Key Points:
- Investment: £75,000
- Investor: None
- Equity Offered: 10%
- Business: Tailor Made London
- Target Audience: Busy professionals needing tailored suits
- Challenges: High initial cost, competition, scalability doubts
A Bespoke Suit Created From Just a Full Body Scan!
Tailor Made London Fails to Secure Investment on Dragons' Den
In a recent episode of Dragons' Den, entrepreneur John Bunny presented his innovative business, Tailor Made London, aiming to revolutionize the tailoring industry with cutting-edge scanning technology. Despite a compelling pitch, John left the den without securing the £75,000 investment he sought.
Key Points:
Investment: John asked for £75,000 in exchange for a 10% stake in Tailor Made London.
Investor: Unfortunately, no deal was made.
Equity Offered: 10%
Business: Tailor Made London combines traditional tailoring craftsmanship with advanced body scanning technology to create bespoke suits.
Target Audience: Busy professionals who struggle with off-the-peg clothing due to size and fit issues.
Challenges: The primary challenges identified by the dragons included the high initial cost of the scanning equipment, significant competition in the market, and doubts about the scalability of the business model.
The Pitch:
John Bunny entered the den with confidence, demonstrating how his full-body scanning technology could take over 1,000 precise measurements in just ten seconds. This innovative approach eliminates the need for multiple fittings, a common drawback in traditional tailoring. He highlighted the convenience of his mobile scanning units, which can be set up in locations like investment banks and law firms, acting as pop-up shops for busy professionals.
Dragon Responses:
While the dragons were impressed by the technology, concerns quickly arose. Peter Jones questioned the economic viability, noting that the high cost of the scanning unit (£40,000) could be better invested in skilled human resources. Deborah Meaden and James Caan also expressed doubts about the product's necessity and market differentiation, ultimately deciding not to invest.
The final blow came from Duncan Bannatyne, who, despite acknowledging John's potential to make money individually, doubted the business's scalability and market impact. He pointed out that competitors could easily adopt similar technology, making it difficult for Tailor Made London to stand out.
Conclusion:
John Bunny's pitch was an intriguing mix of technology and traditional craftsmanship, but it wasn't enough to convince the dragons to invest. Despite leaving the den empty-handed, the exposure could still serve as a valuable stepping stone for Tailor Made London, helping John refine his business model and potentially attract future investors.