1 00:00:02,520 --> 00:00:07,080 Speaker 1: Bloomberg Audio Studios, podcasts, Radio New. 2 00:00:06,960 --> 00:00:08,880 Speaker 2: Do you want to bring you back to Southampton? Here 3 00:00:08,880 --> 00:00:12,080 Speaker 2: we are at Michael Loeb's house, a chartered community summit. 4 00:00:12,160 --> 00:00:15,240 Speaker 2: It's all about entrepreneurship, creating a brand, and we've got 5 00:00:15,240 --> 00:00:17,600 Speaker 2: a great voice who knows a little bit about that 6 00:00:17,720 --> 00:00:19,960 Speaker 2: and more. Damon John. He is the founder and CEO 7 00:00:20,000 --> 00:00:22,840 Speaker 2: of Fubu and of course a star of ABC Shark Tank. 8 00:00:22,960 --> 00:00:24,480 Speaker 3: So good to be able. 9 00:00:24,239 --> 00:00:24,919 Speaker 2: To have some time with you. 10 00:00:24,960 --> 00:00:26,200 Speaker 3: How are you thanks for having me? 11 00:00:26,320 --> 00:00:28,960 Speaker 2: Well, thank you, thank you. Creating a brand it isn't 12 00:00:28,960 --> 00:00:29,480 Speaker 2: so easy. 13 00:00:29,600 --> 00:00:30,400 Speaker 3: It is not easy. 14 00:00:30,960 --> 00:00:33,040 Speaker 2: Is it getting any easier or is it harder? And 15 00:00:33,600 --> 00:00:36,320 Speaker 2: I feel like it's an environment where anybody can almost 16 00:00:36,320 --> 00:00:36,800 Speaker 2: have a brand. 17 00:00:36,840 --> 00:00:38,640 Speaker 4: I do think it's getting harder. I think because you 18 00:00:38,680 --> 00:00:41,000 Speaker 4: have to find this niche audience. But not only do 19 00:00:41,040 --> 00:00:43,720 Speaker 4: you have to create the brand itself for your product 20 00:00:43,840 --> 00:00:46,839 Speaker 4: or services, but you, as a CEO and a founder 21 00:00:47,320 --> 00:00:48,560 Speaker 4: have to be a brand as well. 22 00:00:49,000 --> 00:00:49,640 Speaker 2: What does that mean? 23 00:00:50,120 --> 00:00:51,199 Speaker 3: Well, that means that people. 24 00:00:50,960 --> 00:00:53,040 Speaker 4: Would not only want to know why they're investing in 25 00:00:53,040 --> 00:00:55,880 Speaker 4: the brand or the product or buying it, what story 26 00:00:55,920 --> 00:00:57,480 Speaker 4: does that brand or product have? 27 00:00:57,960 --> 00:00:59,880 Speaker 3: As well as founders. 28 00:00:59,640 --> 00:01:03,040 Speaker 4: Who you know, I always say on Shark Tank that 29 00:01:03,160 --> 00:01:06,039 Speaker 4: you know, none of us are original. I mean, there's 30 00:01:06,080 --> 00:01:09,160 Speaker 4: a million real estate agents, there's only one Barbara Corkan. 31 00:01:09,400 --> 00:01:13,680 Speaker 4: A lot of people own sports teams, Mark Cuban clothing line, 32 00:01:13,800 --> 00:01:17,200 Speaker 4: you know what I mean. People we had created personal brands, 33 00:01:17,240 --> 00:01:19,880 Speaker 4: and then our brands now walk into the room before 34 00:01:19,920 --> 00:01:22,120 Speaker 4: we do when we want to raise capital, when we 35 00:01:22,160 --> 00:01:24,920 Speaker 4: want to make decisions, when we want to defend the 36 00:01:25,000 --> 00:01:27,720 Speaker 4: fact that somebody is saying negative about our brand and 37 00:01:27,800 --> 00:01:31,360 Speaker 4: our company and affecting our payroll and our amazing staff 38 00:01:31,360 --> 00:01:32,160 Speaker 4: that works for us. 39 00:01:32,280 --> 00:01:33,800 Speaker 1: Do you think you could create Fubu today? 40 00:01:34,319 --> 00:01:38,200 Speaker 3: Absolutely? One percent. But today's it's a completely different environment. 41 00:01:38,200 --> 00:01:41,119 Speaker 4: Today's Fubu would be a different right, There's no, there's 42 00:01:41,160 --> 00:01:43,959 Speaker 4: not new to have four young African American men designing 43 00:01:43,959 --> 00:01:44,920 Speaker 4: for their own markets. 44 00:01:44,920 --> 00:01:46,080 Speaker 3: So what would food would be today? 45 00:01:46,080 --> 00:01:48,320 Speaker 4: I would probably do more of the avon you know 46 00:01:48,480 --> 00:01:50,920 Speaker 4: type of thing where I would have one male, one 47 00:01:50,960 --> 00:01:53,880 Speaker 4: female in a college and a high school. They would 48 00:01:53,920 --> 00:01:56,040 Speaker 4: get probably about a one thousand dollars worth of fooble 49 00:01:56,120 --> 00:01:59,560 Speaker 4: on credit for about three hundred dollars, probably underwritten by 50 00:01:59,560 --> 00:02:03,200 Speaker 4: hopefully somebody great, and the more they sell, they would 51 00:02:03,240 --> 00:02:06,680 Speaker 4: get more digital curriculums and various other things and very 52 00:02:06,760 --> 00:02:08,560 Speaker 4: much of an A bomb model. So I would have 53 00:02:08,720 --> 00:02:12,519 Speaker 4: hopefully two million sales reps around the world. 54 00:02:12,600 --> 00:02:14,360 Speaker 1: It's so interesting that you say that, because the retail 55 00:02:14,480 --> 00:02:16,440 Speaker 1: environment has completely changed. 56 00:02:16,480 --> 00:02:17,040 Speaker 3: It's done. 57 00:02:17,120 --> 00:02:17,880 Speaker 1: It's done. 58 00:02:18,120 --> 00:02:19,240 Speaker 3: Yeah, completely done. 59 00:02:19,280 --> 00:02:21,760 Speaker 4: You know, I've been to fifty six trade shows this year. 60 00:02:21,800 --> 00:02:23,840 Speaker 4: You know, I speak at a lot of shows, and 61 00:02:24,440 --> 00:02:27,960 Speaker 4: the traffic besides the franchise show and maybe the medical 62 00:02:28,040 --> 00:02:30,960 Speaker 4: tech show, it is one third of the traffic at 63 00:02:30,960 --> 00:02:33,960 Speaker 4: these shows because these retailers are now dying. They're not 64 00:02:34,040 --> 00:02:35,960 Speaker 4: walking in the door. You know who's walking in. It's 65 00:02:35,960 --> 00:02:39,799 Speaker 4: a bunch of kids or people. Influencers, could be granfluencers 66 00:02:39,800 --> 00:02:43,520 Speaker 4: who are now doing live selling, whether on Amazon or 67 00:02:43,560 --> 00:02:45,160 Speaker 4: TikTok or whatnot. 68 00:02:45,600 --> 00:02:47,320 Speaker 3: And that's what's happening livee selling. 69 00:02:47,360 --> 00:02:49,360 Speaker 1: That's something that I think is very familiar to people 70 00:02:49,400 --> 00:02:51,680 Speaker 1: in China but not necessarily familiar to many people in 71 00:02:51,720 --> 00:02:54,800 Speaker 1: the US at least yet explain exactly what that is. 72 00:02:54,840 --> 00:02:56,360 Speaker 3: Well, I'm selling as you go, and I'll give you example. 73 00:02:56,360 --> 00:02:59,080 Speaker 4: There's an app called whatnot Right, and people have twenty 74 00:02:59,160 --> 00:03:03,000 Speaker 4: second auction for one little device or let's say a 75 00:03:03,080 --> 00:03:08,480 Speaker 4: piece of makeup right sell for about twelve dollars right now, 76 00:03:08,560 --> 00:03:11,919 Speaker 4: they can do this three separate times in one minute, right, 77 00:03:11,960 --> 00:03:15,200 Speaker 4: so they make a profit about four dollars every time 78 00:03:15,240 --> 00:03:17,600 Speaker 4: they sell it. So now all of a sudden, twelve 79 00:03:17,760 --> 00:03:20,360 Speaker 4: dollars a minute. You times up because now they have 80 00:03:20,360 --> 00:03:23,360 Speaker 4: friends coming on everything. You times app by sixteen hours 81 00:03:23,360 --> 00:03:26,160 Speaker 4: a day. And that's what's happening because then when people 82 00:03:26,160 --> 00:03:28,440 Speaker 4: buy it, now you know who the client is and 83 00:03:28,480 --> 00:03:30,040 Speaker 4: the customer you can sell it to them. 84 00:03:30,040 --> 00:03:30,280 Speaker 3: Again. 85 00:03:30,520 --> 00:03:32,639 Speaker 4: Remember there's only three ways to ever deal with the customer. 86 00:03:32,680 --> 00:03:35,080 Speaker 4: Acquire a new one, upsell a current one, or make 87 00:03:35,080 --> 00:03:37,440 Speaker 4: one buy more frequently. That's why you want to supericize 88 00:03:37,440 --> 00:03:39,640 Speaker 4: everybody's fries. And now you know who they are, they 89 00:03:39,640 --> 00:03:41,360 Speaker 4: can upsell them or buy more frequently. 90 00:03:41,440 --> 00:03:42,680 Speaker 2: So what does it mean for all the retailers that 91 00:03:42,760 --> 00:03:45,720 Speaker 2: still have, you know, big retail locations. I'm thinking about Nike. 92 00:03:45,840 --> 00:03:47,920 Speaker 2: Nike reported earnings now they're up today, but they've been 93 00:03:48,000 --> 00:03:50,920 Speaker 2: kind of working their way around some different problems. I mean, 94 00:03:50,920 --> 00:03:52,280 Speaker 2: what does it mean for a brand like Nike. 95 00:03:52,480 --> 00:03:54,560 Speaker 4: Well, Nike's been doing some great stuff in the past, 96 00:03:54,560 --> 00:03:58,440 Speaker 4: so you know they'll make one shoe for one person customizer, right, Well, 97 00:03:58,440 --> 00:04:00,640 Speaker 4: they're doing thirty billion dollars a year, whatever the number is. 98 00:04:00,640 --> 00:04:02,080 Speaker 3: You say, why would you make one shoe? 99 00:04:02,120 --> 00:04:04,640 Speaker 4: Well, they're looking at this algorithm of all the people 100 00:04:04,640 --> 00:04:07,840 Speaker 4: around the world who like these certain colors, patterns and styles. 101 00:04:08,000 --> 00:04:10,200 Speaker 4: They're the customers designed the line for them for the 102 00:04:10,200 --> 00:04:13,480 Speaker 4: next year. But if you look at retail shops, Walmart 103 00:04:13,600 --> 00:04:17,360 Speaker 4: target viruses, other things. Walmart just put in podcast rooms. 104 00:04:17,760 --> 00:04:20,159 Speaker 4: Why do you want to put podcast rooms in there? Well, 105 00:04:20,160 --> 00:04:23,160 Speaker 4: now you have a bunch of influences coming in doing podcasts. 106 00:04:23,240 --> 00:04:26,280 Speaker 4: I bet you in two minutes they're gonna start being 107 00:04:26,279 --> 00:04:29,920 Speaker 4: able to live sell the products in Walmart. You want 108 00:04:29,920 --> 00:04:33,560 Speaker 4: to always make sure the consumer has something at in 109 00:04:33,640 --> 00:04:37,159 Speaker 4: your retailer that they can't do at home. You know, 110 00:04:37,200 --> 00:04:39,760 Speaker 4: if you're a retailer, put a runway in there where 111 00:04:39,839 --> 00:04:42,560 Speaker 4: people can buy the clothes. What they buy, they link 112 00:04:42,680 --> 00:04:45,080 Speaker 4: to their social media and you can buy it as 113 00:04:45,120 --> 00:04:45,760 Speaker 4: an affiliate. 114 00:04:45,800 --> 00:04:46,560 Speaker 3: On what's on. 115 00:04:46,480 --> 00:04:48,680 Speaker 4: Their body as they walk down the runway. You have 116 00:04:48,720 --> 00:04:51,760 Speaker 4: to have reasons why people are coming in. And I'll 117 00:04:51,800 --> 00:04:55,240 Speaker 4: tell you the hottest topic today, longevity, biohacking. If you 118 00:04:55,320 --> 00:04:58,400 Speaker 4: are a retailer, you're handling how people can control their 119 00:04:58,400 --> 00:05:00,520 Speaker 4: lives a little bit better and not deal with just 120 00:05:00,560 --> 00:05:01,160 Speaker 4: big pharma. 121 00:05:01,680 --> 00:05:02,440 Speaker 3: You're in the gold. 122 00:05:03,080 --> 00:05:05,560 Speaker 1: This last question is for Carol because I know she 123 00:05:05,839 --> 00:05:07,880 Speaker 1: is like, that's. 124 00:05:07,600 --> 00:05:08,919 Speaker 3: Like wild look ahead. 125 00:05:08,640 --> 00:05:12,800 Speaker 1: Okay, it's a shark tank. The investments that you've made 126 00:05:12,839 --> 00:05:16,520 Speaker 1: over the years, what is the gain on the investments 127 00:05:16,600 --> 00:05:18,640 Speaker 1: or the loss on the investments? And how much have 128 00:05:18,720 --> 00:05:19,279 Speaker 1: you invested. 129 00:05:19,800 --> 00:05:23,240 Speaker 4: I think I've invested about fourteen million dollars. I'd just 130 00:05:23,320 --> 00:05:26,479 Speaker 4: been a shooting two days ago, sitting nest to Kevin. 131 00:05:26,640 --> 00:05:29,320 Speaker 3: Oh my god, for two anyway, so. 132 00:05:29,480 --> 00:05:31,920 Speaker 4: There is You can't say a gain and loss because 133 00:05:31,920 --> 00:05:34,440 Speaker 4: a lot of times it's way more time put in 134 00:05:34,560 --> 00:05:37,839 Speaker 4: on these individuals. But I gotta tell you I'm up 135 00:05:37,920 --> 00:05:40,880 Speaker 4: overall because I have the number one product in Shark 136 00:05:40,920 --> 00:05:42,160 Speaker 4: Tank history ever. 137 00:05:42,240 --> 00:05:43,400 Speaker 3: It's called Bomba Socks. 138 00:05:43,560 --> 00:05:45,919 Speaker 4: You have to interview any of my other underachievers I 139 00:05:45,960 --> 00:05:49,040 Speaker 4: call fellow sharks, remind them and. 140 00:05:48,960 --> 00:05:50,520 Speaker 3: More missed them Bomba socks. 141 00:05:50,560 --> 00:05:53,680 Speaker 4: And more important than the two point two billion dollars 142 00:05:53,680 --> 00:05:56,520 Speaker 4: that they'll hit in total sales this year is they've 143 00:05:56,520 --> 00:05:59,960 Speaker 4: given away almost over two hundred million units of clothing 144 00:06:00,040 --> 00:06:02,240 Speaker 4: to those in need in the homeless community. 145 00:06:03,120 --> 00:06:06,880 Speaker 3: And it feels really good. So overall, I'm up. 146 00:06:07,200 --> 00:06:09,240 Speaker 4: But you know you're gonna lose, you know, listen, Adventure, 147 00:06:09,240 --> 00:06:12,120 Speaker 4: You're gonna lose, you know, out of nine out of ten. 148 00:06:12,279 --> 00:06:15,440 Speaker 4: I'm losing seven out of ten, because that's just an investment. 149 00:06:15,520 --> 00:06:16,480 Speaker 3: We signed up for it. 150 00:06:16,680 --> 00:06:17,719 Speaker 2: Get a miss Mark Cuban. 151 00:06:18,080 --> 00:06:20,599 Speaker 4: I absolutely miss Mark Cuban. The other day I broke 152 00:06:20,640 --> 00:06:22,800 Speaker 4: down when it was his last episode. When I thought 153 00:06:22,839 --> 00:06:24,520 Speaker 4: about it, I was on the stage publican speaking, I 154 00:06:24,600 --> 00:06:26,680 Speaker 4: broke down in tears, and then I said to myself, 155 00:06:27,560 --> 00:06:29,760 Speaker 4: this man's well and alive in Dallas and just made 156 00:06:29,800 --> 00:06:32,680 Speaker 4: another three point five billion dollars, and now I gotta 157 00:06:32,680 --> 00:06:34,160 Speaker 4: buy more crap one Shark Tank? 158 00:06:34,400 --> 00:06:37,800 Speaker 3: What am I crying about? Always fine? When we get 159 00:06:37,800 --> 00:06:38,680 Speaker 3: some time with you, be well. 160 00:06:38,720 --> 00:06:41,240 Speaker 2: Thank you so much, of course, Damon John. He is 161 00:06:41,279 --> 00:06:43,600 Speaker 2: the founder and CEO of Forbu a shark on ABC's 162 00:06:43,640 --> 00:06:44,960 Speaker 2: Shark Tank and so much more.