 and include free repairs for the life of the jeans. T-shirts are $40, and they also sell accessories, cologne and body care products. (Link)
- A recent Facebook post says they have 4 new fits (slim, classic, curvy, athletic) for women's jeans. They will be revealed when the new website it launched, which is probably after the episode airs.(Link)
- The Deal - . $300,000 for 51% of the business. $100,000 for building out the shop, $150,000 for working capital, and $50,000 for research and development. The equity before Marcus was Eric 65%, Brenna 25%, and Steve 10%. Steve was later bought out as he didn't want to be involved with the business. Marcus bought him out for $25,000 and his ownership stake was now 56%.
- A Detroit Press article, stated the company now has 12 employees and makes 15 pairs of jeans per day. They play to expand to a dozen or so individual boutiques across the country in 2018.
- The new website is now up (same URL) and Detroit Denim has women's jeans for $200. There is also a refashioned section for men and women, which was a focus on the show. They are offering 30% off of your order with code MARCUS.
- Some of the people interviewed on the episode are listed on the Our Team portion of the website, so they were hired and are still with the company.
- Repairs for the jeans now cost money, so they got rid of the lifetime guarantee on repairs.