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Business Idea: FUBU

FUBU is a major line of sportswear and the company of the same name. The name is an acronym for “For Us, By Us”, referring that the product line was made for blacks, by blacks. Other suggested acronyms include “For Uganda By Uganda, or “Five Urban Brothers United” (referring to the five creators).

The company was founded in 1992 by entrepreneur Daymond John with a line of hats made in his house in Queens, New York. With seed money of around $5,000, John and a group of five neighborhood friends turned half of his house into a factory and the other half into living space for the five, which included J. Alexander Martin, Keith Perrin, and Carl Brown. In fact, the “05” motif commonly found on FUBU jerseys is a reference to these five founders of the clothing line.

FUBU staff started the company for their local youth community. The founders intended to compete with sportswear companies such as Nike, which use inner-city youth in New York and elsewhere to research what is cool, then make products from the feedback. FUBU felt that Nike was profiting from the authenticity of New York street fashion without giving enough back to the community, and that to this extent African-American culture was being exploited In targeting city youth and defining their competitors this way, FUBU stirred controversy as to whether the company intended to shut out non-blacks, although many people of other backgrounds wear their clothing. FUBU insists they are not intentionally exclusive, and their marketing targets all races.

The FUBU collection consists of T-shirts, rugby shirts, hockey and football jerseys, baseball caps, shoes and denim jeans. All are embroidered with the FUBU logo. Most of the products, such as the jeans, are imported from around the world. FUBU has now expanded to include various lines such as Platinum FUBU, FUBU footwear for men and women, intimate apparel, active wear, swimwear, watches, FUBU suits, and FUBU tuxedos. The Platinum FUBU collection also includes the Fat Albert and Harlem Globetrotters clothing lines.

At its peak, FUBU grossed over $350 million dollars in annual worldwide billings. FUBU have received several honors for their entrepreneurial achievements. These include two Congressional Awards, two NAACP Awards, the Pratt Institute Award, the Christopher Wallace Award, the Online Hip-Hop Award and a Citation of Honor from the Queens Borough President. Today, FUBU popularity steeply declined being actually one of the most unpopular urbanwear brands in the United States, but remains a competitive brand in the international market.

FUBU clothing is distributed by the South Korean company Samsung.

website: http://www.fubu.com/mainpage.html

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June 21, 2008 - Posted by | Business, Entertainment, Entrepreneur, invention, Life, Million dollars Idea, Millionaire, News, Television, Uncategorized, Youtube | , , ,

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