Mark Cuban is backing a successful HBCU apparel company, Tones of Melanin, which has already generated $3.3 million in sales since launching in 2017.
Founder Ashley Jones appeared on “Shark Tank” and secured a deal with Cuban, who offered to co-sign her HBCU brand and $300,000 in exchange for a 5 percent equity stake in Tones of Melanin.
All things considered, giving up 5 percent for $300,000 is not bad for Jones. Tones of Melanin in 2022 made $1.4 million in sales, and in 2023, the company has already made $330,000 in revenue.
Tones of Melanin is an HBCU-branded athletic apparel company that promotes the universities’ divisional athletic conferences such as the MEAC, CIAA, SWAC and SIAC.
According to reports, Tones of Melanin has obtained licenses from 40 HBCUs and their gear is being sold in major retail outlets such as Follett College Bookstores and Belk Stores.
Among the exceptions of non-HBCU divisional sports that Tones of Melanin supports are Tennessee State University, Xavier University of Louisiana, Hampton University, and North Carolina A&T, all HBCUs that play in Division I team conferences and compete against predominantly white institutions.
For Jones, a Norfolk State University alum, the backing from Cuban is to make HBCU sports as visible and recognizable as PWI counterparts like Duke, Harvard or Yale.
“I think that everyone who attended an HBCU will benefit from my appearance on national television, which will show that we can thrive anywhere. Never give up on yourself or your dreams, regardless of what anyone else says, Jones told AfroTech. “Understand what your purpose is along with your vision and that no one can ever discredit you because of where your degree may come from. HBCU graduates are thriving everywhere!”
Jones holds a bachelor’s degree in business administration and management from NSU. She manages BBUB Greek Gifts and also works part-time at her design studio, Ashley Designs.
