History
The company was founded in 1992 by Daymond John with a line of hats made in his house in Hollis, Queens, New York. According to the company website, John mortgaged his own home for $100,000 and with that seed money he and his three friends Carl Brown, J. Alexander Martin, and Keith Perrin, turned half of his house into a factory and the other half into living space.
In 1995, South Korean company Samsung invested in the New York-based clothing company.
At its peak in 1998, FUBU grossed over $350 million in annual worldwide sales. FUBU has 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.
In 2003, FUBU mostly left the US market and concentrated its efforts overseas. By 2009, annual revenue fell from the $350 million peak of 1998 to $200 million.
In 2010 FUBU relaunched in the US, rebranding itself as FB Legacy.
Read more about this topic: FUBU
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