Fifteen year-old entrepreneur Trey Brown is landing new business opportunities so quickly that even more seasoned proprietors should take notice.
Three years after launching the Philadelphia-based streetwear apparel brand Spergo, Brown this month obtained a $300,000 Shark Tank investment deal from Daymond John, the founder of apparel company FUBU, in exchange for a 20% stake in Spergo, CNBC reported.
“Obviously, I relate to this,” John said. “I started a clothing brand, and my mother was—and is—a huge inspiration in my life.”
Like John, Brown rolled out his startup in early 2018 with the help of his mother, Sherell Peterson, a retired seamstress who is now Spergo’s full-time COO. The brand sells apparel like socks, T-shirts, hoodies, and sweatpants—for $12, $45, $80, and $98, respectively.
Now, Trey Brown said last week on ABC’s Shark Tank episode’s taping, Spergo is on pace to pull in $2.2 million in 2021 sales. He recently opened a second clothing store in The Pentagon City Mall in Washington, D.C., and scored a deal with the Philadelphia 76ers. The store’s first location was opened in Philadelphia after the teen received a $25,000 business grant from Diddy last year.
Sherell Peterson said John’s investment will go toward hiring a fashion designer, upgrading the start-up’s e-commerce technology, and getting further ahead on upcoming production.
For Trey Brown, his goal is to become a billionaire by age 21. But, he noted, a partnership with John already feels like a full-circle moment.
“I used to bring Mr. Daymond’s book to school and I would read it any time I would finish my work,” said Brown. “Now, to be partnering with [him], it’s still soaking in right now.”