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| Diddy and 15year old boy |
Lrey Brown, the founder and CEO of clothing brand Spergo, landed a $300,000 investment deal with Daymond John, the founder of apparel company FUBU, on Shark Tank this month. Brown obtained the investment deal from John in exchange for a 20% stake in Spergo, according to Black Business.
The money will be used used in hiring a fashion designer, upgrading the brand’s e-commerce technology, and preparing for more production, said Sherell Peterson, Trey’s mother and COO of the company
Brown, now 15, started the company when he was only 12 years old, using a birthday present of $178 he received as his startup capital. He subsequently received a $25,000 grant from Diddy that he used to fund the opening of the first of Spergo’s three stores in Philadelphia.
His brand combines luxury and urban activewear with sweatsuits, hoodies, boxer briefs, and accessories. He was inspired to go into entrepreneurship at his age because he wanted to chart a new course in his community, which had become violent.
His move was to inspire other kids like him and even the older generation to stay out of trouble and follow their dreams.
“There’s so much violence in my community. Kids are being killed; kids are killing kids. I created Spergo to give myself and my friends another option,” he told PhillyMag. “ Spergo keeps me busy and off the streets.”
Since the launch of his company in 2018, it has caught the attention of celebrities like Meek Mill, Diddy, and Tierra Whack. Other celebrities following his brand include Eric Thomas, Shaquille O’Neil, Charles Barkley, Grant Hill, GHerbo, Da Baby, and Ed Mylett.
According to the company’s website, Brown has sold over 30,000 units of merchandise and has grossed more than $200K in sales for several months in a row.
Also, Spergo has secured several wholesale deals. One of his latest deals is with the Philadelphia 76ers. “I started Spergo three years ago, and I would never have imagined that I would be officially stamped a 76ers partner by my home basketball team,” Brown told Baller Alert about the partnership.
Aside from being a teenpreneur, Brown has become one of the most sought-after youth speakers. He has spoken to high schools, youth groups, and youth summits. He was featured on Times Square and also tapped to be part of an advertisement by investment management firm Invesco.
Culled from: https://face2faceafrica.com/article/after-25k-grant-from-diddy-15-year-old-lands-300k-shark-tank-deal-for-his-clothing-brand
