In the United States, the suit and tux rental industry amounts to almost $1.5 billion a year. For decades, it was dominated by a few large brick-and-mortar companies. Now direct-to-consumer start-ups are changing the game.
Menguin is one of those start-ups. The Kentucky-based company uses artificial intelligence to size your suit, which is delivered direct to your door.
Unlike many of the big box shops, Menguin gets your rental to you with enough time to return it for fixes before your big event. Their model has been so successful that Generation Tux, George Zimmer's start-up, acquired the company for $25 million.
Bogdan Constantin, the Founder of Menguin, explains what went into the decision to sell the company to Generation Tux. Plus, he shares the best advice business mogul George Zimmer has ever given him.